How do I pick the right business idea? best source to learn about entrepreneurship
When following a Passion Entrepreneurs either have an idea that inspires them, something they think will change the world for the better or something that they just have to bring out.
Here the selling point is mainly their emotional attachment to this project or idea and they create a baseline of value, money and need around their initial passion.
These can be great ideas that revolutionize everything or just a slightly different, but important take on something new.
The positive side of this is that they are usually able to work much harder for their business idea. They can drive more energy and motivation from what they do and end performing better with the business on average.
The downside is that a lot of the times these ideas come from already existing concepts.
Most of the Passion ideas of Entrepreneurs are nothing new and are rarely unique enough to offer something special. It therefore takes a lot of hard work for them to actually get to a point where they develop their idea enough to sell it effectively.
The ironic thing is that it is the passion that opens this door for them.
When they follow a Need is mostly looking at the market from a much colder Point of View.
They look at where there is an opening in the market, find something that should technically fill that gap and try to produce it.
These are usually ideas that truly make a difference and the positive side of this approach is that it works much better from a financial, theoretical standpoint.
Most of these ideas and businesses have a much easier time to make money when they start off, however it is a bit harder to actually find ideas like this as it requires a very unique take on the market; you are essentially creating something that isn’t there.
The problem is that, from a practical standpoint, in a capitalistic world following the Survival of the Fittest rule, the energy is often not there to see this project through.
Many Entrepreneurs fail here because they do not have the energy to get their product above the noise line where customers actually see their product. They get this idea in their head that a good, valuable, unique product or service should reach everyone without much effort. This is not true.
Both paths are High-Risk-High-Reward, but for very different reasons.
The Passion approach is a High Risk approach because there is no guarantee that others will see why you are so passionate about this idea. It may fall short and you may have your soul crushed as the market does not care about your emotions.
The Need approach is also a High Risk approach because you still need to break through the noise of the millions of startups that try to do the same and compete vs. the very big name brands to reach any audience at all; and that is only after you come up with a niche idea. On top of that, you still have to bring it out so fast that no one else steals your idea.
So… after all of that, which approach do you take? Which business do you choose?
My recommendation is picking both.
I would start with the Passion side of things, as it is the far easier approach to get into and prepares you much better for a long-term battle in the market.
As you work on your business with this as your baseline you adopt the cold, calculated Need approach as soon as possible as a building block on top of the Passion approach.
The reason for this is that you still want to remember why you started this particular business or else you will loose interest and, like all the other hundreds of millions of businesses, will fail.
That being said, I would pick the business that you feel benefits the world the most and that you can stand behind the easiest.
Try to sell a friend or family member on all your ideas and see which one you feel best about. That is your starting line.
Keep developing the idea and refreshing the business, always focusing on one core idea that you want to get across with it.
As you create that red thread that pulls you through you will find yourself a lot more motivated than the other approach. The rest, will likely come through that.
Just remember that you absolutely need both sides to succeed in the end.
It is not enough to just find a Niche in the market, nor is it enough to find a cold, calculated way to sell or frame your idea, you also need Passion.
But it is also not enough to just be totally in love with what you do, or to fully sold on it if you cannot find a place or person to sell it to.
You need both Heart and Mind, Passion and Need, Desire and Logical thinking to truly make a business sky-rocket.
If you understand this then the best idea is definitely to pick the business with the most heart and add mind to it. Just make sure you also understand that, either way, you are in it for the long haul. This will not be easy. So make sure it is worth it.
What is the best source to learn about entrepreneurship?
- Research. Research the business you are interested to venture into. Understand that business as much as you can. Know it in and out, the more you know , the more successful you’ll be.
- Find fault with your ideas. If you have an idea for a business. Chances are , someone else had that idea. Find out everything you can about your idea. Find out how people have failed having the same idea. Find out how they failed , and learn from it as much as you can.
