Trigger the Entrepreneur

Over twenty five years back, as a young engineering aspirant, some of us have debated on this dichotomy of nomenclature, a civil-mechanical-electrical engineering as against a chemical-production technology. Nevertheless, ‘a professional course’ as we call it moulds and directs the student to make a profession of his/her stream of study. Apart from the opportunities in the mainstream functional areas like Project management, Design, Research & Development, or Pedagogy, the quintessential commonality in all streams of study also helps ‘the engineer’ adapt to swings of the market and make smart shifts in career. Year 2000, for instance witnessed a phenomenal shift of career of engineers from all streams of study into IT, a sector which then exhibited a tectonic boom.

Till a decade ago, our country continued to run short of the number of engineers produced annually as against the intake in both the private and public sectors as per a survey. The statistics shows that engineering colleges sprung up in number from a fair 1500 colleges in 2007 to a mind-boggling 3300 in 2015 in India, with a small state of Kerala alone shouldering over 150 engineering colleges. Has this lowered the bar or shrunk the demand for the profession, is for experts to comment. However, living facts like, India presently churns out more engineers than US and china put together, may add food to these thoughts. Haven’t we stratified multifarious our output of engineers in India. The premier group of IITs followed by a group of corporate backed institutes, NITs, the pick of state colleges and then the rest. On one, we see a brilliant topper from IIT Mumbai walk away with a plum crore plus annual CTC on campus placements and on the other an engineer from strata lower down, still struggling for an upkeep in the initial years. A leading UK based global recruiter firm suggested that engineering roles were the hardest to fill as has been agreed upon by 45% of recruiters globally. As per Nasscom report in 2011 only 17.5% of engineering graduates were deemed employable. India’s information technology industry spends nearly $1 billion a year to make them job-ready, the report said. Again, telling upon the prevalent quality crunch. Eventually we heard reports like, over 50% merit quota seats vacant in Kerala, AICTE bringing down the number of engineering seats by six lakhs etc.

The scenario here triggers the need for an entrepreneurial upbringing of our young engineers. If we track the career path of engineers from premier institutes in India in the recent past we can see that a good share of them either venture on their own or take a short term industry exposure and then go enterprising. The story from the premium B schools in India is no different. Moreover their curriculum itself introduces entrepreneurship. IITs and IIMs have shown growing fervor for entrepreneurship with as high as 4-5% of students preferring startups to plush placement offers. At IIM Kozhikode 15 of the batch passed out the previous year are entrepreneurs. A recent report reveals that 41 students out of the new batch of various IITs are at various stages of their startup blueprints. Interesting statistics there! The question is, why are such initiatives just restricted to premium institutes and not others? Why can’t we raise the bar and bridge the gap. To be a successful entrepreneur is perhaps the toughest of all assignments, but certainly the most gratifying one at the end of the day.

Let’s go through a few successful examples. Sachin and Binny Bansal, two ex-IITians from Delhi after some initial exposure in Amazon, ventures into an e-commerce start up in 2007 beginning with small transactions of book and electronics. Now, in less than eight years the company has evolved into a billion dollar business house Flipkart, on an M&A spree gobbling over all small timers. The case study of Make my trip, OLX and UBERs of the world, unfolds similar success stories. A 19 year old young lad, a Harvard sophomore invented a networking tool with a simple intention of getting connected to his friends in college, in 2004 which turned an instant hit. The site now is one of the biggest in the world with over 40crore connections, Facebook by Mark Zuckerberg. Endless goes the success stories of startups in India. This is not just restricted to the IT and e-commerce sector. Services sector, logistics etc also has witnessed flavors of success through startups. Redbus, Taxi4sure goes the names of innumerable startups conceived by brilliant young engineers and in a span of just 7-8 years established a, strong brand equity. Grey orange robotics established in 2009 is the first of its kind venture offering logistics automation solution. Robots move shelves stacked with various products scanning barcodes, yet again the brainchild of two BITs pilani youngsters.

“Zao Foods”, a Mitali Khalra vision to inculcate a habit of eating nutritious food. She came up with ‘cafe Crostini’ in south delhi. Indiblogger. in was started as a free blogging platform, but the founders had some bigger game plans, to connect the corporate world, companies and brands to their customers as a revenue model.

