Whether you have a goal for some point later in your life, or in the not so distant future to own a business; you should understand entrepreneurship pretty well in order to succeed. An entrepreneur creates a unique value proposition using the five factors of production; Land, Labor, Capital, Entrepreneurship, and Knowledge. There are many ways that entrepreneurs found their success story, and everyone who is ready will be at different times. When ever it may be; it is important that you do not jump on the nearest bandwagon, craze, or idea you find. A business like most success in your life will require constant investment. So it is important that whatever project you decide to take into your efforts, that the business is of good relevance to who you are, and what you can or want to do. With that being said, here are three good sources to discover your venture.
Passion / Lifestyle
If there is something you are passionate about, that you can either make a living from, or have as a side hobby (that will not bankrupt you); then you may have some idea of where to start to find your business idea. Passion is a great quality to have when you have a business as it allows you to show a natural and pleasant side of who you are. Use your passion to be creative in what you do, and customers may appreciate the uniqueness of your business. Be careful, some passions are hard to monetize. Make sure you have done your business homework to make sure you can make this project profitable, or at least do not place the expectation of it to be profitable when it can not be.
Experience / Relevant Skills
If you have been doing something long enough to be good at it, maybe that time may come to venture out of your own, and earn for yourself. Some professions can be very lucrative if you work long enough to build sufficient acumen. Depending on how many years of experience you have in a given function, what the nature of your project is, and your competency; using your personal experience for yourself may give you a strong fighting chance for stability in your own efforts. The more experience and projects you have completed the more complete of a portfolio you can make for yourself, to market your expertise to potential clients.
Interests In School or Work
Maybe you do not have experience or a genuine inner calling to a project. If you have some ideas of where to start or what might interest you; you can take a class or a part time job to develop and test the skills you will need in a relevant business environment to what you are hoping to achieve. Taking a class can help you develop the skills you need to start in a passion project, that you might have not obtained in your past job experiences. Take some business classes so you can learn how to create good cash flow for a business, or class that could help you offer some desired service to customers. Find classes that teach, whatever you are interested in trying; see how well you take to the material and assess your ability to prosper offering that particular service for a profit to customers.
As you leave this article, and if you aim to one day start your own business; you need to invest in yourself. Whether it is your passions, skills, or interests; if you can depend on yourself to constantly invest in it, you may have some sort of opportunity on your hands. Make sure to conduct extensive research to invest in your business idea. Your research will help you make a realistic and sustainable project for your efforts. Do not rush into anything; your time, due diligence and patience will pay off, if it is all done before conducting business or participating in the commercial environment.
PLEASE DO NOT COMMENCE BUSINESS OPERATIONS UNLESS YOU ARE COMPLYING WITH ALL LEGAL AND ACCOUNTING LIABILITIES. I am not responsible for any gains or losses you incur.