How Do I Come Up With a Winning Business Idea?

Adapted from content excerpted from the American Express® OPEN Small Business Network

Developing large or small business ideas is a matter of creating a vision, leveraging your strengths and determining what the market needs. These three steps should get you started.

• Create a vision
• Determine what you're good at and what you like to do
• Figure out what the market needs

Create a vision
Close your eyes for a few minutes and conjure up a detailed image of what you want your life to look like in 5 years. Be as specific as possible.

• Where do you live?
• How do you spend your days?
• What kind of work do you do?
• Do you work alone or with other people?
• Who are you surrounded by?
• What do you do when you aren't working?

Don't limit yourself to these questions; create a vivid vision of yourself, touching on things that are important to you. These are all personal issues that will impact the type of business you pursue - being a city or country person; wanting to travel or sit at your computer; liking to meet people or work on the phone. This activity will help you create a foundation for choosing from small business ideas, making business decisions, and setting clear goals.
It is best to do this exercise with someone else and share your vision. If you can't, write it down to make your vision more concrete.


Determine what you're good at and what you like to do
It's often useful to look inside yourself to figure out what you like and dislike, and where your talents lie. It's one thing to come up with a winning business idea. It's another to come up with one that fits your skill set and interests you. Your business has to keep you excited so you can thrive over the long haul.
One of the best ways to do this is to make three separate lists:
List 1: What you're good at
Everyone is good at something and many skills can be the foundation for a business. You might be naturally organized or have a knack for fixing things. You may be so used to your skills that they don't immediately come to mind, so assemble this list by observing yourself for a few weeks with an eye out for your aptitudes and by asking people who know you well for their impressions of what you excel at.
List 2: Skills you've acquired over the years
Whether or not you've worked in a conventional environment, you no doubt have accumulated many. Write down all the work responsibilities you've had; think about the varied tasks you know how to complete. Make sure this list is complete -- there should be at least 10 distinct items.
List 3: Things you like to do
List the things you enjoy doing. This may not be as easy as it sounds. This list should be at least 10 items long. Stretch beyond your hobbies and interests that spring to mind immediately. If you're stymied, ask people who have known you for a long time -- particularly people who knew you as a kid -- what they have seen you doing when you're happiest.
Keep these three lists in an accessible place (for instance on your desk) for several weeks, and when small business ideas come to you, jot them down in the proper category. Ask people who know you well for their input or to help you jog your memory.

Figure out what the market needs
So far, you've been looking inward to come up with your business idea. Now its time to look outward to discover an unfilled need that you can meet with your product or service.
There are plenty of "Top 10" or "Hot New" business lists out there. These may stimulate some ideas, but the best business ideas will come from you and will be based on who you are and what the market is looking for. So while you're doing your soul searching and list making, put up your antenna and look out for business opportunities.

FIVE (5) LESSON OF SUCCESS I LEARN FROM MY AQUARIUM

By: Jeff ( Admin & Author, My Super Charged Life Blog)

Want to succeed? Follow the lessons I learned while starting my freshwater aquarium and you will be well on your way to a brighter future.
“The only true wisdom is knowing that you know nothing,” quipped Socrates.
Nothing is exactly what I knew about taking care of an aquarium six months ago.
I had a lot to learn to create an environment where success was possible.  Little did I know that, along the way, my aquarium would highlight some very important life lessons that extend well beyond the fish tank.

5 Important Lessons for Success

In life and aquariums, you must be very intentional to be successful.  You can’t haphazardly throw things together and expect it all to work out.
If you do, you’ll likely wake up one day to a mess.
On the other hand, you’ll never make any progress if you don’t get started.  You may make some mistakes along the way, but that’s how you gain the experience necessary to succeed.
Here are the five lessons my aquarium taught me about success in life:

1.  Patience Rules the Day

The most important thing to understand when starting a new aquarium is the nitrogen cycle.  You can’t go down to the pet store, buy an aquarium and a few fish, go home, fill it with water and expect success.  It just doesn’t work that way.
A successful aquarium start-up takes plenty of patience.  If you get the cart in front of the horse, you (or your fish) will soon regret it.
The same goes for success in life.  You can’t expect too much too soon.  You must practice patience.
There is a natural rhythm and order to achieving success.  I’ve written about the Law of the Harvest before.  You simply can’t ignore the nitrogen cycle in a fish tank and you can’t ignore the Law of the Harvest in life.  Those that take the time to understand this (and abide by it) have a much greater chance of success.

2.  You Must Get Along Well with Others

Not all fish are compatible tank mates.  Some will nip and harass other fish to death – literally.
If you want a successful aquarium, you must find fish that can get along well with others in tight quarters.
In the same way, if you want to be successful in life, you must be able to start and maintain successful relationships at home and at work.

That’s why “works well with others” was on your  Kindergarten report card.  It is something you must learn to do well before anything else will go right for you.

Your success in life is largely dependent on who you surround yourself with.  Make good choices.

