HOW TO PICK A VIABLE BUSINESS IDEA…part 1

Ok…so today we are breaking a few tables.

Since nobody is bold enough to say it, I guess I should.

In 2017, I wrote my second book; The Business Idea Blueprint where I talked about all you need to know before starting your business.

One of the many things I touched in that book was ‘how to pick a viable business idea’. I had found that when people talk about starting a business, it is not always lack of capital that holds them back even when they claim it is, it’s actually the lack of a viable business idea.

…And so because people lacked a viable business idea, they’d rather jump on trends than not do anything at all. This is not outrightly bad in itself, I mean they are better off than not doing anything right?

The bad thing about this model is simple; TRENDS CHANGE.

Trends are what they are, FREAKING TREND. They are time bound and when their time is up, they pack up. The only people who remain in that ‘space’ are the trendsetters themselves. Those who are fueled by something higher than the trend itself, those fueled by passion, those who can reinvent themselves and adapt to changing times…those are the ones who are left.

Am I speaking too much grammar? Ok, let me help you understand.

I was in Ss2 or 3 when I learnt bead making. Why? My school decided to do some sort of skill acquisition program for students at the time, bead making was one of the skill. It was a fashion trend at the time and it felt cool.

I learnt how to make beads and I made some money doing so back then. I would make bead necklaces for my mum if she wanted to go to parties, I would make some and display them at my Aunt’s salon and sell them. It was really cool.

Errm! If I may ask you, what do you think happened to bead making?…Fizzled out maybe? I guess so.

How many people have seen rocking bead necklaces in the past 1 year? 🤔

Who remembers Ankara shoes and bags? It was the bomb back then at parties. What happened to that too?…Your guess is as good as mine.

A number of you reading this have jumped on trends like I have also done before but somehow, that trend did what all trend always do; die out.

The solution to this is simple.

First, you must have the eye to identify trends when they pop up. You can play in that space but you shouldn’t be carried away, know that it’s just for a limited time. Don’t play too big.

Second, know how to identify and pick real, viable business ideas that can stand the test of time. Real business opportunities aren’t trends, they are tested and trusted ideas that can stand the test of time. Some of them have being modified by technology, some of them are just popping up because of technology but they are viable, learn to identify them.

Looks like this post is getting too long right? I’ll continue in part 2.

By the way, what trendy business did you jump on in the past? Mine was bead making.

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