Where Do I Go From Here?

"You have brains in your head. You have feet in your shoes. You can steer yourself in any direction you choose." -- Dr. Suess, from Oh! the Places You'll Go!

The purpose of all the studying done over the past 13 weeks is to help us choose a direction for our business and for our life. This is easier said than done because opportunities are almost limitless. How do I choose an opportunity that matches my goals and abilities, will provide a good life for my family, and allow me to build on my relationships with others?

Our readings this week provided many insights and examples from successful real world entrepreneurs. Although the details of successful businesses can vary greatly, all great businesses begin with a few general similarities. I want to mention three of them.

First, a successful business builds on the education, experience and relationships of the entrepreneur. What real world skills have I learned in school and through work? How can those skills help me identify a good idea to build on? How can my friends and family help me consider various strengths and weaknesses that I have?

Second, successful entrepreneurs recognize the need to create a feasible opportunity by discussing their ideas with mentors, potential customers and other experts in the field of business. Researching the idea further will also help identify a real need and create a unique solution for that need. Is there an existing market for this need? How much competition would my business face? Is the idea strong enough to create a market when one does not exist?

Third, success depends on the ability to narrow the focus of an idea. Is there an underserved niche in an otherwise large market? How should the market be entered in order to grow the business? Many businesses fail by trying to do too much. It is better to focus on one or two needs rather than trying to “solve all the problems of the world”.

In the beginning of this course I worried about how I would find a good idea and develop it into a successful business. I have learned that the process is not as complicated as I thought it was. It comes down to following a few simple disciplines, day after day, and making choices based on good information and instincts. But more on those thoughts next week…