‘Under the mango tree’, a social venture promoting bee keeping, by Vijaya Pastala, an MIT alumni took 14 years to establish. Swapnil kamat and his wife Ruchira had to undergo hardships before establishing their dream venture, Work Better-Training and Development, an executive training company focusing on teaching behavioral and cognitive skills to corporate employees. Helpingdoc. com, an online venture by a team of medical professionals conceptualized the idea of providing medical support online. An overview reveals that, innovative ideas have explored all facets of life, low cost energy, artificial intelligence, robotics, biotech, health, fashion, food, technology, service, and what not. Investors are now running after genuine ideas of business to fund for. Not just the angel investors or venture capitalists but even the corporate allot funds to invest in startups.

Ratan Tata, the ‘Tata group’ honcho, stepping aside from the day-to-day responsibilities of the corporate conglomerate, took interest in investing in 10 startup ventures shortlisted. The investments typically vary between 1-5 Crore and spread across dotcoms, health care, clean energy etc. The pick of them all is ‘Swasth India’, a Mumbai based affordable healthcare setup providing medical services to low income population, again an IIT Mumbai alumni venture. Franchise India, recently hosted a forum in Mumbai inviting business ideas. We also have Pro Bono consultants providing services to startups non-profit with social relevance and commitments. IIT Mumbai has an Entrepreneurship Cell, a non-profit independent student body which instills the spirit of entrepreneurship among students and working professionals. The Entrepreneur cell of IIT Kharagpur recently held an entrepreneur awareness drive, a massive initiative to encourage students across the country to embrace the concept of entrepreneurship. These E-cells incubates startup ideas by connecting investors and entrepreneurs of similar interests. The Global entrepreneur summit, Eureka – International Business plan competition etc are some of the events which drive the young budding engineers. IIT Chennai also runs an incubation cell C-Tides and Research Park for Startups. Kerala is no behind in startup initiatives and promotions. We have Kerala Startups Society, a not-for-profit organization with the objective of building a vibrant startup ecosystem. Regular meets are organized to interact with investors, successful entrepreneurs and players. Based in the IT technology park- Trivandrum, is Kerala Startup Mission (KSUM) formerly known as ‘Techno-park-Technology Business Incubator’. Under the guidance of Kris Gopalakrishnan of Infosys we have the startup village, another technology business incubator in kochi.

An innovative business model is all about identifying a social problem to work an effective solution. Thus the startup drive is not just a commercial drive but one of social relevance. A friend of mine recently travelling from Orlando airport to the hotel while on a business tour took an airport cab to destination paying about 90 bucks, but on return smartly took a Uber cab for as low as 25bucks for the same distance. A cost effective solution offered here. A decade ago if one planned a multi city travel in India, it involved a lot of planning and follow-ups with travel agents, hotels, cabs etc. Whereas now it all gets done in a jiffy fiddling with a chosen smart mobile App. Instance of life made easy and smart with start ups. Understandably the mortality rate of startups, are high and not all ventures flourish evenly. But for the youth it is a learning curve to introspect, re-model, and evolve to success.

The recent business visits by the Indian PM to the US, EU and middle east especially the one to the silicon valley, has generated overwhelming response in terms of investments proposals to India. The digital India drive by the Prime minister intends to generate innovative ideas in digital Technologies which include Cloud Computing and Mobile Applications. As we all know the new generation engineer is sharp, innovative and creative with a higher level of IQ than their predecessors. Now we have the brains, the bucks, the governance and all it takes is some out-of-the-box thinking to churn out the “ideas”. Let the academia with the conducive faculty instill this passion in our youths.

Thrill Of A Home Business

There are numerous, legitimate opportunities in the market that can be filled by an enthusiastic entrepreneur. Network marketing, for one, can be very lucrative and can become a great way of making your living. There are so many opportunities offered online for starting a business. Once you have made the decision to start working on your own and start a home based business you are on the road to freedom. The hardest part in starting a home business is taking the plunge. Once you do, you will experience freedom from the office routine and peak hour traffic and will ultimately have financial freedom as well.
There are many options you can choose from to make money from home, but choose wisely. Make sure that you will enjoy doing what ever you choose and then you will not lose your focus. Studies show that if you enjoy what you are doing, you will devout more time to it and do a better job than if you are doing something that you don’t enjoy. So many people are making an online business their new venture and are making a lot of money. Like any conventional business you will have to put a lot of work into it and stay focused. If you do not fully understand how things work, look for a site where they offer free training and support. Having a sponsor, mentor or “go to” person is also very helpful.

