Entrepreneurs with the most successful business ideas will tell you two things: They worked hard to uncover their idea and in the end they kind of just had to let it come. The mind is a muscle that needs exercise. The more we use it, the more in tune it becomes to what we want and where we’re going. A well-trained brain that engages in critical thinking every day is much better at thinking up a game-changing idea.
During your research into business ideas, your mind conditions itself to what you’re looking for. At some point, autopilot kicks in and the brain will sift through your research and brainstorms. One day, with the right amount of work, the lightbulb pops on and then you’ll know that your idea is golden.
The journey often begins by asking yourself some important questions.
What is your idea of a perfect business?
If you haven’t already, make sure to write down the goals you have for your business idea. Figure out how you work best and map out what your idea entails. What’s your dream business? Where do you want it to take you? If you want some structure to your thinking, you can refer to the time-tested SMART goals format:
Choose Specific goals.
Choose Measurable goals.
Choose Action-oriented goals.
Choose Realistic or Relevant goals.
Choose Time-oriented goals.
Developing goals will give you some much-needed direction. You can refer to them whenever you have an idea and use them as a checklist to make sure that your idea meets your criteria.
What do you know?
Most people find success starting with what they know. Getting into an entirely unknown field can work, but it takes a lot of effort and persistence. What you know will be what can help others later, through either a product or a service. An entrepreneur is a problem solver, so it’s likely that you know about something that others struggle with. Take time to pour over journals related to your field of interest and keep a notebook of articles or new fields that interest you.
What are you interested in?
You’re probably good at several things because they interest you. You’ll also have interests with which you have no experience. Sometimes the perfect business idea combines something you know with another interest that will require research and perhaps training. Again, make a list of interests to which you can refer. You’ll refine this list as you do research and discover what interests you’d like to develop into a business. Working in a field you’re interested in is important, because working with something you love is an important boost in the first days of your startup.
What businesses or markets fit your interests?
Now it’s time for some research. What businesses, products, and services match your interests? Is there an existing market for your interests, or could this be a cutting-edge opportunity? Who might be your customers, and why would they want your product or service?
There’s always the need for new businesses in existing markets, especially if there’s some variation that improves the product or service. If you find the market saturated, it’s time to give the customer something a little different. If not, then there may be an opportunity to provide easier, more convenient access to the product or service.
Figure out a way to stay active and love your work
This is the passion part of entrepreneurship. Your business will have ups and downs. You’ll need to be passionate about your business idea to stick with it. Once you become disillusioned or uninterested, you may as well shut the doors and count your losses. Look for positive outcomes in every situation, and continue to drive forward. Be sure about your love for something before setting out to start a business and plan for the long haul.
The end justifies the path
All successful entrepreneurs have those moments when they think, “I am so glad I did this!” They may have come through many challenges, but with each one, they’ve become better business owners. They may have learned to be flexible so they could adapt to the market. For most entrepreneurs, it’s not the end point that makes them feel so satisfied—it’s the adventure they undertook to get there and achieve their dreams. Focus on the little things at first, as progress is incremental. After it’s all over, those will be the moments you’ll look back on with the most pride.