- Knowledge is power. Similar the other points , read , keep reading. Read to gain new knowledge. Read to gain inspirations. Read to gain wisdom from wise business man. Never stop reading.
- Start a business. No better teacher than the lessons that comes from doing the actual work. Correction , no better teacher that comes from failure that arises from doing the actual work. Learn from the failure , improve fail again , improve again.
Success comes from consistency , discipline and hard work. These 3 principals are essential to a successful business.
An entrepreneur training program should offer specialized education, followed by step-by-step guidance and inspiration to action. The kind of things that motivate you, the kind of guidance you vibe with best, inevitably vary compared to other people, because everyone is different. The most established entrepreneurs are extremely focused on learning (cheesy as it was, Tai Lopez was right, it’s about knowledge) and testing their comfort zones. There are a million ways to get experience and your first major accomplishments, such as your first affiliate sale or even your first $1000 month.
I’ll focus on books and courses from specific mentors that helped me since it’s what got me started.
I can strongly recommend any of the courses and books by Jason Capital, Bedros Keuilian, and Russell Brunson, to name three critical sources of mindset and motivation improvement, plus specialty knowledge in specific areas. Jason is great for writing and copy, Bedros handles people management and bravery, and Russell is all about cold hard performance, more money, and impact per day. Such courses have helped me gain an entrepreneurial mindset: active, confident, and ready to dive into new territory, while also having a clear understanding of what my ideal business opportunity does and doesn’t look like. I would recommend checking some of the starter books and courses from whichever of those three seem to be most relevant to you right now. And that is going to change, your focus.
Also, don’t feel nervous about spending money on skills and motivation. Most people spend that kind of money on Door Dash, but you’re different. This is not a hobby, it’s a serious aspect of every person’s life. This is finances, namely the not-so-difficult goal of financial freedom, which otherwise is very difficult to achieve with a conventional nine-to-five job.
Just make sure you commit to trying everything you buy for a business venture, to the fullest extent. Spending money is a good thing if you get your money’s worth. It almost always gets you a chance to start a really good conversation with the person you bought the thing from. All you have to do is reach out and offer testimony.
As an entrepreneur, I have seen many people failing because they are reluctant to either try something new, risk a little money, challenge their limiting beliefs and fears. People who adopt a conventional, safe approach generally do not succeed. Ironically, because most people settle for a mediocre and ordinary job, the job market is saturated. You are doing something that is more likely to work than playing it safe with a job and retirement plan. Especially when we consider the present scenario. One thing is clear: even the best mentorship can be wasted on deaf ears, spoiled on someone not willing to leave their comfort zone. Exploring and trying new things is like a muscle, and you can develop it with baby steps. Try and explore as much as you can. At the most basic level, if you have any problem as an entrepreneur, the first course of action is to find something new, something to change, and then execute, evaluate, and correct course if needed.
Regarding the best source to learn entrepreneurship, I would repeat, it depends on the entrepreneur. Some people are more self-motivated and all they need is just a bit of technical knowledge. Whereas some aren’t clear at all, all they have in their mind is the word ‘entrepreneurship.’ Others know what to do but struggle with motivation or feeling alone. But, leading with an already established entrepreneur as a mentor definitely helps. Ultimately, it’s the attitude that determines your chance of success above anything else.
There are a lot of paid and free sources for small business and entrepreneur stuff. The free ones are not always a waste, and the paid ones are not always worth their markup. In general, the more specialized and specific the course, the more the seller can charge. Oh, before I wrap this up, one more book I’d recommend first if you haven’t read anything like it already is 4-Hour Work Week. It’s worth it, particularly as far as establishing healthy, optimistic mindsets. If you are interested, you can read its review on my website through the link in my profile.
To conclude, it’s gonna take some time to find what works best for you. But even a just-okay book or course that you take action on is better than the perfect course that you pick for months and then forget about. I would suggest, shortlisting a few courses, comparing them, and then selecting whichever seems the best for you to act upon right now.