Whats my Big Idea?

If you’ve ever thought of starting a business (but haven’t), it must be your birthday… cause this one’s specially for you!

I will always advice people to start their own businesses. The common resistance is usually founded on the statement ‘I can’t do it. I do not have “what” it takes’. While this is not the focus of this post, I must assert that that statement means absolutely nothing to me for 2 main reasons.

Firstly, you don’t need to be master of all. No accounting skills? Ever heard of freelance accountants? Pretty bad at writing? Copy writing is a profession. Whether you chose to collaborate, patronise a friend, hire, or outsource; all skills you would possibly need are available out there. Web 2.0. tools are also extremely handy.

The next thing is truly an underestimation of potential. Everyday, I realise how much more powerful the mind is than we realise and give it credit for. It can do anything we set it to, accomplish any task (obviously within logical reason, I don’t think there’s anything that would give you the ability to fly!). To prove this to yourself, set 3 goals which would not be “easily” accomplished e.g. running a certain distance (just above your comfort zone); reading, for example, 30 pages a day of a 180 page book (to finish it in under a week); memorizing and flawlessly reciting a relatively “long” script. Accomplish any set of such 3 tasks and reflect on the whole process. You will most certainly feel different about ability then.

Now it’s definitely not equal, but none the less just as potent. The differences in environment, experience, state of mind, available time, etc, will affect realisation, but the fact remains. You can do anything you set your mind to. You can learn Mandarin. You can memorize the entire script of The Devil Wears Prada. You can understand the principles of astrophysics.

The next phase is as just as important. What do you decide to set your mind to accomplish?

This brings me back nicely to my focus of this post :) Why and how you should start a business. This is one of my favourite quotes which always sparks uproar: "Business is Simple". I exchange a product or a service for more money than it cost me to acquire. The difference in figures is my profit. The more I exchange, the more profit I make and vice versa. This is not hard to understand. Yes there are all the other variables, but this is fundamentally the underlying principle of any business. Sometimes, the model may vary and you may get your profits from a third party for example - i.e. a blog which generates revenue from advertising; but still a very simple concept. So it’s not beyond any of us.

Another key thing missed out when people think of businesses is the type of business. Ideally your business should be based on or around your passion. This is fundamental because not only does is turn work into “doing your thing”, but your entire approach towards it cannot help but be positive and enjoyable. A lot of people doubt the ability to harness their passions in this fashion, but I promise you, it can be done a vast majority of times. The key thing is a detailed well defined plan and confirmation of the financial viability of that plan.

Lets take a random example - You love flowers, how can this work? First reflex would think open a flower shop, but then what is your competitive advantage there? How can you compete with Interflora or Flowers USA? How can you get enough customers to sustain a living? It probably won’t work, right? Wrong.

Back to the drawing board: so you love flowers. Loving them, you must appreciate their fragrances. How about studying flowers and their derivative fragrances? This knowledge opens you up to opportunities in the fragrance industry (perfumes, moisturizers, shower gels), gives you ample content to blog about to an attentive audience and more possibilities. Staying with your love for actual flowers, how about specialising as a wedding florist? Or even retailing flowers (yes, like earlier mentioned) but focusing on a niche of exotic, imported flowers, giving you a unique competitive edge. What about doing something extremely unique with the flowers (writing out the recipients name in special shaped vases)? Endless opportunities from the simple love of flowers

Now the key things to remember are
1. Have a clear and definite goal and a relatively realistic plan to attain that goal
2. Identify what gaps must filled to equip you with the weapons necessary for attaining this goal
3. Fill these gaps!
4. Attack you plan
5. Persist till your goal is attained.

Your love for you passion is the difference between doing this and trying to start a business based on sewer surfing (unless of course that is your passion…). Could you not do what you enjoyed forever? If you don’t know your passion, well that is another post topic, but in a nutshell, explore yourself, think of what you loved as a kid, ask people who REALLY know you. There’s many ways to go about discovering your passion.

Please raise some passions (as odd as they may be) and lets discuss them! Also I want to hear every reason why it won’t work and I would love to challenge any!