It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching.
The desire to own a business is becoming more common as workers grow more frustrated with the economy and working in corporate America. If you're thinking about a business of your own but you're not sure what to start, here are several exercise to spark some ideas.
Start by Making Lists of Your Interests, Talents, and Skills
Write down what you like and don't like about your current job and jobs you've had in the past. Do you love writing business documents? Do you hate calculating numbers? By listing your likes and dislikes, you can see with more clarity where some of your interests lie and which tasks you want to avoid.
The trick is to brainstorm business ideas and find one that you will be passionate about, one that will meet your desired standard of living and your lifestyle criteria. Someone who doesn't like being chained to a desk should not choose a business that requires her to be stuck in an office all day.
The good news is that as an entrepreneur, you get to make these decisions for yourself. Perhaps you are good with numbers and you're thinking about becoming a mortgage broker, but you don't want to be stuck in an office all day. If you are serving clients in your area, won't you also be required to meet with them? Could you find a way to meet with them at their place of business or over lunch?
This list should also help you identify your weaknesses. If you hate to write, then you probably shouldn't start a local newspaper (although if you have the right budget, you can hire writers and focus on other aspects of the business). If crunching numbers makes your brain hurt, then you won't find joy in running a bookkeeping business. For that matter, you will probably dread keeping your own books and should build a bookkeeping service into your business budget.
Spend some time with this exercise and look for a theme in your lists. If you identify a business that interests you, but it doesn't meet your lifestyle requirements, then expand on the idea and see if there is a different type of business in that field that would suit you better.
Imagine You Have Just Won the Lottery
So you've just won a lottery for $500,000. It's not enough to retire on, but it's enough to make some decisions about your future. Consider what you would do if you won a large chunk of money. Of course it's fun to imagine paying off your debts and sharing your good fortune with the people you love, but what do you do with the rest of the money? What does your ideal work life look like? What kind of business would you start if you had endless resources?
Could Your Talent or Hobby Net You Some Profits?
Whether you are a musician, an artist, a writer, a crafter, an athlete, an entertainer or a chef, you may be able to find a business that takes advantage of these talents. Think outside the box. Use the internet to search for ideas. For example, if you are a sports fanatic, you could search for "sports business" or "sports industry" and see what kinds of topics are returned. Perhaps you could become a sports writer, sporting goods store owner, coach, trainer, statistician, or memorabilia sales.
Ask Your Family and Friends
By asking the people closest to you for input, you may gain some surprising insight. Perhaps your best friend will remind you of your culinary talents or your grandmother will admire your decorating skills. Maybe your brother will tell you that he always thought you would end up working with animals because you rescued all the neighborhood strays. If for nothing else, asking those closest to you will breed discussion about your future and may lead to the spark of inspiration you are seeking.
Start Looking at the Business World Through a New Set of Eyes
Every business you see started somewhere by someone. The dry cleaner you visit weekly, the grocery store where you shop, the quaint coffee shop on the corner and your favorite take-out restaurant all were born from somebody's dream. Pay attention to every business you encounter. Is the owner present? If so, does he or she look happy? Tired? Frantic? What are the pros and cons of running each kind of business? A retail business is typically a 6 or 7 day per week effort. Restaurants require long hours, food spoilage management, health department inspections and a lot of staff. Service businesses are often started by an owner providing the service.
Talk to business owners that you encounter. Ask them about the pros and cons of what they do. Who better to advise you on your future than those who are actually living some version of it?
Go to the Bookstore or Library
I personally believe that books give you the best opportunity to self-educate. You can learn about virtually any topic under the sun just by reading a book. Spend some time in the business section and read some of the books suggested in the appendix of this book. You never know where you will find inspiration. Many business books list examples from real entrepreneurs. Perhaps one of these examples will spark your interest or cause you to think about something you hadn't considered before.
You've Done Everything Else and Still Don't Know What to Do
Don't give up! Keep at it. Carve some time out every day to focus on your life plan. Get up an hour early in the morning, take time out of your lunch hour or stay up an hour late, but whatever you do, devote some time to mapping out your future. If you are serious about moving forward, you will have to make the time.
