As just about half a million businesses start every month, it can seem like there’s already too much competition for whatever it is you’re looking to sell. However, all it takes is one great idea to connect with people and start making millions. Figuring out how to decide what business to start is a serious challenge for even the most clever entrepreneur.
Here are five ways to start a business that gives you that million dollar idea you’re looking for.
1. Become a Sponge For Information
You never know where your next idea will come from. If you have a true interest in a given field or industry, you’ll find that it’s easy for you to dive into the most arcane knowledge.
Pursue tangents and get to know everything you can about the industry you’re excited over.
Make yourself known in the community and around other researchers in your field. If they know you’re always thirsty for knowledge and looking for new data in the industry, they’ll let you know about the most exciting things that they learn about.
If you connect to the community and put your feelers out there, other people will bring information and data to you. Take it all in and engulf yourself in new ideas whenever possible.
2. Be Actively Seeking
Keeping yourself tuned in at all times is essential to figuring out what the next million dollar idea is.
Just think about the door stop. How many years do you think people were frustrated with trying to keep their door open, putting weights down, and using weird solutions? While the rubber door stop is a very simple solution, it wasn’t birthed in just a day.
It took lots of frustration and banging of heads against the wall before the obvious came to the inventor.
Make sure you’ve got a notebook with you at all times to write ideas down. Instead of opening your phone and getting immediately distracted, use a notebook to write things down so you can just focus on the blank page to fill with ideas.
If you come up with an idea before bed, be sure to write it down. Pursue every stray and strange thought rather than letting them go. Any frustration, concern, or bump in your road could be an opportunity to create an amazing new product or service.
3. Listen To The Demand
While you might have an idea and wish to saturate the market with the supply of the thing you’re excited to bring the world, you need to listen to consumers.
Consumers of your product will tell you what they want. Just because a product isn’t on the market yet doesn’t mean that people are looking for that product. Consumers have a lot of complicated demands, even if you don’t agree with the intelligence or validity of those concerns.
When you’re going through a great idea, also keep in mind the size of the market that can afford it. Always assume that a product will cost you more to make than your first estimates are. From there, think about who is around to buy that product and keep you in business.
4. Rock The Boat
When you’re really innovative, you’re going to end up introducing some new ideas that no one has considered before. They’ll be surprised they hadn’t thought of it and might even assume that it’s a bad idea because no one thought of it before.
However, if the biggest piece of criticism people have for you is that something “can’t be done”, then it just means they haven’t figured it out yet.
When you figure out how to do it, you’ll certainly rock the boat and shake things up. People will doubt your abilities but so long as you never lose faith in your ability to do the work, you will achieve something great that will surprise consumers.
5. Flip The Script
Not every failure, every loss, or every firing means that you made a mistake. Timing has a lot to do with how successful a business idea is. The times that you’ve missed or you’ve failed might just have had to do with when you made your attempt or when a product hit shelves.
While you know better than to try to sell candy canes in July, you might not know that you should keep your app close to the vest until the next iPhone release. There could be any number of unforeseeable factors that affect how well your products or services do. You can’t know every aspect of the market in advance before you release your product.
If you launch something and it doesn’t do as well as you’d have liked it to do, don’t throw away the idea. It could be an issue of marketing, a shifting industry, or a momentary trend toward another type of product.
Don’t take it personally and take the pieces that worked and try again later.
Mistakes need to be seen as stepping stones if you want to survive in a competitive market. When you stop trying, you’ve given in to failure and won’t be tuned in when it’s time for you to succeed. If you’re always learning from your mistakes and the things that didn’t work in the past, you’ll always be building better products in the future.
Learning How to Decide What Business To Start is About Listening
It doesn’t take hundreds of thousands in market research to figure out how to decide what business to start. You need to just listen to what the people around you are telling you. Listen to your own experience and what other consumers and telling you and you’ll find the answer will simply come to you.
If you need something to help keep you going during your initial startup, follow our latest guide.