At some point in time all businesses were just an idea, a dream in the mind of it’s would be creator.
Some business ideas are unique and lead on to become multi-million dollar businesses. A few of these multi-million dollar business ideas, even went on to create whole new business industries. An example of this was the personal computer. In the 1970’s, Steve Jobs and Steve Wozniak had a idea, they would take a machine, previously used mainly by big multi-national businesses and lead the way into creating a personal computer, now used by millions of people around the globe.
Some business ideas may not be multi-million dollar ideas, but they see a need in the market and try to fill that need. Take for example, a small bakery on the corner in town. They sell fresh daily handmade bread to the local customers in the town. They aren’t anywhere as big as the multinational companies but are indeed a business with a customer base.
All business ideas however big or small, all share one purpose and that is to identify a need in customers. Taking what skills and resources the business has available, and to trying to satisfy the need of the customer.
Looking back to 1976 when Apple launched the “Apple 1” computer, I’m quite confident that many customers at the time, may not even had know what a personal computer was or in particular the reason behind why they needed one. Computers at that time were a novelty product; something the broad public didn’t use and at the time were mainly reserved for big businesses that needed machines to operate their information systems and programs.
Jump ahead to 2018 and we can see, the majority of the world population have some form of IT device, be it a desktop computer, laptop or tablet that provide them with the means to view information or connect with other people. These devices have even been used for recreation uses like enjoying movies, music and computer games all on one device.
These ideas back in 1976 when the Apple 1 launched would have been profound and not even been a thought of by the primary user today.
So the question now is :
What steps can you take in deciding what business you’d like to launch?
- Find your own strength & passion
Each of us has a unique strength where we excel. Sometimes we don’t currently have the skills, but we have a strong desire to learn the skill. Tapping that strength or desire to create a business is possibly the best place to start when trying to identify what type of business to pursue.
Many other blogs or websites will give you a long list of business ideas and look at ways you could sell things on Ebay or make some extra money by writing eBooks. These are great suggestions, but without a desire or strength in those chosen businesses, they won’t lead to the business that would give you any more freedom from that of an ordinary job. Without any passion in the chosen business, it would feel more like a frustration as you try to compete with low sales margins on your Ebay store or manage the lack of sales of your eBook, having written the book half-heartedly, more in the pursued of the money you desired than playing to your passions or strengths.
I myself find these lists to be rubbish for the most part. I’m sure you would agree that if your passion isn’t in one of these business ideas, take learning to code apps for example. Writing and designing a world renowned app for Google Play or Apple would take a major fete to do, if you had no or little knowledge in coding and strongly lacked any desire to learn. It would prove to be a futile pursuit, rather than pursuing a business that matches your strengthens it would be the attraction of money that would drive the business.
Find your unique strengths. Ensure you have an internal desire to utilise these skills. Look at ways you can use these skills to satisfy the needs of a customer. Get this formulae correct and you may be on to the next multi-million dollar business idea.