It is so rewarding to plan a venture and get it off the ground and eventually see it making a profit. Many a small venture has become a big enterprise with perseverance and tenacity.
You must start something that will fill a gap in the market and this will ensure your success. There are many people making large sums of money on the internet selling products and services. You can get the information you need and start up your own online business. A huge advantage in such a business is that you do not have to pay for premises to conduct your business from.
A home based business is a wonderful alternative to working for an employer. You will find that even burning the midnight oil to achieve your goals will be pleasurable as compared to working long hours for an employer.
Many large existing companies started as home based businesses. Draw up a business plan (very important) so that you will know exactly what you will need and what the cost to start up the business will be.
Dream big, the sky is the limit.

Wealth Creator Defines A Business

What I told him in our first session shocked him; it was basically this:

“You don’t have a business, you have a job.”

This is the trap that so many business owners fall into – they mistakenly believe that because they are the “owner,” somehow they truly own the business. WRONG!

Merely owning and running a business does not you mean that you’re a business owner in the truest sense; it simply means you are employed by a business entity that you own.

A true business is a system that runs entirely on its own without you physically being there on a day-to-day basis.

A true test of whether or not you own a business is to ask yourself, “If I took 6 months off, would it still be around?”

If the answer is no, then you don’t have a business; you are simply self-employed!

This is a very important principle to understand before you start any business, as it will make the difference between small profits or large ones.

In essence, to create business is to build a system that operates automatically without your day-to-day input.

Instead it operates by you leveraging the resources available to you: your systems, employees, suppliers and…ultimately your customers.

Your relationship to your business should be the same as the one a conductor has to his orchestra – you should be the co-ordinator, the director, NOT the musician; and if you truly wish to be a wealth creator you should maintain this perspective throughout your business life.

Run a Successful Business Online

Fear of failure

The vast majority of people who opt into a website never even read the emails that are sent to them to teach them how to market online. And this is probably due to skepticism.

A little skepticism about jumping into a new opportunity is healthy. However, beware of choosing to be so skeptical that it holds you back from success. Skepticism is the same as fear. And fear is “False Events Appearing Real”. If you are so skeptical that you never try, then your likelihood of becoming successful is a big fat zero!

Fear of success

Fear of success? Yes, there is such a thing as this, too. People by and large are afraid of change. They tend to cling to whatever it is they know, which is their “comfort zone”. Oddly enough, even staying with an abusive spouse is considered a “comfort zone” for some… and staying in an abusive job is also a comfort zone, even though it is far from comfortable. If this is you, be aware of it, recognize it, and try to move on.

Fear of quitting job due to long-time loyalty

People who hate their jobs have it easy to move fast in this business. However, if you’ve been working at the same job for years, then you might have a sense of loyalty, and you really don’t feel the need to quit, because the loyalty to something that has provided for you for so long.

Just remember that it’s a business that pays your bills, and in this day in age, anything can happen to that job…

I’m not saying jump out of your job and into internet marketing in one sweep – but just work both at the same time until you start to feel as comfortable with the contacts you make online and your new following as you do in your job.

Fear of quitting job due to insecurity

This goes back to the fear of change factor. We all want security, but in reality, being a slave to your job until you die is not really security.

Conversely, it keeps you hostage and holds you back from changing into who you were meant to be…

While it’s a good idea do keep you job while you’re first starting out learning how to run a successful business online, my suggestion is to slowly wean yourself away as you become more secure in knowing how to run a successful business and becoming an entrepreneur.

And, this is probably the longest learning curve with learning how to run a successful business online…

Estimating Start-up Costs

There’s one major problem with that model, says Shuman. It all hinges on getting the business right the first time, and that doesn’t often happen. “In reality, it’s likely that some of your initial assumptions are pretty good and others aren’t going to be worth the paper they’re written on,” he says.

