Episode 11: How To Choose The Best Business Idea


 

 

As Entrepreneur, we have all these fascinating ideas that are floating around and it’s difficult to just choose one idea. In Episode 9 , we talked about the importance of focusing on one business idea at a time and how that can help you succeed in your business.  In this episode we’re going to discuss how you can choose the best idea for you.

The important thing to keep in mind is that passion is important. Your chosen idea should allow you to infuse your passion into your business.  This is where your greatness lies and it’s linked to your WHY which we discussed in Episode 8.  Knowing WHY and what you’re passionate about will help you get through difficult times and it will give you that added advantage to engage fully with your business.

Assessments Method:  The assessments method is one of the best strategies I use with my clients to choose an idea that’s best for them and their business.  This method helps you assess every aspect of your business and yourself to make sure that you’re perfectly aligned with a business idea.

Personal Assessment – The personal assessment will guide you on what you enjoy in life, what your passions are and what you really love doing. It will help you understand yourself better, so you can align well with your chosen business idea.

Ask yourself:

  • What are my values? What’s important to me? What do I care about? What do I find meaningful and enjoyable?
  • What do I currently do in my spare time that I love?
  • What inspires me and makes me feel proud doing every day?

Resources Assessment – The resources assessment will help you determine if you have the time and the capital required to pursuit a business idea.  I often see clients limiting themselves because they don’t have a lot of money to invest in their business.  This forces them spend a lot of time and effort looking for investors instead of working on developing their business.  I always recommend to go with the lean start-up method –  Create a Minimum Viable Product/Service and grow from there.

Strengths Assessment – The strengths assessment will determine what your strengths are, so you can use those strengths to support your business.  You want to create a business that will compliment your strengths and will let you capitalize on your natural strengths and abilities.

Once you’ve completed your assessments, it’s time to eliminate the ideas that are not best suited for you at this time.

Step 1:   Eliminate ideas that you’re not passionate about, that don’t inspire you and that you don’t see yourself doing long-term.

Step 2: Eliminate ideas that you don’t have enough time and money to invest. This will help you focus on the ideas that you can start right away with your current situation.

Step 3: At this stage you shouldn’t have many ideas still on the list.  Go through the remaining ideas and cross out the ones that don’t complement your strengths and abilities.

Step 4: To help you decide the best idea to choose, ask yourself which idea brings me the most joy.  This will help you choose the idea that’s closely aligned with your WHY and that you connect with at a deeper level.  This is the idea that you want to focus on, because it will give you the fulfillment and the engagement that you’ll need to sustain you and your business long-term.

Now I’d love to hear from you!  How close are you to choosing your best business idea?

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