Keep doing the exercises listed here. Spend time reading business message boards, websites and magazines. Jot down topics that interest you and learn more about them. The process may take some time, but the end result should be well worth it.
About the Author:
Stephanie Chandler is the author of "The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams!" and founder of http://www.BusinessInfoGuide.com, a directory of resources for entrepreneurs. Subscribe to the newsletter for hot tips and small business tools.
To morning commuters, the hulking truck encircled with barricades and... Read More
Not everyone is cut out to run a business. Not... Read More
A business owner is thoroughly responsible for their own financial... Read More
In my last article, "Follow That Guru", I told you... Read More
Successful business owners and managers need to be very clear... Read More
Richard Branson, billionaire founder of Virgin Records and Virgin Atlantic... Read More
The latest series in "The Apprentice" features 2 distinct group... Read More
Running a business is not an easy endeavor, it takes... Read More
Betrayal, it can hit you like a load of bricks... Read More
As one of the most successful direct sales entrepreneurs in... Read More
Bootstrapping in the context of business start-ups refers to the... Read More
Venture capital firms are comprised of individual partners. These partners... Read More
Don't let these stop you from having a business plan... Read More
Entrepreneurial e-gnorancePart 1: Questions for the entrepreneur to beIf you... Read More
Most entrepreneurs constantly come up with new ideas. Whether they... Read More
In the early days of my first consulting business, I... Read More
Studying the history of franchise companies is interesting is watching... Read More
Once upon a time, there was a village on the... Read More
At times all of us need a bit of inspiration... Read More
The morning sun sheds its brilliance and warmth... Read More
I am going to begin this article by sharing a... Read More
Having built a business from a bucket of water and... Read More
Making the financial transition from paid employment to earning a... Read More
Many people have the professed desire to be their own... Read More
When launching a new product or company, an entrepreneur must... Read More
For the past ten-months, I tried every drug from the... Read More
As I awaken with the gift of yet another day... Read More
The words you see onscreen trigger subconscious responses. Dark images... Read More
You've probably heard this, or maybe you will relate to... Read More
Business success is essentially the result of successful leadership. Contrary... Read More
Why, exactly, do you want to go into business for... Read More
How often do the words "I need" come out of... Read More
It's your first business or the next Great Idea in... Read More
Entrepreneurial e-gnorancePart 1: Questions for the entrepreneur to beIf you... Read More
Print off this page, take the quiz and find out... Read More
Attention entrepreneurs: If you think the search for the ultimate... Read More
EntrepreneurAn entrepreneur is a man who organizes and manages the... Read More
Studying the history of franchise companies is interesting is watching... Read More
At an International Franchising Symposium in London, Peter Holt made... Read More
There are a whole range of reasons why customers buy... Read More
More and more students, both in undergraduate and graduate institutions,... Read More
The definition of a startup means you have very few... Read More
1. Isolating Yourself When setting up a business, you can... Read More
Dwight Payne and Gary Heap reside in Santa Barbara, CA,... Read More
Did you know that thousands of companies from all over... Read More
Bootstrapping in the context of business start-ups refers to the... Read More
How often do the words "I need" come out of... Read More
What to Look Out For:Copyright - you absolutely must check... Read More
In business, you plan to protect your inventory, your unique... Read More
Have you ever heard of an ultramarathon? A standard marathon... Read More
How you think, your relationship with yourself is what decides... Read More
What is it that sets a successful businessperson apart from... Read More
Cash is one of the most important resources to a... Read More
What are the unique gifts that differentiate you from other... Read More
If you believe that every little bit helps then keep... Read More
I just arrived back from the best seminar I have... Read More
Business plans continue to be an essential element of the... Read More
The morning sun sheds its brilliance and warmth... Read More
Becoming a successful entrepreneur in the online world is no... Read More
I told my family that I finally accepted that my... Read More
Almost every day, I talk with people who want to... Read More
Entrepreneurs and companies who are seeking venture capital often negotiate... Read More
There are many coating businesses in the market today, but... Read More
When companies enter into negotiations with venture capital firms, there... Read More
I had a health scare in December.As it turns out,... Read More
A lot of people never start businesses because they believe... Read More
Entrepreneur |