Got an Entrepreneurial Itch to Scratch? There’s No Time Like the Present to Launch Your Own Venture
By Andrew Patricio
July 01, 2015
Small Business & Entrepreneurship
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By Stefanie Neyland, Small Business Content Developer at BizLaunch.com
Entrepreneurship doesn’t have to be a distant dream. Launching your own venture doesn’t have to take years – or even months – and it doesn’t have to require large capital investments.
If going it alone and starting your own business has been something you’ve always dreamed about but haven’t yet plucked up the courage to do, now’s the time to do it. After all, when it comes to business there’s no time like the present.
Without further ado, here are five strategies you can use to spark your creativity and finally scratch that entrepreneurial itch that's been bugging you for years.
If you’re stuck in a job you don’t like but are struggling to come up with a business idea, the answer could be right under your nose. One of the easiest ways to discover that all-important concept for your new venture is to look at your current job and see if you can replicate it on your own.
Even though it’s wise to start a new business based on what you know, you don’t want to do that if your reasoning for going it alone is that you’re sick of your current occupation and want to try your hand at something new. One of the most important factors in starting a new business is passion. If you’re looking for an idea of what kind of business you should start, think about what makes you really “tick”– and then think of a way to monetize it.
Aside from being passionate about what you do, you should also be impassioned by the product or service you’re trying to sell. When trying to figure out what kind of business is right for you, one foolproof strategy is to simply provide exactly the kind of service that you would use yourself.
It’s not always feasible to create a business based upon a product or service that you yourself would like to use, so another option is to try and spot industry trends. Simply going after your interests is a solid strategy, but so is going after the interests of others. When you’re out and about – whether at your local coffee shop or waiting to pick up the kids from school – listen to what people are discussing and what trends and products are creating buzz amongst specific demographics. If you keep your eyes open and ear to the ground, you might just come up with the “next big thing” before it even becomes a “thing”.
Sometimes the best concepts are born out of a problem. Problems can inspire entrepreneurs to create innovative new products that solve the plight of people across the world. A great way to get your creative juices flowing is to consider a problem that you or someone you know encounters on a regular basis, and then try and think of a way to solve it.
Bonus: Go with what's already working.
If after trying out these tactics you still haven’t had that “eureka!” moment, it’s important to bear in mind that to be an entrepreneur, you don’t necessarily have to reinvent the wheel. There are many other methods of gaining inspiration to set you off on your new path to entrepreneurship. Next time you’re admiring a product in a store, consider whether there might be an opportunity to sell that product yourself. Try looking up the company’s website and see if you can buy the product wholesale or whether you can become an authorized seller. There are thousands of products out there that you could sell – from food products to clothing, books to home furnishings.
Do you have any ideas to add to the list? Tweet us at @StaplesCanada to share your suggestions!
Entrepreneurship doesn’t have to be a distant dream. Launching your own venture doesn’t have to take years – or even months – and it doesn’t have to require large capital investments.
If going it alone and starting your own business has been something you’ve always dreamed about but haven’t yet plucked up the courage to do, now’s the time to do it. After all, when it comes to business there’s no time like the present.
Without further ado, here are five strategies you can use to spark your creativity and finally scratch that entrepreneurial itch that's been bugging you for years.
- Recreate your current occupation.
If you’re stuck in a job you don’t like but are struggling to come up with a business idea, the answer could be right under your nose. One of the easiest ways to discover that all-important concept for your new venture is to look at your current job and see if you can replicate it on your own.
- Follow your passion.
Even though it’s wise to start a new business based on what you know, you don’t want to do that if your reasoning for going it alone is that you’re sick of your current occupation and want to try your hand at something new. One of the most important factors in starting a new business is passion. If you’re looking for an idea of what kind of business you should start, think about what makes you really “tick”– and then think of a way to monetize it.
- You are your target customer.
Aside from being passionate about what you do, you should also be impassioned by the product or service you’re trying to sell. When trying to figure out what kind of business is right for you, one foolproof strategy is to simply provide exactly the kind of service that you would use yourself.
- What’s trending?
It’s not always feasible to create a business based upon a product or service that you yourself would like to use, so another option is to try and spot industry trends. Simply going after your interests is a solid strategy, but so is going after the interests of others. When you’re out and about – whether at your local coffee shop or waiting to pick up the kids from school – listen to what people are discussing and what trends and products are creating buzz amongst specific demographics. If you keep your eyes open and ear to the ground, you might just come up with the “next big thing” before it even becomes a “thing”.
- Offer a solution to a problem.
Sometimes the best concepts are born out of a problem. Problems can inspire entrepreneurs to create innovative new products that solve the plight of people across the world. A great way to get your creative juices flowing is to consider a problem that you or someone you know encounters on a regular basis, and then try and think of a way to solve it.
Bonus: Go with what's already working.
If after trying out these tactics you still haven’t had that “eureka!” moment, it’s important to bear in mind that to be an entrepreneur, you don’t necessarily have to reinvent the wheel. There are many other methods of gaining inspiration to set you off on your new path to entrepreneurship. Next time you’re admiring a product in a store, consider whether there might be an opportunity to sell that product yourself. Try looking up the company’s website and see if you can buy the product wholesale or whether you can become an authorized seller. There are thousands of products out there that you could sell – from food products to clothing, books to home furnishings.
Do you have any ideas to add to the list? Tweet us at @StaplesCanada to share your suggestions!