That new business idea you’re looking for is already inside you. That’s right. The time that you have spent working in a particular industry has created a field of ideas. Over time you have cultivated this wealth of information by:
- working in the particular industry or
- working in a related industry or
- your personal experience with the industry’s products, services or challenges
Structuring Your New Business for Success
Michael Glauser at Entrepreneur.com in “Why You Should Build on What You Know to Create a Successful Business” explains how building a business on what you know is crucial for success. He argues that by doing something you already know a lot about should be consistent with the reason you want to start your business. To make this point, he recounts the success of one well-known entrepreneur.
Build on What You Know to Create a Successful Business
About one-third of them had worked in the same industry they started their business in. Another third had worked in a related industry. Most of the remaining third were regular users of the products or services and understood the pain points and opportunities from personal experience. Read the rest of the post…
Didn’t you enjoy learning how Sara Blakely, founder of Spanx, started her successful business? Although she had not worked in the shapewear industry, she was a consumer with a problem. So, Sara dedicated herself to learn about the industry. She spent hours in the library and hosiery shops. Sara learned about products, patents, and manufacturers. She had educated herself before she launched her venture.
If you dream of starting a business but aren’t sure “what” the business will be, then take stock of what you know. Use Mr. Glauser’s ten questions as a guide to define “what” you know. Follow Sara Blakely’s example and dedicate serious time and effort into research.