Ideation

Quite often the idea of being an entrepreneur is romanticized. There is a feeling that overcomes you when you think about having your own business. Just the thought of owning something so big and significant is inspirational. We all like to dream of a future where we aren’t restricted by work timings, have full control over the duties of our job and can still enjoy the perks of a ‘good life’.

Other than inheriting wealth, entrepreneurship is probably one of the only ways to achieve all this. With self-employment gaining popularity, entrepreneurial efforts are not only accepted but also encouraged in society. With icons like Bill Gates, Mark Zuckerberg, Larry Page and Steve Jobs to look up to, people are more motivated than ever to start their own company.

Inspiration can strike anywhere, whether you are actively seeking it or not. While some ideas just come to you, it is hard to sit down and force your brain to come up with something innovative. According to David Skok, one of the best ways to trigger your creative thinking process is to put those ideas down on a whiteboard. Reviewing and organizing them will create new ideas. 

Good ideas sprout as solutions to existing problems or as something necessary to fulfil a need. If your idea neither fixes a problem nor fulfils a need, chances are it will not work out as a viable business. When you come up with an idea, you need to ask yourself some important questions relating to the possible business. You need to ask:

1. Does this idea really solve a consumer problem?
2. Will consumers be motivated to buy it?
3. How big is the market?
4. Are there competitors that would be difficult to compete with?
5. Is there any way to restrict barriers to entry for enough time to become profitable and considered ‘reliable’ among the consumer base?
6.  How dangerous are the risks involved?
7. Can you build a sustainable and expandable business model around this idea?

All these questions point to key issues that you will have to manage once you start the venture. You need to gain enough domain knowledge to answer these questions satisfactorily. Once you answer all the questions related to the business-end of the venture, you need to ask yourself some personal questions. You must ask yourself:

1. Does this idea excite me?
2. How passionate am I about this idea?
3. Could I remain invested in this idea for a long time?
4. Am I fully committed to making this successful?

Throughout the experience, YOU are going to remain the most critical asset of the business. You cannot enter the industry unsure and unmotivated. You must undertake all the risks associated with business only if you are passionate about the idea. Your passion cannot be short-lived either, since no business is built overnight, you need to assure yourself that you are in it for the long run. You also need to be able to take on the level of commitment a business venture requires. As Steve Jobs said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” 

This may seem daunting at first but, it is necessary to answer all these questions before you take a plunge into the business world. You cannot enter the entrepreneurial sphere underprepared. You will only be putting yourself at financial and personal risk. Good ideas can come from anywhere, but perseverance and determination are what make them great. 

Author – Shweta Shukla