24th March 2018 Lee Hall

Five ways to find the business ideas hiding in your head

The truth is not everybody is cut out to be an entrepreneur or run a business. But most of us do have dreams and hopes of running our own businesses and becoming the next Richard Branson. So how do you take the business ideas in your head and turn them into a reality?

1. Stop trying to be original

There are countless businesses already in existence, so it’s very likely that you won’t be the first person to think of an idea or product. Once you have moved past the dreaming stage, you will need to do your due diligence and get a good understanding of the market for your idea/product. Many talented entrepreneurs waste time and energy trying to think of a unique business, when they should be focusing on how to be better, rather than how to be different.

2. Think about your skill set & experience

If you’re not trained in finance, you wouldn’t open an accountancy practice. It’s the same with any business – you’re far more likely to create a successful business if you focus on the skills you already have. You may already have years of experience that will take your business ideas to the next level with little effort. Learning a new skill is not hard but mastering a new industry is.

3. Get talking about your business ideas

There is no better way to develop your business ideas than by talking about them to other entrepreneurial individuals that you trust. By no means do we mean give away all your plans and ambitious. Attending networking events, speaking with potential suppliers and customers may give you some value knowledge during your startup period.

Go out and engage with future customers, suppliers and partners. This will only add fuel to entrepreneurial desires.

So how do you take the business ideas in your head and turn them into a reality?

4. Read, read and read

So many people underestimate the benefits that can be derived by reading. Regardless of how unique or mundane your business ideas are, you are going to need knowledge on topics such as raising capital, execution and most importantly, sales. When you don’t have that knowledge or experience, reading is the answer. Blogs, books or white papers, reading is essential.

Taking that first step to becoming a startup entrepreneur could be daunting if you don’t do your research.

Read our 5 essential books for tomorrow’s startup entrepreneur

 

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