I am thinking of my company for few years now, but what stops me is that i cant decide what am i going to do or what i want to do. I constantly, almost every day, get a new business idea which is completely in the different field than my last one )). How did you guys decide which field to be in, how did you know that this is what you want to do. Your advice will be greatly appreciated. thanks.
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It takes work and a somewhat systematic approach to answer your question. The keys:
Those are some. There are many others. But as you answer those questions, hopefully you'll start to get clarity. THEN - focus on that one idea and go for it. Put your energy and effort into making it succeed. Best of luck, |
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Have you ever snapped out of a funk at 3:00 AM and realized you've been working this whole time? Not to make a deadline. Not because your boss told you to. This is what you need to be doing. This is what you will stick with long enough to get good at it and figure out how to make money at it. Until you get to work, you will constantly dream of something else (not that this will stop entirely, but will usually be a different approach to the existing idea) and will be creating a bad habit. Not sure what is the best idea? Sorry to say, but in their present form, they may all equally suck. An artist staring at a blank canvas sucks. Ideas are the spark, but you need to provide fuel and pay attention to start a fire. Consider the types of people you want to work with. I don't just mean employees but customers especially. I knew a coach who thought all of her cheerleaders were a "bunch of little bitches" just like her and she loved everyone of them. Starting a business his hard enough, so why do something you don't like and/or understand for a bunch of people you don't want to be with? |
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I too had many ideas. I started regular meetings with a few trusted friends to bounce my ideas off of them to determine which one best suited my talents, risk tolerance, start-up time investment and dollars investment, etc. After many meetings where friends picked my brain and challenged me it became very clear. If you do not have friends who you think are strong business people, people who you do admire but don't know as well are often flattered to be asked for advice. Best of luck. |
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Very good points by the previous answers. Some key things I believe that you need to consider: -your passions -your experience -capital involved and available -current market for products or services |
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I agree with Jeff that you need to link the direction you choose to your passion, but for me your choice of niche is equally critical. You don't want to be in contested market space where your competition will be waiting to tear you apart. So, before anything else, please do yourself a favor a get hold of a copy of 'BLUE OCEAN STRATEGY' by W Chan Kim and Renee Mauborgne. The cornerstone of BOS is Value Innovation, which does not focus on beating the competition, but on making the competition irrelevant by creating a leap in value (for your customers and your company) that opens up new and uncontested market space. Value Innovation occurs only when companies align innovation with utility, cost and price considerations. As the authors point out ... if innovation is not anchored with value in this way, technology innovators and market pioneers often lay the eggs that other companies hatch. |
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