An Entrepreneur’s Guide to New Business Ideas
New ideas are essential to all businesses, whether start up or 30 years running. There comes a time when any business owner asks the question, “What else can I offer?” The staff of Entrepreneur Media provide an excellent framework for an entrepreneur to answer this question:
- List five to seven things about you – things you like to do or that you’re really good at, personal things (we’ll get to your work life in a minute).
- On the other side of the paper, list things you don’t think you’re good at or you don’t like to do.
- When you’re finished, ask yourself: “If there were three to five products or services that would make my personal life better, what would they be?” Determine what products or services would make your life easier or happier, make you more productive or efficient, or simply give you more time.
- Next, ask yourself the same set of questions about your business life. Also examine what you like and dislike about your work life as well as what traits people like and dislike about you.
- Finally, ask yourself why you’re seeking to start a business in the first place. Then, when you’re done, look for a pattern (i.e., whether there’s a need for a business doing one of the things you like or are good at).
The match up is threefold – Personal strengths, personal interest and customer want or need (demand). When there is harmony in these three areas, you might just have your next product or service!
Good luck and we look forward to hearing from you about your next big idea!
– Your tax, law and financial professionals at GQLaw