Entrepreneurs often ask, “How do you pick an idea for a business?” and the question is difficult to answer. It all depends on your expertise, experience, financial strength, #industry knowledge and of course a great team to back you up. A good place to start is with the people you surround yourself with. A great idea is undoubtedly the catalyst to set things in motion, but at the end of the day, it’s the team you hire who ultimately determine the success, or failure, of the company.
There’s no precise or familiar formula, but the following five open secrets will help you in discovering that perfect magic to achieve your goals (to be discussed in five sessions). The first secret being,
Choose an idea you think is important-It is Your Brainchild
An idea for a new startup is like naming your baby. Suggestions pour from all quarters and the fun part is you are not going to like any one of those. Ultimately an #entrepreneur would like to give life to his very own idea which may come as a boom at the grocery store, in the shower, or even during sleep. There is no better form of motivation than having a sense that you are investing your mind, soul and energy into something vital, and that never ending #passion to become successful in your endeavor.
Once you’ve done that, ask your friends and family, too. Getting as much input as possible is the first step to making a good decision.
1. Does your customer exist?
2. Will your business idea still be relevant in a few years?
3. Do you really want to run this business?
4. Who is your competition (and does it matter)?
You need mammoth strength, I’m talking about your will power to start and run the show, for which you need to believe in yourself completely. This is the first step, “Believing in yourself”, the rest follows automatically. This self-belief comes when you possess the right business proposition for the right target segment with a clear business plan.
Here I have listed some of the enterprising startup ideas that have shown growth in 2014 and seem to be lucrative in the years to come:
#Personal Training – Requirements: Expertise and Knowledge on nutrition and exercises, a facebook page, a skype account or Google hang-out to build followers, a subscription payment gateway through Paypal or other similar bank accounts.
These ideas suit people with minimum investment in mind, but if executed properly you can establish yourself nicely in a span of two years and then there is no looking back.