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Finding the perfect business idea

Finding the perfect business idea

I recently attended an Entrepreneur’s workshop and learned a few things I want everyone to know. One of the things that stood out was to find a balance to help your idea or business to succeed.

So, you want to start your own business and think you have the passion to succeed but cannot seem to find that perfect Million-rand idea. Let me tell you something, passion is not enough to succeed even if you have a great idea.

There are 3 major parts in helping you to find a potentially successful idea and that is:

  1. Skill

You probably have gained experience and skill throughout your 9-5 career that could help you in taking the step into the business world. Skill is important when starting a business. An accountant will most likely not start a mechanical business as his/her skills are numbers based. So think about what you are good at and use that as a starting point to find out what your business is going to be.

  • Likes & Passion         

You probably wouldn’t like to work at a job you hate, why would you start a business based on things you are not passionate about. Passion plays a big role in the success of a venture because you will put in effort to succeed. Many entrepreneurs start a business that they are passionate about but often than not lack the skills and many other factors. So, the lesson here is that passion alone will not make you a millionaire but plays a vital role in any business.

  • The product or service meet a real need

You can have all the passion and skills on earth, but if your product or service has no need in the market, your idea will not succeed. However, it is possible to create a need and disrupt a new market but it will be a huge gamble and soak up a lot of capital to raise awareness around your product or service. If you can find a product or service that already has a need and you have the skills and passion to run with it, you have a winning product

With these 3 elements you can start a profitable business. It is just a matter of finding the right product or business for you.

P.S. Your idea doesn’t have to be original, just add your value and “magic” for it to stand out from the competition.

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