Before Searching for Business Ideas
The starting point for developing new business ideas lies inside the
prospective entrepreneur rather than in the marketplace, laboratory, business
plan etc. You are the critical component - it is your strengths and weaknesses
which should dictate the areas in which to seek ideas and the likely scale
& scope of your business. At the end of the day, support for your
business by financiers, suppliers, customers etc. will also be a vote
of confidence in your abilities to make it successful.
You should build on your strengths and surmount or work around
your weaknesses, and possibly cut your cloth to meet your main
limitations. For example, there is little point in searching for capital-intensive
or knowledge-based ideas if you have slim/no prospects of raising the
necessary capital or if your educational background is unsuitable. OK,
OK, we have all heard stories of garage-starts by school drops-out which
attracted venture capital and eventually became mega-businesses, but we
don't hear so much about the huge numbers of failures.
What angle are you coming from? Are you:
- An inventor who has a product/service idea?
- An innovator who has developed a new product/service?
- Out of work and want to create a job for yourself?
- An entrepreneur who wishes to create a business?
- A manager who wishes to develop a business?
Be especially aware that inventors and innovators does not necessarily
make good business people.
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