3.  A Little Education Goes a Long Way

I have made a lot of mistakes so far with my aquarium (and in life).  But, the one thing I did right was to buy and read a great beginner’s book on freshwater aquariums  before I purchased a single thing. I learned all kinds of important details that helped me get started on the right foot with my tank and so I can sustain my success.
Similarly, I believe a good education will take you a long way toward success in life. However, I don’t think all your education has to come from brick and mortar schools.
Jim Rohn said, “Formal education will make you a living; self-education will make you a fortune.”  This is so true.  You are responsible for your education.  You choose what you learn and how much you learn.  The resources are available.  It is up to you to dive in.
You can never stop learning.  You are capable of so much more than what you’ve achieved so far in life.  Make an education plan for yourself and get going on what’s next for you.

4.  Experts Are Priceless

Despite my efforts to educate myself on how to successfully operate an aquarium, my tank would be a disaster if it weren’t for “The Fish Lady”.  That’s what she calls herself. She’s an expert.  She has the experience that I lack.
Education is one thing.  Experience is another.  Experts with experience are priceless. They’ve learned the hard way and are usually very willing to share their wisdom with you.
You need an expert to mentor and guide you.  Probably more than one.  Do not ignore this lesson!  It could be a fatal mistake.
Find yourself a few experts to learn from and follow them.  It will make your journey to success so much easier.

5.  Persistence Pays Off

Finally, my latest hobby has reinforced that persistence pays off.
I’ve had some discouraging setbacks with my aquarium.  I’ll admit that I contemplated giving up a couple of times, but in the end I stuck it out and now I have a beautiful tank that I enjoy on a daily basis.
That’s the way it is with success (in anything).  You have to give yourself permission to make some mistakes and to work through them.  You have to be willing to pay the price to move from novice to barely competent to confident and eventually…you’ll be the expert.  Stick it out until you realize your dream.


These five lessons all work together to carry you to success.  They are building blocks that stack one upon another. Use them to construct your future.  One that is full of success, achievement and enjoyment.

MAKING YOUR LIFE COUNT FOR SOMETHING WHORTHWHILE

Many people feel what they do is meaningless.  They go through the motions like robots, but their hearts aren’t really in it.  They don’t see the significance in their lives.  Do you ever feel this way?

It is paramount that we find and commit ourselves to a worthwhile cause as a part of making your life count.  It is only when we feel our lives have a higher purpose that we are truly experiencing all that life has to offer. 

Real joy in life comes from serving a cause that we feel is worthy of our time and energy.  Are you living your calling?

There are many reasons to find and commit yourself to a cause, but here are the five that I will like to share with you.

1.  Serving a great cause makes us feel happy and valuable

That is happiness: to be dissolved into something complete and great.
~ Willa Cather

A part of living life to the fullest is being happy.  A big part of happiness is knowing that your life has meaning and purpose.  It is knowing that you are a valuable person.

When we go to the effort to find and serve a meaningful cause, we are happier.  We get a deep sense of satisfaction that our lives matter.

Our life gets used up anyway.  Why not make it count for something worthwhile?

2.  Investing in a great cause is investing in ourselves

Our deeds determine us, as much as we determine our deeds.
~ George Elliot

Serving a significant cause makes us into a better person.  There is no way around this. 

Giving yourself to a bigger purpose makes you grow.  It stretches you and helps you to see the real miracles that happen around us every day.  The challenge and fulfillment you experience will enrich you in ways that you can’t even imagine!

This kind of smart living helps us to get our minds off our own little, petty problems for awhile.  It puts things into perspective and causes us to be more grateful for all the blessings in our lives.  It opens our eyes to see the greatness all around us.

3.  Pouring ourselves out for a great cause will lead us to authenticity

Life is a promise; fulfill it.
~ Mother Theresa

We are all endowed with unique gifts and talents.  Discovering your place in a great cause is like finding a huge missing piece of yourself.  You are not complete without it.

The more you unpack your purpose in life, the closer you get to the real you.  All the less than honest parts of yourself tend to dissolve.  They fade away because they are no longer needed.

This is a process that occurs over time, but it can’t really begin until you start to see who you really are.  Following your heart is the first step in this great journey to fulfill the promise you were created to fulfill.

4.  Making your life count will give you a clear purpose in life

The purpose of life is to live a life of purpose
~ Richard Leider

Many of us wander through life aimlessly.  We fail to establish goals.  We bounce around like a pinball from one thing to the next.  As Thoreau points out, we go to the grave with the song still in us.

However, once you identify and pursue a valuable cause, it is like your internal GPS kicks in.  Your vision for the future begins to take shape and you feel emboldened.  There is no longer a lack of clear direction.  Your life has purpose.

This purpose becomes a driving force.  It is the inner energy source that propels you upward and onward tirelessly.  Purpose is refreshing, rejuvenating and exhilarating!

5.  Persevering in making your life count will make the world a better place

Each small task of everyday is part of the total harmony of the universe.
~ St. Theresa of Lisieux

What do you want to be remembered for once you are gone?  What will be your legacy?  What will your children and family recall about you?

I have personally pondered these questions and I believe the answers are an important part of living life to the fullest.  It is important to make a positive mark on this world.

I want to leave this world just a little bit better than I found it for the next generation.  I want to be a part of the solution instead of a part of the problem.  I want to finish my life and know that I used it wisely.  I want to know I pursued smart living.

