I believe that there is money in just about everything.
The reason some people make it while others don’t is that they focus on how well they execute, rather than on coming up with the perfect idea. It’s not about what you choose to do, but rather how much you commit to becoming the best at it.
To decide if you have the right idea, divide your concept into two distinct categories: ideas that fulfill needs, and more complex ideas that fix problems. Ideas that fulfill needs focus on an existing solution that you think can be executed better. It can be as simple as identifying the need for a local coffee shop.
The key here is to identify that the idea has been proven to be necessary. Next, you need a clear plan. You’ll want to look at competitors in this market for experience to help speed up the growth of the business from zero to profitable. These types of ideas are more aligned with starting a business where the goal is to be profitable.
However, there are ideas that solve problems, problems which previously didn’t have a solution. Those ideas mean you’ve identified either a problem but haven’t yet seen an existing solution that works for the masses. Such ideas often require more work, and longer commitments from the founders to validate and market a solution, until the right one is found and finally accepted by the public.The time it takes and the funding needs often take more in these situations because there is really no existing path. These types of ideas are more entrepreneurial in nature, which means the core goal is to innovate and then sustain by being profitable.
In this case, the best way to get started is to be honest with yourself and categorize your idea by understanding if you are in the right position to undertake it.
Elon Musk, CEO of Tesla and Space X, didn’t start his entrepreneurial escapades with the goal of changing the world and its energy needs as his first project. He evolved into the person he needed to be before undertaking such monumental projects, giving him not only more funding but also a better chance to actually see such large ambitions come to life.
Here are a few ways to identify if your idea is indeed aligned to your ability to bring it to life. If not, these same ideas may uncover an even better idea that’s more suited to your expertise. While many ideas are good, they are also not necessarily good for you and therefore will suffer greatly should you attempt to bring them to life, and could cause you massive money and time losses.
When thinking of ideas, think of a triangle with three equal sides and each peak represents one key criteria that is needed to identify if you are aligned with this new idea.
Do I believe in this idea enough to follow it to the end? Do I believe there is a need for this idea, even if it comes at a personal cost?
Do I love the topic or any parts of the process, industry or people related to my idea? Is my idea focused on a subject that I want to further research or enjoy working on? This is important because when money doesn’t come fast enough or the effort requires countless sacrifices, will you at least still enjoy the journey?
Do I have the skills needed to bring this idea to life? While it is true that we can supplement our lack of ability with partners or workers, but our skills are what will allow us to carve out a role for ourselves on this project. Why we are important to this particular idea or project, and as a result define our role within it before starting.
When skills, love and confidence find a meeting point then whatever idea is at that intersection is the idea you need to further investigate and follow up on as it is an idea that is indeed yours to execute on.