91 million. That’s how many results come up when you search for the term business ideas in Google. Business ideas for internet, business ideas for women, business ideas for beginners, home-based business ideas, low-cost business ideas – there are even websites dedicated to nothing but business ideas.
It’s obvious there is no shortage on business ideas. But how can you tell the good ideas from the bad? Even more difficult, how can you tell the good from the truly great?
Great Ideas Start with Passion
You could have the greatest business idea in the world, but if you don’t have passion behind it, you may be setting yourself up for failure before your idea even gets off the ground.
Billionaire entrepreneur and founder of Virgin Records, Virgin Atlantic Airways, other Virgin enterprises, Richard Branson, considers passion a key element in any successful endeavor. “Ideally, since 80 percent of your life is spent working, you should start your business around something that is a passion of yours. If you’re into kite-surfing and you want to become an entrepreneur, do it with kite-surfing.” says Branson.
Why is that? Well, while it can be tremendously rewarding to start your own business, it can also be very challenging. Almost every successful entrepreneur will tell you they’ve faced difficulties that tested their faith and dedication. Passion for your product can be hugely motivating when obstacles stand in your way. Remember, too, that you’ll likely be thinking about your business 24/7. If you don’t love what you’re doing, it may be hard to stay focused and engaged, which could show through to your audience.
Great Ideas Solve a Problem
After becoming frustrated by the amount of time it took him to organize his personal finances using traditional programs, award-winning founder Aaron Patzer launched Mint.com. The Baby Einstein Company was founded by Julie Aigner-Clark because she wasn’t satisfied with the availability of products designed to help stimulate and advance the development of her baby. Rob Kalin launched Etsy in order to create a marketplace for people to exhibit and sell their handmade creations online.
In most cases, great companies start out by solving a problem. If your idea fills a real void in the world, people will likely want what you have to offer.
Great Ideas Appeal to Consumers
Have you ever caught yourself thinking, “I really wish my hair could look more like buttermilk”? Probably not. In fact, Clairol created a pretty big miss when they launched the product Look of Buttermilk Shampoo. While buttermilk might be really great for your hair, the name of the product leaves us wondering, “What exactly is the ‘look’ of Buttermilk?”
Great business ideas not only fill a need, they appeal to a wide audience. To find out if your idea might be great, do some research. Ask your friends, family, associates, and network. If you find people giving you a blank stare, followed by a long pause, you may want to retool.
Great ideas start with Great People
You don’t have to hold a business degree from Wharton, and you don’t have to have an executive team with years and years of experience waiting in the wings. The foundation of a great idea is made of strong personal values: passion, dedication, integrity, and authenticity. Be true to your colors and the rest will fall into place.
Hello Adam. I´m from Mexico City and I´m still during that hard process of building up my company. In your own experience. How much time did you went thru losses before making your company truly profitable? Right now I´m even looking for any job, but I don´t want to give up my project…
Hi, My name’s annabella.
I have recently started a website called http://www.bedandfed.co.uk (a database of ‘kitchen supper, bed and (simple) breakfasts’ for £35pppn or less), but I have a problem:
Currently I am trying to build up a database of at least 200 members all over the country before I feel I can approach any newspaper to do a story – HOWEVER, the website at the moment is aimed at I think mainly housewives who want to make SOME money only SOME of the time without having to run a full time business (For example the members in Perthshire are the right kind of people and have understood the concept completely) but I am finding it impossible to get through to these people -Additionally people in cities, not necessarily housewives but really anyone with a spare room could take advantage of the website and make a lot of money. I know people like this are out there but it is very very difficult to get to them and I have little or no budget for advertising unfortunately.
It’s a bit of a conundrum – like a weird logic puzzle – bit of a chicken and egg situation, but I wondered if anyone might have any bright ideas?? please do let me know – chiefchchick@bedandfed.co.uk I’d be so grateful!
Mario, yea entrepreneurship is hard. First, assess what the word “failure” means. Failure on a new business venture could mean not reaching sales goals, not achieving the impact that a team was looking for, or complete business closure. For new entrepreneurs, if the business is structured correctly, failure could be and should be a prelude to success. Perhaps the idea was a good one but the entrepreneur did not have the experience required to “bring it to life”.
I’m a proponent of really going for it, but you may have to take another job on the side to sustain your lifestyle. If you do decide to do both, you’ll really have to manage your time to ensure that your business doesn’t slowly slip away.
Hope that helps.
Eric
[...] se anda faltando inspiração para começar um novo projeto, vale a pena ficar de olho nos quatro passos abaixo, listados pelo pessoal do Young [...]
I have great passion for building my company out of nothing. Currently I run freelance logo & graphic design company for start-ups and more, and I know how hard is to get your company off the ground in this truly competitive world.
My advice is to find your business niche, build strong brand and do what you love doing.
Good luck for all entrepreneur-minders