Many people want to start a business, but do not know exactly where to start, or what might be a good business to do. This article is meant to help guide you to think through starting a business in an organized and structured step-by-step way.
Keep in mind, some business ideas may work for some founding teams, or at a certain points in time, but may not work for other people or at other times. Success or failure depends highly on the skills, strengths, ambitions and abilities of the entrepreneur, in conjunction with overall timing and market conditions, and a number of other factors.
It is a good idea to first think about your personal and professional strengths. Are you an engineer who can build high quality technical products? Are you good at sales? Are you well-connected? Are you patient? Are you less patient than others? Are you a leader, or do you want to be one? Do you have a high moral and ethical I.Q? Whatever your strengths are, whenever you think about what kind of businesses are right for you, try to align your strengths so that you can give your venture the most competitive edge.
Conversely, try to minimize your weaknesses. For example, if you are not technical, do not rush into businesses that require a lot of technical aptitude and skills. That does not mean you should be discouraged. It just means you should think through it a bit more thoroughly. Additionally, many businesses require substantial upfront capital. If you are not wealthy, and are not able to raise high amounts of capital, those businesses may not be best for you.
The great news is that everyone has strengths, so everyone can find a niche where they can give their business a competitive advantage. If you play to your strengths, you can give yourself a much higher chance to ultimately succeed. We are cheering for you!