Shuman and others say that figuring out your start-up costs means regularly reviewing your assumptions and changing your initial model. Writing a plan is good because it forces you to write down everything you are going to need to start your business.

But that initial plan is likely to change repeatedly as you learn new things and incorporate them into the plan. Be Willing to Pull Back

It’s tempting to add up everything you need for the full-fledged business you imagine, and decide it’s what you need to start out.

But pulling back and looking for a smaller model can give you a way to get started while also saving money. Shuman uses the example of someone who calculates the total cost of starting a retail business in a local shopping centre.

“You could start that way and write a business plan based on that amount,” he says. “But maybe you’d be better off renting a stand and testing what the demand is for your products at that location.”

This consumer testing reduces your initial start-up costs. The result is that the initial cycle of your business is dedicated not so much to generating profits as to generating information. “With this, you can fund your business on a cycle-by-cycle basis,” Shuman says. “When you go for the second cycle and for expanding your business, the numbers are now based not on focus groups or surveys but on real-world experience.” Calculate Prices and Time Correctly

Calculating your initial cash flow is part of figuring out your start-up costs. It’s an area where businesses are sometimes less optimistic than they should be. “Small business owners may under-price their product or service, thinking they have to come in at the lowest price point to compete,” says Barbara Bird, who chairs the business management program at an American university. “They don’t necessarily need to do that.” Correctly Estimate Your Start-up Time

Yes, when beginning a business, time can be money. Let’s say you’re going to have fixed costs such as a monthly lease. If you have to make improvements to a space before you can actually open for business, those fixed costs are going to be additional start-up costs until you can actually open for business. I’ve watched many entrepreneurs draw up a timeline for their ventures and get tripped up on the safety and inspection requirements imposed by local agencies.

For that reason, I think one of the first places a prospective new business owner should go is to the local government planning or license department. Construction permits and inspections can push a prospective opening date back by months. If you fail to take into account the cost of this time, you could be short of working capital right at the start. Be Realistic About the Cost of Money

Many small business owners finance their ventures by running up big balances on their personal credit cards. Others tap the equity in their homes.

Create and Launch Idea in Era of Innovation

The Left-Brained Innovator

Left-brained innovators set out to build great products or serve clients with their expertise. Revenue is the goal. It sounds simple; take a great idea, develop it, launch it, and collect the proceeds.

Left-brained thinkers might see in-depth planning and marketing for a product launch as “mumbo jumbo”. They might even believe a marketing team is unnecessary. They may undervalue support staff such as those in customer service, accounts receivable, and even shipping and receiving.

Intuitively this lot knows that without their expertise there would be no product or service and thus no revenue. In their mind, they are king; without their ability to build products or serve clients there would be no business.

But without communicating the product or service to the customers who need it, there will be no sales. Without an accounts receivable department to collect payments, there will be no cash in the bank.

Success in business is never one-dimensional. It is multi-faceted and control freaks on the management team will hold the business back if they don’t welcome others into the circle and value their contributions. Building the right team is part of the equation in a successful product launch.

The Right-Brained Innovator

Right-brained innovators are those types that tend to work from a more creative or artistic viewpoint. They can often visualize a product or service in detail, seeing it in their minds’ eye in full colour. They visualize people flocking to it. But their downfall is in over-dreaming. Their vision lies without trial, error, proof and statistics.

Right-brained innovators might struggle with identifying the concrete, detailed steps needed to get to a profitable end. In other words, their dreams may never get off the ground unless they have a few left-brained people on their team to make it happen.

The Route to Solidifying a Plan

Left-brained thinkers tend to like tradition and templates. They want to follow well-defined and proven paths. They feel safer with boundaries. They like concrete targets, and they don’t handle deviations from the path very well. They want to see figures, and may be tempted to throw out a project if the returns don’t show up quickly enough.

Following templates and copying from the forefathers isn’t wrong in itself. Historically, we’ve learned through reading, memorizing, mathematics, analyzing, and copying. When someone creates the right equation or spells out a pathway, the work is half done.

Why re-write the book? Why not do it the way it’s always been done? Why not piggyback on what the competition is doing?

