At a time when we are in what may be considered a “COVID post COVID” limbo, many
may ask the question, “Is now a good time to start a business?”. There are those who
would say flat out ‘no’, adamant that there is a recession looming and there is too
much uncertainty in the market. On the flip side, there are those who would say ‘yes’,
confident that in such times of uncertainty, innovation reigns and sustainable business
ideas can blossom. According to research, some of the biggest brands such as Burger
King, FedEx, Microsoft, and General Motors started or scaled their businesses during
uncertain economic times. Hence, with the right idea, this may be an ideal time to
become your own boss.
"Don't worry about failure; You only have to be right once." Drew Houston
HOW TO CREATE BUSINESS IDEAS FOR 2020
According to Forbes, there is a six-step approach you can try to hack your way to a great business idea.
1. Explore markets with the greatest potential Which group of people has the greatest spending power or at the very least, access to it?
2. Think about the chosen market’s biggest pain points What problem do you think this chosen group would be willing to pay money to have resolved?
3. Talk to potential customers With a potential market and problem identified, you need to now talk to your potential customers to confirm that what you think is a problem really is one and what is the underlying cause?
4. Consider your skill sets Can your present skills be used to solve the problem? What are your strengths that you can use and what are your weaknesses that you may need assistance with?
5. Test the product Do a mock-up. Post a flyer. How do your potential customers respond? Do they love it? Hate it? Are they indifferent?
6. Iterate. Keep at it Make changes based on the feedback. Take note of the reactions. If the customers bite, keep pushing and working on it. If all you get are crickets, fail fast and start again.
7. Create/Complete your story Tell the story of your journey. Talk about why the team fits, why this market is perfect to capture and how you’ve identified the right problem and the right solution.
"The key to growing a business is that you must be meeting some segment of the consumer's needs. If you've got a small business with a product or service that is not popular, you simply need to change your product or service to be more popular." - Ben Cohen
The book, Who Moved My Cheese? by Dr. Spencer Johnson speaks of four types of people:
1. Sniff: People who sniff out change early.
2. Scurry: People who scurry into action.
3. Hem: People who deny and resist change as they fear it will lead to something worse.
4. Haw: People who learn to adapt in time when they see that changing can lead to something better.
Take a second and let the list sink in. Ask yourself and answer honestly, which one best describes you, at this moment? The phrase “at this moment” is used deliberately for in the world of entrepreneurship, we understand the importance of coaching, mental growth and the need for shifting mindsets. If you have decided to take a risk on yourself to be called an entrepreneur and you are not “Sniffing”, or “Scurrying” or “Hawing”, it.
The key to growing a business is that you must be meeting some segment of the consumer's needs. If you've got a small business with a product or service that is not popular, you simply need to change your product or service to be more popular." - Ben Cohen means that you are “Heming” and that is a dangerous place to be mental, when you want to succeed, as an entrepreneur. It is in employing growth strategies such as being able to identify new opportunities that one is able to start, build and grow their business.
At Business Lifeline, our number one priority is to provide the support you need to develop your business into a profitable and sustainable enterprise. As an entrepreneur, it is not only important to have the desire to be successful but even more so, is the need to surround yourself with the right team who can coach you and provide the consulting services you need to build and scale your business. At Business Lifeline, we support Bill Gates when he says, “This is a fantastic time to be entering the business world because business is going to change more in the next 10 years than it has in the last 50”. Where will you and your business be in 2030?
Alicia Psyche Haynes