The last thing you want to do is invest time, energy, and financial resources into building a company that won’t make any money. The other thing you really don’t want to do is build a company that you hate running.
It’s a huge challenge to define “the right idea” for you to work on but it’s also a vital piece of the success puzzle. If you’ve been considering entrepreneurship for a while, you likely have some idea of the industry you want to operate in, the way you want to structure the business (online/ retail brick-and-mortar/ peer to peer/ B2C…), and how much money you need to make on a consistent basis to maintain the lifestyle you desire.
These are all important considerations but the hugeness of answering all of these questions is daunting. Sorting through the endless potential choices ahead of you can cause procrastination to such a degree that instead of trying a little of everything (which is one extreme) you do absolutely nothing (which is the other extreme).
In order to gain clarity on your venture and figure out how exactly to take action, you need to follow a simple linear path from where you are now what you want to create.
In essence, you need to figure out which ideas you’re interested in, narrow down these ideas to just one that fits the lifestyle you want to live (money and meaning), craft a game plan, and take action to validate that business idea.
This quick-start guide will present you with a framework for doing exactly that. Let’s get started.
Step #1: Figure out which ideas you’re serious about
I like to start off with a pre-exercise just to get the brain thinking about problem-solving before we dive into defining potential problems to solve with business ventures.
The exercise is pretty simple, just answer the following question in 5 minutes. The time limit prevents you from…