Entrepreneurs with big ideas and inventions might seem like they have a head start because they know exactly what they want their business to be about. For many people who want to get into running their own business, the enthusiasm and drive can be present in spades, but there isn’t always an idea to go with it. This can be very frustrating because if you could just find the right niche you know you could achieve great things. If you find yourself or someone you know in this situation, try a few strategies to see if you can discover the idea that will help you make your mark.
You don’t have to have an idea to be an entrepreneur
That may sound counter-intuitive – surely being full of great ideas is an essential attribute of any entrepreneur. Those who already have ideas for their business may get off to a flying start, but they’re no more likely to succeed in the long-term. Think of it this way; some kids are born knowing they want to be an engineer or a pilot, and they pursue this dream all through their school days and into further education, taking the appropriate qualifications along the way.
Other kids don’t have the faintest clue what they want to do, and end up taking exams in subjects they are good at, or that they think might be most useful, without knowing what career they’re heading for. Two very different approaches, but neither kid is more capable, intelligent, or destined to succeed than the other. If you haven’t found your sweet spot yet, it isn’t because you don’t have what it takes, it’s just a question of having to mine down a little further and for a little longer to understand your life goal.
The first logical step is to think about all the things you enjoy and that you are good at. You’ve probably done this already to some extent, because it is the obvious answer – choose something you excel at and build a business around it. It can be easy to make the mistake here of dismissing ideas because you don’t think you have the talent, but this may well not be the case. Say you have a passion for surfing. You’re off to the beach every chance you get, and it’s one of the joys of your life.
What could be better than turning your passion into your business? Except that although you love surfing, you’re not especially skilled at it, no more so than many other amateurs. Because of that, you don’t see how you could make surfing your business. The thing is, it really doesn’t matter how good you are at surfing, as long as you know the sport inside and out, have that passion for it, and a hunger to be involved.
Think of business opportunities that might exist which don’t rely on your personal sporting prowess, for example is there scope for a surf school at your favorite beach? Can you source products that would be new to the market that you believe would catch on? Is there a gap in the market for designing a new product or clothing range? You don’t have to be a designer, you can employ one and they will work to your brief. Look beyond the obvious and you may well find a great idea for a business centered around your passion in life.
Maybe you’ve drawn a blank with finding business opportunities related to your passions. What about your talents? What do you have a flair for that could be applied to a business? If you are a maths whizz-kid, there are numerous financial markets that are constantly giving rise to new services and products as the industry and people’s need change over time. Do your research and you could find a niche that is ideal for your abilities that you might not have even been aware of – or that you can create for yourself.
Have a browse around finance sites, banking, real estate or trading to see what you can spot. You might see potential in an area that doesn’t seem like it could generate a profit, so for example when researching the opportunities in real estate, you might come across references to short sales. When you check into this by consulting a specialist website like the Short Sale Blog, you discover this is a way of avoiding foreclosure for people who can’t keep up their mortgage payments. Once you’ve found out about your topic, a niche business idea may then present itself to you.
If you’ve tried the first route and still aren’t feeling the excitement of uncovering the right idea, you just need to dig a little deeper. Successful entrepreneurs are people who have the vision to see beyond the everyday work of running a business and see how each part of the business comes together to make a whole. You can do this too. If your interests and talents didn’t throw up any likely business opportunities, where else can you turn for inspiration? One way of making money is to tackle the things in life most people don’t want to. In every sphere of existence, there are jobs few people wish to think about, but that if you can view them in a different light could make very successful businesses.
If you have the determination to find it, the right business idea will be out there somewhere, waiting for you to discover it. You’ll know when you unearth it that you’re on to something because you will feel the thrill and your head will be spinning with ideas, so get digging and find your ideal career path. Ensure you never give up on pursuing your ideal career, as more often than not, things may work out if you really set your mind to it and give it your all. Finding your niche has no set timeline, so keep on track of finding yours and you may find it sooner than you think.