Thinking about Leaving Your Corporate Gig? How to Identify the Right Business for YOU.
Entrepreneurship is not about limiting yourself – quite the opposite, in fact. Being an entrepreneur means being open to all sorts of ideas.
Before that, you need to be willing to explore inside yourself and find something that you are truly passionate about. This means you need to examine your own life history, your experiences, your learnings, what you are drawn to. Your intuition can also help keep you on the right path, so remember not to ignore any gut feelings. At the end of it, you will be able to identify something that keeps you interested and energized even after a long and tiring day – and that is just the start of unlocking your true passions.
Is Owning a Business Right for You?
Starting your own business is a lot like having a child. Your hands are going to be full with all sorts of responsibilities for the next few years, and there are going to be a quite few hiccups along the way. The business you start is NOT the one you’ll end up with.
- Do What You Know:
If you have spent two decades in finance, it may not be a good idea to start a restaurant straight off the bat. Whether you are looking for a change in your life or have asked to take some time off from work, it is always a good idea to balance your professional experience and strengths with your passion. Sure, you could always start that dream restaurant and still make it big – after all, many people have. But in today’s increasingly competitive environment, it is always better to stay safe and initially go out with something that your experience strengths lie in.
- Do What Others Do: Look at examples of successful entrepreneurs who are in a business that interests you. Chances are you will find their detailed strategies online, and be able to adapt them to your own idea. You can also meet with business owners in person, who will undoubtedly be flattered by the attention, and gain some valuable insights and “street” knowledge on what works in that business and what doesn’t.
- Solve a Common Problem: The truth is that you don’t have to set out to try and find a tiny niche that less than 1 percent of the population care about. As a matter of fact, there are plenty of common problems that you could try solving. Identifying a gap in the market is the first step in order to make it big out there on your own. Remember that this approach does have a large amount of risk attached with it. Not all new products succeed, and you may not be able to create a perfect product the first time around.
Setting out on the journey of entrepreneurship is one of the most rewarding things you can do in your lifetime. The key to success is being very clear about what is important to you, and implementing a planning process that you’ll use over and over throughout your business’s — and your — evolution. Keep going!