What to do when you have multiple business ideas
“Do the work you love.” This message, once reserved for graduation speeches and fortune cookies, is now a common theme in today’s career landscape. So what do you do when you “love” various things?
In all my years as a professional career coach, I have noticed that the perspective of ‘follow your passion and the money will come’ meets a feast or a famine. Either a person has no idea what their passion is or their cup (and their business idea book) overflows. If you find yourself in the last field, the abundance of possibilities can be as overwhelming and debilitating as feeling like you have nowhere to go. Here are key questions to ask yourself to help you select the best of your business ideas:
Did anyone ask for this? The fastest way to make your new business profitable is to give people what they want, not what they want. you they think they want but what they are asking for. A common mistake entrepreneurs make is that we lock ourselves in creating the “perfect” product or service to bring to market. Then we re-emerge and present our business to the crowd as a scene from The Lion King and instead of the roar of applause we hear crickets. Nobody wants it because nobody asked for it. The sooner you can determine who your ideal customer is and what their exact need is, a need they know, the sooner you can create the solution to their specific problem.
Can I commit to this? Starting a business is like starting a romance. Everything has eyes of stars and butterflies at first. But when the euphoria wears off, what you are left with is commitment, and commitment takes work. Depending on the industry, it can take years before a company is profitable. It is important to ask yourself if you are committed to investing your time, energy and resources to carry out this work for at least the next five years. Especially in the early days, your business can be like a newborn child – constant demands at the most inconvenient times with no reward or recognition.
Are these my people? In the new work dynamic, there is no longer a separation between “us” and “them”. We are now operating within tribes, groups of people gathered around a similar cause and vision. As you consider your many business ideas, think about the clients and colleagues associated with this company. Do you want to spend time? a lot of time– With these people? One of the main advantages of establishing your own business is that you can decide who your employees are, who you will serve, and with whom you will be in constant dialogue. Ultimately, business is one person interacting with another. Your ability to determine who you want to sit on the other side of the table is a good guide when making your selection.
Whether you have one or a hundred companies in front of you, mastering the ability to run your own business gives you true financial security. Choose the path that suits you rather than squeezing yourself into another job and you will set yourself up for success every time.