Is it Time to Start a New Business?
Updated: May 13
We have been talking to many entrepreneurs who are now finding themselves having to rethink their existing businesses and even start new ones. Are you are thinking of a new business idea because your sector is completely disrupted? We have some guiding principles that you can use to ensure that you have a strong start in your new business.
Passion is described as a strong and barely controllable emotion. And those two aspects of passion strong and uncontrollable are what will work for you in your new business. Passion is a strong driver and doing a business you love will energize you and keep you going even when things are rough. You want a business that means more to you than just money. Its aspect of being barely controllable means that you will want the business to succeed more than anything in the world and this will drive you to innovate and find new ways until you succeed.
Purpose anchors you and gives you the resolve and determination to succeed. Purpose is the reason for which something is done. Finding a business that is aligned to your reason for being roots you and anchors your whole life into the business. It sets the stage for giving the business a purpose of its own. The business purpose will drive the business activities. In today's sensitive economy customers want a business that is doing good not just doing business. Employees too want to be part of a business that is making positive contributions towards a better world.
3. Sustainable Opportunity
A business is only a good business if it meets an enduring customer need sustainably. Enduring means that it is a need that will continue to be had throughout all generations. The need may be met by many different methods, but the need should be perpetual in its nature. Sustainability in the context of this article is about being able to continue to meet the identified customer need profitably for a long time.
An asset is something that when employed produces an income for the owner of that asset. What assets do you have in your possession that you can leverage on your idea? Assets are straight forward in unlocking business opportunities. Assets can be rented to other people to use, Assets can be leveraged on and used in a business idea.
Strengths are tasks or actions you can do well. These include knowledge, proficiency, skills, and talents. You can use these traits and abilities to start a business or leverage a business idea that you have. You should start by identifying your core strengths and thinking about how they can help you in delivering value and running your new business.
Your network is your net worth. Every new business starts with a connection to customers willing to purchase. Use your network in like or related fields to expand your new business' ability to find new customers, partner and grow. Your network will also help you find reliable suppliers.
The above principles work together, and you should look at them as gears that connect to give you success in your new business. They are not exhaustive but should offer a good starting point.