As a seasoned business mentor, I’ve observed one common trait among thriving entrepreneurs: their uncanny ability to spot opportunities in the most ordinary moments—even when everyone else is hesitant to act. They have what I call “Big Ears, Noose, and Wide Eyes”—listening, smelling, and seeing what others overlook. This heightened awareness often sparks brilliant business ideas, whether during a quiet moment, a casual chat, or even in the shower.
But here’s the catch: generating ideas is easy. The real challenge lies in determining which idea is feasible, realistic, and most aligned with your strengths. With countless ideas floating around, only a few will truly fit YOU. Pursuing the wrong one can lead to wasted time, money, and energy. So, how do you find that perfect fit? Here are powerful questions to guide your discovery:
1. What is Your Business Idea, and Where Did It Come From?
Start by clearly describing the business you envision. Keep a small notebook or use your smartphone’s voice recorder—capture every spark of inspiration, even if it strikes in the early hours or during a shower. Nurture this seed by exploring different angles, weighing pros and cons, and assessing potential funding options. Remember, many entrepreneurs succeed because they’re willing to incubate their ideas until they’re ready to hatch. Be cautious of letting financial constraints crush your vision—seek concrete evidence to attract investors who can help bring your idea to life.
2. What Product or Service Will You Offer?
Focus is key. You can’t please everyone, so identify a specific niche—something your target market genuinely needs and values. Beware of overloading your offerings, which can lead to poor profitability. Use the AIDA framework (Annoying, Irritating, Demand, Acute) as your guide to discern what resonates with your audience. For instance, in urban settings with condo dwellers, what basic needs are often unmet? Pinpoint those opportunities and tailor your offerings accordingly.
3. Is Your Product an Innovation or an Evolution?
Successful entrepreneurs constantly review and improve their products. Consider whether your idea is a fresh innovation or a smart evolution of an existing product. Remember the craze of Pandesal? While many started selling it everywhere, only a few thrived—like Julie’s Bakeshop, which now boasts over 600 branches nationwide. Or take Chicken Inasal; Edgar “Injap” Sia II revolutionized it with Mang Inasal. Find your unique angle—then refine and relaunch!
Ready to turn your ideas into reality? Use these questions as your roadmap, and remember: the greatest businesses start with the right question, a little curiosity, and relentless pursuit. Your big idea is waiting—are you ready to discover it?
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
