Explore Ideas for your Business 

Where do great ideas come from?

• Personal experiences as well as hobbies and interests

• Work-related experiences

• Friends, family, teachers, coaches

• The Internet

• Offline/library research

• What do I like to do with my time?

• What technical skills have I learned or developed?

• What do others say I am good at?

• How much time do I have to run a successful business?

• Do I have any hobbies or interests that are marketable?

Aha! The great idea. Now what?

Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are:

• You want to be your own boss

• You want financial independence

• You want creative freedom

• You want to fully use your skills and knowledge

Then identify the niche your business will fill. Conduct the necessary research to answer these questions:

• Is my idea practical, and will it fill a need?

• What is my competition?

• What is my business advantage over existing firms?

• Can I deliver a better quality service?

• Can I create a demand for my business?

Consider the time it takes to run a business:

• Do I really want to give up baseball, hockey, soccer, basketball, football, dance, piano and voice, or hanging out with my friends to run this business?

• Will I have to work at running my business every day or just sometimes?

• Will my family help me out?