Is there such a thing as a bad business idea?
The world is made up of astute professionals and technical experts who have admitted to "missing out" on what would have otherwise been a life-changing investment opportunity in a startup: Apple, Google, Microsoft, Uber, Airbnb...the list goes on and on.
The reverse is also true.
Resources have been invested in several businesses which, for one reason or the other, did not turn out as expected.
So how does an aspiring founder go about sourcing a good business idea?
- Step 1: Define what a good business idea is...???? ??????How would you define a good business idea? Maybe one focused on a social cause you care about or one with the potential to make certain returns. It could allow you to exert your creativity/talent to the maximum degree, fulfil a philanthropic purpose or solve a pressing problem for a large number of people. One that challenges the bar in a specific field...or some combination of all of the above. And it is okay if you are unable to articulate all the details in one go, your idea will become clearer over time.
- Step 2: Go in search of it. People say is so much easier to find what you're looking for when you ???????? what it is that you are looking for. There's truth in that. If you've completed the first step, then make a plan to go out in search of your idea. Inspiration can come from anywhere, so keep an open mind. Your day-to-day activities, from books, art, movies, conversations with friends/ coaches/ work mates...trying to book a taxi while in Paris or sitting under an apple tree...who knows where ideas are lurking? I'll end this with this modification of a famous quote "When the idea is clear, the opportunity will appear"Thanks for reading, and best wishes as always.
P.S. The original version of the quote referenced above is by Lao Tzu: "When the student is ready, the teacher will appear"