The answer is that launching a product or service today is part science and part art. Innovation is king today, and innovation demands more than following an old-school set out path. The left-brained thinker needs the right-brained thinker’s input.

Innovation usually means stepping beyond the traditional, which may mean templates, how-to books, business plans, and so on, are a means to an end, but not the end in itself.

The Lesson

The lesson for both the left- brained and right-brained thinkers, for the artist and the engineer, the older generation and the new one, is to build from a place of mutual respect for what each offers.

Templates and set paths are starting points. Try on what others have done, tweaking it to fit your business. Keep what works and discard what doesn’t. Don’t feel you have to hold to some formula just because someone says you should.

Business Planning

Launching dynamically is about having the right team to make it happen. A business culture is built well with balance-either with the right team in-house, or by filling the gaps with outside professionals such as marketers, consultants, or product launch companies.

A truly respectable and balanced culture is created when great ideas are given room to be cultivated. Once the “baby” is conceived, having the right caregiver to pass it off to next is essential.

Like any mother planning for the birth of her child, preparation can start early. Your product launch team, your customer service team, your accounting team, can get into gear to make way for the birth.

The additional caregivers will ferret out obstacles and develop a platform to increase the odds of the baby not only surviving its launch, but prospering.

Expect Setbacks, Minimize Risks, and Make it Happen

Before the baby gets to the launch stage, though, trouble may brew. The left-brained professionals might grow weary of the artistic team. The right-brained creatives might become stifled by metrics-driven managers. The trials might result in far too many errors than predicted, and the marketing team might be guilty of sucking the budget dry. What was once a brilliant idea on the verge of an innovative breakthrough becomes vulnerable to cannibalistic demise.

Are you at this stage, where what once looked like a great idea is now a source of frustration? Just as committed and ardent dieters find themselves all too soon dipping into chocolate donuts, soft drinks, chips and greasy food, the key is in viewing a gulf like this as a setback rather than a failure. There are always restarts in life, so give your team time to regroup.

Trust in the collective thought of your team and bring in consultants, if needed, to evaluate the risks. Yes, some ideas might need to be scratched before putting a business into financial ruin. Set short-term targets and deadlines with consequences, and re-evaluate they’re reached.

New ideas must be nurtured. Collaboration and mutual respect is key. New ideas must be launched with both science and art. The creators of the ideas must remain resilient and willing to call in specialists as needed.

If you are serious about launching a new product or service in an era of innovation, don’t just hypothesize how to do it, build your team and make it happen.

Truths Savvy Entrepreneurs Learned the Hard Way

Welcome detours and failures with open arms

It is a common perception when things get bad that this is “worst thing to ever happen to you” and more often than not when your no longer in the moment it actually turns out to be the best thing that ever happened to you.

Successful people, especially people with an entrepreneurial streak, welcome detours and failures as a natural part of the journey. So first and foremost never question your passion and your ability to get things done. If you have the confidence in yourself, in where you are going, and what you are trying to build, this is what will get you through tough times. And that is all it’ll be – tough times.
Just don’t stare at the closed door too long.

“No” is just one step closer to “yes”

If you aren’t being told “no” on a daily basis, you aren’t pushing yourself hard enough or taking enough risks. Develop a thick skin and smile all over because the “no” is one step closer to “yes”.

Success is not the natural state of things

One of the most important lessons is that without failure, you do not truly understand success. So worry when success comes too easily or too early in the process, as it will lull you to believe it is the natural state of things, and when failure comes at a later date in some form or another you are most often utterly unprepared.

The worst decision is indecision

Learn this lesson above all others: *the worst decision is indecision*. When you’re an entrepreneur, you must move quickly and act from your gut. If you don’t, you will miss out on opportunities that can help your business immensely.

Also, at the end of the day there is no right way or one way to run a business. When you start a company, you think there is a road map or holy grail to success. There isn’t. Ask questions, acquire mentors, gather knowledge and then make an educated decision and do what’s best for your business.

Formation of a Business

We all understand what a business is, but how is it defined?

A search among different sources will give you a range of different definitions. Chambers dictionary list it as defined below:

business noun 1 the buying and selling of goods and services.

