How To Select The Perfect Business

Author : Eva hukshorn, partner EFactor

Success in life and business comes from utilizing your natural talents

With thousands of business ideas to choose from, how do you select the one that is perfect for you? It may not be as difficult as you think. In fact, it is a rather simple process of matching your personal talents with the right opportunity.

There is a fundamental truth that applies to almost everything you undertake in life, including starting your own business….

’your greatest successes and happiness come from utilizing your natural talents - doing what you love to do'.

As you further analyze this principle, you recognize that all of the things that you love to do have one thing in common they utilize your natural gifts and talents.

How To Select The Perfect Business

Make Your List, and Check It Twice

STEP ONE:

STEP ONE: Make Your List, and Check It Twice

The trick is how to match your gifts and talents with a business idea. Start by making a list of things that you hate to do, then follow it up with a list of things that you love to do.

If it’s time to own your own business, your first task is to identify your particular talents so that you can match them to a perfect business. Grab that pad of paper and write down your talents (loves) as the column headings. Now, under each column jot down all of the kinds of businesses that you can think of that utilize those talents and passions. Your eyes will likely open wide as you realize how many business ideas may be ideally suited for you.

STEP TWO:

Narrow Down The Choices

STEP TWO: Narrow Down The Choices

Your next step is to narrow down your list of possibilities to the top five ideas that excite you most. Now it’s time to do your market research on the industries for each of those candidates. The internet will likely be the best tool for researching the information.

Here's a rather unknown ‘secret’ that can help you to determine if there is a market for your product or service. The Reference section of almost every local library contains an Encyclopedia of Associations which is a treasure chest of knowledge about every industry and the segmented markets within each. This special Encyclopedia lists the websites, e‐mail addresses and telephone numbers of almost every trade association in America. Most of them will provide you with free information that can be very helpful in determining if your idea has merit, how you might reach potential customers, whom your potential competitors might be and tons of additional pertinent facts.

After reviewing the research that you have gathered you will probably have a good idea if your product or service is marketable.

Get A Second Opinion

STEP THREE:

STEP THREE: Get A Second Opinion

Regardless of how great you think that your business idea might be, unless a customer is willing to buy your product or service, you don’t really have a business. So now it’s time to get a second opinion about your ideas, but consider the sources before you give their reaction too much credibility.

Many prospective entrepreneurs fall into the trap of asking friends and family what they think about the entrepreneurs new ideas for a business. Unfortunately, those folks frequently give bad information. There are two reasons for this:

1. If the people that you are questioning truly love you, it may be difficult for them to be candid. They don’t want to hurt your feelings-because they love you. Therefore, their feedback will probably be unreliable.

2. Many people, including your family and friends, may lack personal confidence and self esteem. Because they are personally afraid of failure and are stuck in a rut, they may try to discourage you from 'breaking away from the pack‘.

Make Some Decisions

STEP FOUR:

STEP FOUR: Make Some Decisions

With the facts in hand it's now time to make a decision which business concept that you will pursue and whether you will develop your new business from scratch, purchase an existing company or acquire a pre packaged business opportunity or franchise.

Image Source:1. Betsy Weber 2. Courtney Dirks3. Stacy Spensley4. Betsy Weber 5. U.S. Naval War College

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This document was prepared by Eva Hukshorn. Several people and organizations have inspired her to write this presentation, amongst which are, but not limited to the Founders of EFactor, ABN AMRO/RBS, University of Groningen, Institute for Management

Accountants, Paul Grant Founder of the Funding Game

Thank You!