Do you want to start your own business but you just don’t know what business to start? Are you a person who wishes you had an idea that you could turn into a business success. Well, there is a myth that does rounds on many different business platforms.
The myth is that you must have a special idea that has never been done before in order to start a business that can succeed.
Sadly, as a result, a lot of people have been prevented from starting their own businesses because they simply don’t have that special idea that is new and unique. This lie, this fantasy about starting a business needs to be busted.
I am therefore going to give you a very frank discussion of this notion which gets peddled across the business community.
I have stopped watching TV programs, Dragons Den and the Shark Tank because they always give, albeit unintentionally, the impression that you have to invent some idea that is completely out of this world in order to succeed.
In fact, it has got so bad that almost every time someone pitches a business idea they almost always get a response like, ”Well it`s been done already mate, nothing special there”. Well, it doesn’t have to be special to succeed.
People clearly miss the point. Why would you want to spend all your time trying to invent something else that can make you money when there is already something available that is making some people a lot of money?
Surely it is a lot easier to just go and also do what others are doing and also get a chance to make money.
But how can I succeed in a market that is already congested?
It is all about business Strategy. That is what brings business success. The devil is in your Execution of the business idea.
How you operate your business is what makes your business a success. It is not about business ideas but how they are put into action. You just have to do what you do in your business better than everyone else.
Business excellence is the key to business success. You can give someone the best idea in the world, but if their execution of the idea is poor then that idea will never become a business success.
Therefore instead of spending all your time worrying about coming up with something unique and special, rather spend time analyzing what other people are already doing and then come up with ways to do it better.
Always base your business competition strategy on Better Service to your customers. You have to give your customers good reasons to come to buy from you instead of your competition. That is how you get an ultimate competitive advantage and therefore business success.
So don’t worry if you haven’t come up with that special idea yet. Just go out on the town and see what businesses are doing well and start your own operation on that.
Off course you will have to be reasonable enough not to open your operation next door to someone doing exactly the same thing. Clearly, that would be foolishness. You have to give your business every possible chance of success.
Treat it like an infant. You protect your newly born baby with everything you have otherwise they will die. The same is true with infant businesses.
You don’t want your toddler business next to a larger competitor who has been in the game a long time. You will be crushed. The idea is to go as far away from existing operations as possible. Start in a town where direct competitors do not yet have a presence and then start building a good reputation for your business.
Another reason why coming up with a completely new idea is not such a good idea is that they can be very, very, expensive to execute. You are talking about creating a new product or service and that involves a lot of research and design.
That costs money! After you get the prototype then you go into the murky territory of product testing and that has a lot of regulatory issues, such as safety and patents, to deal with.
Then you have to test the product on the market to confirm that there is demand for the product.
All these processes cost a lot of money and the really bad news is that, if there proves to be no credible demand for it, you won`t get any investment and hence all that time, money and effort will have been wasted.
Now I don’t know about you but I simply cannot afford to play roulette with my time, money and effort on new inventions that may never find the financial backing it will need for it to become a real business.
I know a lot of people who have product prototypes in their cupboards that have failed to get any investment because funders just didn’t share the same enthusiasm as the inventor.
I am not here to discourage those who have great ideas that they believe will be the next great thing or will change the world forever.
By all means, go for it. That is the beauty of the business world. As a matter of fact, if you are a potential inventor then you will already know that the points I just made above are valid.
Where we may differ is how we feel about the potential risks associated with new inventions and whether it will all, be worth it in the end.
The point that I am making here is that those who don’t have such ideas can still start businesses. Very often you will find that the best ideas are the simplest ones, the obvious ones, the commons.
I hope this article will help you if you are one of those people who have been hindered from starting your own business because they do not have a special idea. You do not need it.
So good luck with starting that business you have always wanted to start and I hope this time next year you will be thanking me for this article.