This highlights the common theme among all the definitions, buying and selling. It doesn’t matter what the end product of the company is or what service it is that they supply what matters is that someone wants to buy it.

The aim of any business, no matter how lofty a mission statement they may purport to follow, is to make money. They need to provide something that other businesses or customers will part with money to have access to. It’s important to remember that not all businesses will have the aim of a profit. A charity can be run as a business, they may give away all the money they receive or spend it on helping others, but they still need to be able to have that income stream to be able to operate.

How Does it Start?

I’m not going to get into depth about the formation of a business in a legislative sense, whether a limited company, partnership or group, that information is for another time. I want to focus on the concept of a business itself.

A business always starts in the same place. With an idea.

This idea must have a market value. Without a market value the idea is just that, an idea. The market value is the amount that people would be willing to pay for your idea, whether a physical product or an intangible service, it must have value.

These ideas can come from anything. Many come from people already working in an industry seeing a specific gap in the market that they could fill. Some come from the archetypal inventor, creating in his garden shed something that the world has never seen before. Many of them will leave you with the same reaction, “Why didn’t I think of that?”

From Idea to Business?

The hardest part of the business is this part. How to get your wonder product or idea from your thoughts to existence and profit?

This is the key part that can make all the difference between a successful business and a failure. Research. The successful businesses know that they will make a profit before they even start, it may be several years down the line but they know it will work.

Finding out the target market, the competition, the price points, the costs incurred to provide the service or product, advertising, overheads and working out margins to produce a profit without pricing yourself out of the market. All of these things need to be done and done well before even beginning the process of setting up a functional business.

This is why creditors or investors would require a full business plan before helping a business start up, no matter how good the idea itself is. Getting that idea to a functional point requires an enormous amount of effort and dedication.

Business Formation

The plan is in place. The profits are mapped and there’s even a lovely graph to show exactly when they will occur and how much they are expected to be.

The next step is where your investors come in, it requires an outlay to get a business up and running.

Whether it’s a small outlay, the renting of an office and copyrighting your company name, or whether it’s enormous, building a factory to produce your product while employing and training all the staff to operate it, the crux is the same, you will need some investment.

Many small businesses start with just their founders savings to set up, and this is often enough, while others will turn to banks for business loans.

This is going to be the most expensive period your business will ever see, there is always a period of investment before any return can be made. Once the returns begin coming in then further growth is possible but before any profit comes the initial investment.

Business Operation

The first aim for any new company is stability. Getting the business to a point where it is not losing any money. Obviously every company will be aiming for a profit as quickly as possible, but stability is more important.

A bumper period in a new business can lead to extra growth and outlay that the business cannot support and a quieter period following this can lead directly into financial difficulties.

Reaching a stable point means that there is the time to consider future growth and new strategies, without the pressure of knowing that every moment wasted means money lost. Only from this secure position can the appropriate decisions be made for the future.

Steps to Generating Next Successful Business Idea

Start thinking! Get your brain to work

Whether you’re too busy with your daily routines to take the time to think and reflect on what you want, or feel that your brain is too pressured and lacking the ability to run wild with your imagination, worry not. This article has tips and advice that will help you get started with the creative process.

The first step towards creative thinking is understating how the mind works and how to stimulate your brain. I will dig deep into this topic, because we might need several book to cover it, but I will briefly mention the key elements.

The brain has two main parts; the right and the left hemispheres, each of these have different functions and work differently. The right hemisphere is creative and artistic part, it’s the part that appreciates art, it uses shapes, colors and images to analyze and process information, and it’s also the part that controls creativity and the imagination.

The left part is the logical part, it’s the part that performs mathematical calculations, looks for causes and effects, uses words to describe and define, and it’s also the part that controls speech, grammar and word order.

For you to be successful in business, you have to have a balance on both sides. You have to be imaginative and creative to come up with business ideas and to come up with creative solutions for business problems. You also have to be logical to analyze and define business opportunities, calculate business risks and weigh your options to deal with the daily business issues.

