Finding Your Lightbulb Idea
So, you have that entrepreneurial spark. That yearning to break free from the 9-to-5 grind and chart your own course in the business world. The exciting part? You know you want to start a business someday! The tough part is figuring out exactly what kind of business that should be. Don't fret; we're here to help you discover your sweet spot. Here’s how I zero’d in on my business path and you can too.
First up, I needed to figure out WHAT I was going to do. Here are three strategies I used to focus in on my grand business idea.
1. Self-Reflection Time
I didn’t run away to a self-discovery retreat (though, that would have been LOVELY). I started by taking a deep dive into my interests, hobbies, and passions. Ask yourself: What are the activities that make you lose track of time? What topics or industries do you find yourself reading about or discussing with enthusiasm? Your future business will ideally revolve around something you're genuinely excited about.
My journey? Well, my self-discovery phase had me canning, soap making, doing needlework – ALL the things I loved doing when I wasn’t working. The problem for me was that I loved doing these things for family and friends. The idea of doing it every day was daunting to me. I moved to strategy #2.
2. Skills and Expertise Assessment
What skills or experience do you currently have or are willing to develop? What are you good at? What have you learned in your professional and personal life that could be valuable in a business context? Identifying your strengths is key to finding your niche.
For me, I took a look at the past 13 years of my 9 to 5 career and dissected what I loved (and didn’t love) about what I did over those years. I narrowed in on budgets (money), planning, and processes. This is what I loved to do – don’t judge me ;).
3. Problem-Solving Mode
Think about the problems or challenges you've encountered in your own life or have observed in your community. Entrepreneurship often begins with identifying problems and finding innovative solutions – or sharing how YOU solved that problem. What issues are you passionate about addressing? Your future business could be the answer.
In my discovery-journey I took the insights I uncovered from both 1 and 2, then dug in on #3. I knew what I wanted to do – money, planning, processes. I knew who I wanted to serve – creative entrepreneurs. I then needed to figure out what they (aka YOU!) needed.
That was me. That was how I found my sweet spot.
While you may be 100% confident with your result, before you dive headfirst, take some time to validate what you’re thinking about. Here’s three ways you can now validate your idea.
1. Market Research
Yeah, that sounds a little “corporate” I know but roll with me. Start by playing a bit with Chat GPT; ask it to look for gaps or underserved areas where you could make a difference. Give it your business idea and ask if it resonates with who you’re wanting to serve. Dive into online resources, attend local events, and talk to people in those fields to gain insights.
2. Networking and Mentorship
Connect with fellow entrepreneurs and mentors who can provide guidance and inspiration. Their experiences can help you confirm or adapt your idea. Don't underestimate the power of a supportive community!
3. Prototype and Experiment
Start playing and experimenting! Create prototypes, offer services on a freelance basis, or test out your concept with a limited audience. This hands-on experience can clarify your direction.
Ultimately, the first step towards entrepreneurship is often the most challenging. Don't let the fear of the unknown hold you back. Start small, take calculated risks, and embrace the excitement of the journey ahead; it's time to begin the adventure of a lifetime!