Find a way to make your life count for something

There are a number of ways to do this, but you have to start somewhere.  Here are some suggestions on how you can begin to make your life count for something.

1. Brainstorm possible causes – Start by examining your heart and asking yourself some questions.  What’s important to you?  What do you value?  What are you passionate about?

Here are some ideas to help you get going:

- Raising your family and children

- Helping the poor here and abroad

- Volunteering to improve your community

- Teaching people an important skill or concept

2. Decide how to get involved – What are your talents and how could you apply them to benefit a cause that you are passionate about?  What can you do?  It could be just about anything.  Are you good with computers, accounting, research, fund-raising, organizing events, construction, vehicle maintenance or writing?  Any of these talents and a million others are needed in all kinds of great causes.  Decide how you can help and then get started!
3. Make your life count – Find an organization or group of people that are already doing things to further the cause that you are passionate about and join them.  Don’t be shy about getting involved.  Assert yourself and you’ll be amazed at how quickly you become one of them!

Make your life count!  Get involved in a worthwhile cause so you can find significance and the real you.  Don’t waste another minute feeling unimportant and aimless!  Your life is too important of a thing to waste!

MOST VALUABLE ACHIEVEMENT

Most of the highest achievers in this world are people you’ve never heard of. Because achievement is much more than amassing fame or material wealth.
Achievement is living fully in a way that is meaningful to you and in line with the values you feel most deeply. Achievement is expressing the unique purpose that is at the center of your being.
Achievement does not require the approval, permission or recognition of anyone else. Achievement is following the desires of your most authentic self, not merely satisfying the shallow impulses of your ego.
The vast majority of achievements that come to life every day are quiet and peaceful and immensely fulfilling. Do not confuse true achievement with meaningless spectacles that make a lot of noise but have no lasting value.
In the smallest moments there is the potential for great achievement. For what true achievement is, is living with purpose and love, with thankfulness and joy.
Remember always that achievement is more than merely constructing great edifices. The most valuable achievement is building a meaningful life that makes a positive contribution.

MAKING LIFE UNIQUE AND WORTHWHILE

Now the key to make life really unique and worthwhile is to share.  Sharing has a certain unique magic of its own.  Here’s what I learned about sharing ideas:

If you share an idea with ten different people, they get to hear it once, and you get to hear it ten times.  So here’s part of self-interest for yourself– getting you even better prepared for the future.  Share ideas.  Share with your family, share with the people around you, share with other employees, share with your colleagues.

When one person shares with another, two things happen.  The audience could be transformed, and so could the speaker.  If you share with someone else, they could be transformed.  You may have dropped in at the right time.  This may be their moment.  They’ve got three numbers dialed into the lock already, and if you say it well and say it right you’ll be the fourth number that they can dial into the lock of their personal experience and the door will come open and there’s opportunity they never saw before.  The person who hears could be transformed.

But here’s what else is exciting.  The person who speaks could be transformed.  Guess what we’re all looking for–transformation for our new life.  The new life tomorrow, the new life this month, the new life next year, the new life this year.

The caterpillar one day says, “I think I was made for more than this crawling on the ground.”  So the caterpillar climbs the tree, attached himself to a leaf and spins the cocoon.  Who knows what disciplined effort it takes to spin a cocoon.  But something inside the caterpillar says, “I was designed for something more than being just a caterpillar.”

And then when the cocoon is ready and it opens up, out comes a butterfly that flies away, maybe singing, “I believe I can fly!  I believe I can touch the sky!  I used to be a caterpillar on the ground, now I fly.”

I’m asking you to go through such a metamorphosis.  I’m asking you often to go through a period where you say, “New skills, new things are waiting for me,” and part of this will come if you’ll translate for other people what you feel in your heart and in your soul.  As awkward as your language might be at first, don’t hesitate to do it.

Here’s what sharing does–it makes room for more.  Key question, if this glass is full of water can it hold any more?  If the glass is full of water, can it hold any more?  And the answer is yes, yes, if you pour some out.  So jot that down.  If you want more, you’ve got to pour out what you’ve got, then you have the opportunity to receive more.

Now, unlike the glass that remains the same size when you pour some out; not so in consciousness human beings.  Your capacity will increase the more you share.  You’ll get bigger and bigger and bigger.

Now why the self-interest wish to be bigger?  Here’s why:  to hold more of the next experience.  Some people can’t hold much happiness because they’re too small, their thinking is too small, their activity is too small, they’re too small in their ability to share, they’re just too small.  Can’t hold much, they’re too small.

But the bigger you get, the more you will receive.  When happiness is poured out, you’ll get more.  When joy is poured out on the nation, you’ll get more.  When bounty is poured out from the economy, you will get more, if you share what you’ve got and become bigger and bigger and bigger.

Now some people are not only small, they have their glass turned upside down.  It’s hard to get anything in.  But if you come to every situation with an open mind, an open consciousness, ready to receive, I promise you will find the people that will share with you, and that will accept what you share with them.

(from the Jim Rohn Weekly E-zine – http://www.jimrohn.com)