Learn nine important steps

Every day thousands of startup companies are being created worldwide; a handful of them can survive to tell their stories later. Entrepreneurs who can do business by using the right ideas at the right time are the ones who are successful.

The most difficult challenge in starting a new business is to find the right business idea for yourself. Want a new business idea? You have thousands of good business ideas all around you, but which one is best for you? How to choose your field of business? Today we will look for the answer to that question.

Identify the appropriate business area for you.

You need to identify which business area is most suitable for you first. The first step in planning a new business is to identify the right business areas for yourself. The answer can be found only by placing these two issues of interest and skill. It is possible to identify your interests and skills through a few simple steps.

1. Identify love and desire

You must have a deep interest in the field in which you will do business. Without interest and love, it is impossible to start a startup business, and it is impossible to succeed. Likewise, if you do not have a deep interest in a subject, it is impossible to increase your skills in that subject; there will be a lack of innovative thinking. So don’t go for less than your full potential.

Often we are not aware of our interests, or we lack a clear idea of ​​which of the many things we like to do business with.

To identify your likes and dislikes, first write down the answers to the following questions.

o, What childhood dreams or desires still fascinate you?

o, Which time of the day do you enjoy the most, which time seems most meaningful to you?

o, What do you love to do in your spare time? Do you have a hobby? If so, what would you like to do every day?

o, What is one achievement that will make you most proud of yourself?

o, What is the main mantra of your life? What are the leading and most essential principles of your life, and why?

o, What will happen if you are asked to choose something that people will remember you for even after your death and why?

o, Answer these questions with patience and time. These answers will give you clues to find your area of ​​interest.

2. What you can do most easily

We usually love to do what we can do well or vice versa. So think of five things you can do easily.

No need to think too complicated. Write down the first five things that come to mind. Then, specify specific topics without straightforward answers. Finally, as you can quickly write well, identify what kind of writing you can write the most efficiently, be it political analysis or delightful essay.

Any of these five things can be cooking, planning a trip, helping friends choose saris, dresses, jewelry, or planning their wedding.

Think about it, and you do all these things very quickly in your daily life. And do it so easily that you don’t even seem to be working very differently.

3. What do you spend most of your free time doing?

First of all, you have to divide the tasks into two parts: force and what you want to do on your own.

Sometimes what you want to do and what you have to do is the same thing. For example, if you have to cook and you want to cook, then cooking applies to both of you.

Similarly, you may have to tidy up the house in your spare time, but you don’t want to do that. Make a list of five such tasks. Then, again, write ‘to do’, ‘want to do’, or both.

4. Want friends to know which five things you do best

Ask your close friends who have known you for some time what you can do best. Unfortunately, you may not be able to identify many skills that your friends can help you find.

Although the question is a bit strange to hear, friends’ answers will help you identify the areas of your skills.

5. Notice the pattern

Notice if you can find any patterns from all these answers above. The same work or the same kind of work has come up repeatedly in the answers. Maybe you will be surprised if you notice this pattern.

Maybe the answer given by you and your friends came in multiple places, cooking or writing. Try to find this pattern from the answers.

Specify three areas of interest

Find out from the answers and patterns above which are the three places of your most interest. These three issues can be easily found by analyzing the above solutions.

Write as specific areas of interest as possible. Such as any particular type of cooking or writing on a specific subject.

6. Identify the real problem around you

The next step in identifying one’s interests and skills is identifying the problems that can be solved using those skills. The most effective way is to identify the pain in your own life.

In most cases, startups or new entrepreneurs fail because they try to solve imaginary problems without thinking about real issues. They want to solve such situations; in reality, that is not the problem. For example, suppose you are thinking of a home delivery business of food. But all the houses in your area are comfortable doing their daily cooking. If they don’t have the problem of cooking every day, then your business won’t run.

Suppose students, working women, and men live in the area where you want to do business, then cooking is a problem for them, you can solve this problem through your company.

According to renowned startup expert and mentor Paul Graham, three things apply to all of the world’s best startup businesses, each of which is something the founders needed themselves to create, and more people felt the need to do that. This is how Microsoft, Apple, Google, Facebook were all born.

So to plan a small business, first think about what you need, what you are not getting, and what skills you have to supply the market. Don’t think of things that some people might or might use in the future, but think of things that people want to use now. It can be a thing or a service.

7. Create initial business ideas

Once you have identified your skills, interests, and problems around you, you can get a basic idea of ​​your startup business.

Are there any real problems you can solve with your skills, and will people agree to pay you for them?

Judge for yourself, would you agree to pay for this service to solve these problems yourself?

Think about what services you spend money on. Then, write down as many business ideas as you can think of.

8. Get an idea of ​​the market demand

Then check the basic ideas of the business in terms of market demand, check its profitability. Business ideas can be divided into four parts.

The first of these is the dream of any entrepreneur, i.e., a high demand among many people. But keep in mind that if there is a product or service that can meet the needs of a startup, then no one will leave it. Already one or more businesses are meeting this demand. On the other hand, there is no point in doing the latter. Understand that there is no actual demand for it in the market. Then you have to choose between the second and the third profitable business.

It is usually profitable to choose a business that has less demand than most people. Of course, not all such companies will be successful, but most successful startups start from here.

9. Find out if the business idea is profitable

Once you have a clear idea about the demand, you can understand which part of the people you want to take the product or service with. Mark that part specifically.

For example, suppose your product is in demand among working women aged 25-45 or students aged 18-21. First of all, think about whether the people you are going to start a business with have in mind have the ability to buy it? If so, the second question is, are they willing to spend that money on your product?

To succeed in business, it is essential to find answers to these two questions. If you can’t figure it out yourself, talk to people in that area and try to figure out if they can afford it or not.

Based on these two questions, it will be possible to cut off multiple bad and unprofitable business ideas. If your target customer can’t or won’t buy it, then the business will never succeed.

Those who are reluctant to leave the place to any other competitor.

According to Peter Thiel, startups or any new entrepreneur must first establish a kingdom in their small world. Then, thousands of plans must be ahead of the competitors, just like Facebook started with Harvard University students. Everyone knows the history of Facebook’s subsequent success.