As a business founder, I am often asked by aspiring entrepreneurs, “What business should I start?” If a picture is worth a thousand words, the diagram below should save you from reading too many words from me on this subject. To me, if you can find overlap in these three areas, you just might have a business idea.
Work That Energizes You
If you do what you love and energizes you, you will never work a day in your life. This is the sentiment that many business owners I work with often share. If you “feel the energy” in a certain type of work, step one is complete.
Is There A Market?
Determine if there is a market, meaning customers who value and are willing to pay for the goods or service you provide. The bigger the market, the better. A lot of competition means a big market. Don’t avoid starting a business because there is a lot of competition. Conversely, be wary of starting a business you think has no competition. In my experience, this is a red warning flag.
Can I Earn Money?
There is no shame in wanting to earn as much money as possible doing work that energizes you, and has customers who value what you are doing and who are willing to pay for it. I get up every day with the idea of letting the world know about problems we solve for clients of SJS. Solving problems for others is another way to say you are a business owner.