The brain is like a muscle, if you don’t exercise it regularly to get it in shape. You can’t prepare for a marathon by sitting on the couch all day. Common barriers to creative thinking are habits, attitudes, daily routines, lack of confidence or the constant need for guidance from others. A good way to break or overcome those barriers is to be open minded, be receptive to new things, take new challenges, or by simply giving your brain the green light to think creatively. So take the time to think and get your brain stimulated.

Change is one of the best ways to stimulate your brain and discover new ideas. A change of scenery can help you clear your mind off your daily issues and give you some clarity to start thinking creatively, you can go to a garden, beach or anywhere you like and take the time to exercise your brain. A change of people will also help you, by meeting new people and listening to them talking about their issues or frustrations, you can gain a better insight into their needs and aspirations, which is the basis of any successful business. A change of place will also definitely help you discover new ideas you have not seen or heard of before, you might see a new type of store in your trip to Tokyo that you think will work well in your city.

Bottom line is, you don’t need to go to the other side of the globe to find new ideas, the small changes that you make in your daily, will pay in a big way.

Buy a notebook

Now that you know how to stimulate your brain and get started with the creative thinking process, you need to keep count on your ideas and make sure that you can document them to study and examine them further.

Every business you can think of started with a small idea somewhere, from a small observations, a frustrating situation, or while taking a shower. The difference is that those people who had those ideas took the time to think about these ideas and improve on them to create successful businesses. You never know when the inspiration comes, so keep a notebook close to you at all times to write these ideas down whenever they come.

Follow your passion

Once you start your business, you will spend most of your day for several years doing that business. So make sure you chose a business that you feel passionate and excited about. If you don’t like the business you are, chances are, you might not succeed in that business, probably not because you don’t have what it takes, but mostly because you might lose interest too easily in the face of the challenges that will come your way.

Starting and building a successful business is no small task, it will be a lot of work, you will face many problems, you will have to deal with situations you never encountered before, so it better be something you love doing. You will find that when things go tough, it is your passion that will get you going and make you overcome the hurdles. If you don’t love what you’re doing, you will take the first exit when problems arise.

Additionally, if you do something you love personally and understand its motivations, you will be in a better place to understand your customer needs and deliver on them. Understanding customer needs and their motivations to buy is a key element of understanding your business and ensuring its success.

Having that said, when you decide to take an old hobby into a new business, you have to work out the calculations and make sure that there is enough demand for this product or service, and that people are willing to pay for it. Otherwise, you will end up doing something not many people are interested in.

Keep your eyes open

New business opportunities get born from new situations every day. Keep an eye on what is happening around you, make it a habit to read the newspaper and identify new opportunities. You may read that people are complaining from poor health services in your area, or the lack of schools in your neighborhood.

Talk to your neighbors and the people you know, what is frustrating them? What would they want to change in your neighborhood? Is your neighbor complaining that she needs to drive long distances to get to the nearest dry cleaner? Or is your other neighbor complaining about the lack of groceries in close proximities to where you live? Are you coworkers frustrated that there are no restaurants close to your work building?

If you keep your eyes open to new developments and changes around you, you might capitalize on the emerging opportunities that arise. You don’t need to come up with an original and unique business idea to be successful, often, it’s the ideas that have been tested time and time again that prove to be successful, so look into your area, and see what is missing, it could be your next business.

Find Niche As An Entrepreneur

Write Your Heart Out

So you may ask, how does one even begin on the journey to finding one’s niche? The answer is to open your heart and mind and start writing. What is it you know that you want to share with others? The answer to this question may take a bit of soul searching, but it is well worth the effort and time. Once you figure out what you want to shout from the rooftops, the rest will start flowing naturally. You can then begin to lead the pack down an untraveled road.

Create Something New

Have you ever thought of something brilliant, only to find out somebody else has already cashed in on your idea? It happens. But there is something deep inside you that no one else has accessed before. If you search far enough and open yourself completely to the process of discovery, you will find it. That will be your niche.

Love What You Do

Discovering your niche is a privilege all on its own. You will love everything about it and it will show. Embracing it is not only about knowing something, it’s about knowing something that belongs only to you. It is your own little secret amongst an overly “out there” society. You will only stand out from the crowd if you focus on being yourself. Others pick up on uniqueness. It shines out of you and creates excitement, which makes others flock to you simply because you’re telling the truth. Get going and tell your truth today!