Welcome to How To Start A Business Anywhere In The World Part 2.
Last post we covered how to get a business idea, how to start with the idea and a few questions you need to ask yourself to get started. Did you miss it? Don’t break a sweat! It’s right here.
Now, ask yourself the same questions about your business life. What do you like and dislike about your work life?
Next, ask yourself WHY you’re seeking to start a business in the first place. In my book, I’ve talked about having a compelling reason and how it’s an important part of building a business that people will like.
This is also called a ‘Why On Fire’. Once you’re done, look for a pattern i.e., whether there’s a need for a business doing one of the things you like or are good at.
I founded a book selling start-up in my sophomore year in College purely by seeing a need and filling it. Not less than two faculties needed the book as course material. It was mandatory and yet absent in the libraries. It was scarce but I knew where to get it.
I was just really good on the streets when it came to getting good, scarce, hard-to-find stuff. A business was born. I sold and sold! [talk about stars aligning – I was very broke at the time and had to do something and fast or else…]
Frustration: This is one way to get business ideas. Listen to your own [or your colleagues’, family’s or neighbours’] frustrations. Opportunities are all there; keep your eyes and ears open. If your brain is always set in idea mode, then many ideas may come from just looking around or reading.
Inspiration: Inspiration is everywhere. Did you ever rent videos from a video club? When you returned late you got charged a fee right? I rented in my dad’s name and he got charged for late returns. One day
he broke the VCR just broke.
Well, it happened to Reed Hastings too! He got a whopping $40 late charge at a video store. Instead of getting mad, he got inspired.
Hastings wondered “How come movie rentals don’t work like a health club, where, whether you use it a lot or a little, you get charged the same?” From this thought, Netflix, an online DVD rental service, was born. Netflix is now worth $32.9billion! Eat that video store!
Take the old, Customize it: You can take any idea and customize it to the trend and your environment. Customizing a concept isn’t a choice. It’s a necessity if you want your business to successful.
One of the best ways to know whether your idea will succeed in your community is to talk to people you know. I talked about this strategy in the 7 step test.
Just Do It!
Hopefully by now, the process of determining what business is right for you has at least been somewhat demystified. Understand that business start-up isn’t rocket science. No, it isn’t easy to begin a business, but it’s not as complicated or as scary as many people think, either. It’s a step-by-step, common-sense procedure.
Understand that many people around you won’t encourage you (some will even discourage you) to pursue your entrepreneurial journey. Some will tell you they have your best interests at heart; they just want you to see the reality of the situation.
Some will envy your courage; others will resent you for having the guts to actually do something.
You can’t allow these naysayers to dissuade you, to stop your journey before it even begins. In fact, once you get an idea for a business, what’s the most important trait you need as an entrepreneur? Persistence.
Don’t take any “no” personally. You will get a lot of them. Keep going for the “yes” it will be worth your while. You will get your big breaks!
Leverage online platforms. There is no way you can tell If I’m writing this from some tropical beach in nothing but shorts, chest and laptop. Or if I even scheduled this post to load up at exactly this minute. Right? That’s the power that leveraging online platforms give you to launch your business and change your life!
STAY SHARP ALWAYS!
There’s an idea I founded called The Obsolescence Limit GateTM
This is the threshold a business must cross in active operation, maintain and increase growth and show high learning agility to stand the chance of being a globally successful brand. The TOL GateTM is different for many brands but on the average in the current global economic trendosphere it shuts in at 5-7 years.
As a smart entrepreneur, you MUST assess, distribute resources and take action in an ecosystem with a 3 to 5 year technological disruption lifespan.
These are a few thoughts you need to begin with before you even think of raising capital or spending any money.
Oh Hey! Money is not the first thing you need to start a business. In all my trainings, coaching and consulting, I stress this fact. You need Strategy, Experience and Coaching/Consultancy.
I wish you luck on your journey. Now you know How To Start A Business Anywhere In The World. Go build that business. Live the life of financial freedom.
Please share your thoughts in the comment box below. I’d love to hear from you. 😀