Did you catch the part one? If not, please look through my page and find the post “HOW TO PICK A VIABLE BUSINESS IDEA PART1”
I created a background already and you should catch that first.
…so in part 2 here, I’ll be sharing with you practical steps on how to pick a viable business idea.
First, you must understand that the 21st century business is a problem solver. In other words, any business that would thrive must solve a specific problem in the market place. It is the problem you solve for people that encourages them to pay you.
Now, let’s look at the process of picking a viable business idea
1. FIND PROBLEMS; As we have established that the 21st century is a problem solver, to pick a viable business idea, you must have a eye for finding problems that people are willing to pay you to solve. The interesting thing about thing about this age and time is that human problems seem to never end.
At the very least, people want easier, less expensive and faster ways to do what they are already doing. If you can help them achieve, you have a viable business in your hands.
2. YOUR CORE COMPETENCIES; When looking to pick a business idea, one of the best places to look is your core competence and natural abilities. Rather than follow trends, there are natural abilities you can build a business around. All you need do is make sure it solves a problem.
3. PURPOSE; This is closely related to your core competencies though but with a just a little difference. You’ll rarely have core competence in a thing and not be passionate about the same thing. Often time, those things you’re deeply passionate about is a pointer to your purpose. The subject of Purpose is a different kettle of fish entirely, just know that its safer and more rewarding to build a business around your purpose than follow the crowd.
4. YOUR EXPERIENCES; Life experiences are custom made, no two individual have exactly the same experience. Your experience as you journey through life could help you pick a viable business idea. If you still don’t get my drift, read the LIFEBANKNG story.
5. TECH DRIVEN; In picking a business idea in 2020 and beyond, you should look in the direction of business can be driven or enhanced by technology. Businesses that cannot be driven with tech will become obsolete in the nearest future, plan for that time from now.
So tell, what trendy business do you know and would it stand the test of time?
Peace, Love and Cold Zobo