Business Inspiration

[Fanatical]

Hello,

I am new to this forum but joined for a very specific reason.

I recently graduated from university obtaining my B.Comm in Entrepreneurship and Strategy. I formally graduated from a top technical school where I received a diploma in Project Management.

As it stands now, I work for one of the most reputable consulting companies in my state. Although I am happy, I have a very strong desire to start my own business. I feel I have the background and skill set to be successful in business; however, I have no idea what kind of business to become involved in.

I am curious if anyone has read any good material on business inspiration or has any advice for someone in my position. I have many passions but honestly, cannot determine what type of business to move forward with.

Thanks,

[chanson]

It is going to(and needs to) take some time! What type of consulting do you do? and welcome to YE!

[Fanatical]

IT and Management Consulting.

[billabong0202]

A good place to start the business development process is with trend spotting. Trend spotting helps identify areas that are up and coming and have room for growth. When you are looking at trends, you want to avoid topics that may be seen as fads and pay close attention to overarching themes. Fads tend to be rather transient; and while many viable businesses have been created from fads, their ability to operate in the long run fades as do consumer preferences.

Trends, on the other hand, have lasting appeal and often open up totally new segments and markets as they mature. Going green, social networking, and mobile telecommunications are all recent trends with growing markets.

If I were you Fanatical, I would google "trend spotting" and take a look at the results. Find topics that relate to your own interests. Then ask yourself, "What are the current problems with whatever that trend may be?" What are some areas where consumers are not being satisfied? What can I do to fix that inequity, and how can I create a competitive advantage.

If you can do this, you will be off to a good start.

Good Luck. I Hope that helps.

[abhaykhurana]

Welcome.

You said, "I have many passions". This is probably the best place for you to start as far as inspiration for business goes.

The fact is that for any passion that you have, there is an entire market that has the same passion as you do, and they can become your customers.

The beginning of any successful business venture is proper market understanding. And, if you are part of that market because you share the same interests, you have a head start in that department.

Would you mind listing some of your passions that you referred to. I think I might be able to help more specifically that way.