Do you know what is so cool about having your own business? For me, more than the feeling that I am an entrepreneur, it’s the thought that others are receptive of my idea. What’s even better is that I get paid for my own idea as well.
Coming up with a cool, or trendy idea isn’t going to make you rich. That’s the fact. The coolest idea you have may be the best thing that mankind ever had. However, if you are into business and want to make a living from it, how good is it to be just cool and not make any money?
There is no magic formula for coming up with a business idea. It’s usually common sense mixed with a bit of research.
Sure, there are some crazy ideas that made a lot of money for the person who came up with it. One example is the million dollar home page. When I heard about it the first time, I thought, ”how in the world is he going to make any money from that”. But it seems that the guy (Alex) proved me wrong. It generated over a million dollars.
The sad thing is, such things happen very rarely. No matter how good your idea is, if it has no potential for making money, then it’s not really a business. It’s a hobby or a fun or whatever else you can call it.
“So isn’t there any formula that will help me come up with a profitable business idea?”
I hear you. For those looking for a formula or proven method for coming up with a profitable idea for your business, here is the magic formula.
Profitable business = Research+ Idea (May or may not be unique) + Timing+ Commitment+ Self Confidence
Ok. I know you aren’t that impressed with the formula. So what? There isn’t a better formula that this.
5 Ingredients for Brainstorming an Awesome Business Idea
Let me breakdown the ingredients for a profitable business for you.
Ingredient #1: Research
Companies spend billions of dollars on research because they know that it is necessary. Without proper research, no product is going to be a success.
You have to study the market well. See what the people want that you can provide.
Products are not sold. Solutions are!!!
So do a bit of research on what solution you can give to people facing problems. I’ll give you my personal approach.
I have been doing online business for 5 years now. I figured out that starting an online business is very difficult if there is no one to guide you properly.
I learnt many things by doing things. I know what it takes to start an online business. So I figured out I can help others too.
I did a lot of research online and found that many people want to start online business. However, they are not doing it because they don’t have a clue where to begin.
So, I know there is a market out there who is interested in what I have to offer. Although I may not charge for sharing the knowledge, I may at some point provide services to people looking for a strong online presence.
Ingredient #2: Idea
In India, there is a mobile company named Idea cellular with the USP, An idea can change your life. That’s very true. A small idea can indeed change your life.
What many people believe is that they need to have a very unique idea to succeed online. And some others believe that copying a successful online idea is going to make them successful as well.
Honestly, both are true to a certain extend.
While having a unique business idea is good, it’s not entirely necessary.
Twitter had a unique Idea. But they aren’t generating any real profits as yet. There are many such examples which are unique ideas. However, most of them are yet to make money.
Then there are people who copy others to be successful. Can you even imagine how many Facebook clones or craigslist clones are out there?
Too many, I’d say.
And do they make money? NO. Do they achieve popularity? No. Yet they believe it is a business and continue for a while, until the parent company sues them or they run out of money or enthusiasm.
Do you know how many web design companies are out there? None of them are unique. Some companies try to differentiate themselves by concentrating on a particular area like blog design or Joomla design. But then it’s not being different. It’s focusing on a small piece of the pie rather than going for the whole market.
Yet, those companies make money. They are not unique. They don’t have the most brilliant concepts or the most intelligent rocket scientists working for them. Yet they manage to make profits. What does that tell you?
Making money is possible as long as someone is willing to pay for what you have to offer, irrespective of the idea. Period
So, don’t get caught up with the idea of coming up with a unique concept. Find one that you are happy with and works for you. Then tweak it.
Ingredient #3: Timing
Timing isn’t a very crucial factor when it comes to starting your online business.
We all know that our single biggest problem is inability to take action. All of us are waiting for the right moment. I am sorry to tell you that if you are waiting for everything to be perfect, that day will never come.
I mean, you can start your business any time. There is no season to start or end your business. If you look at the offline world, some industries are seasonal. You can’t expect to sell lots of ice creams during the winter.
However, timing does come into play in certain situations. If you plan to sell Olympics merchandise, it’s better to open your online store a few months before the Olympics actually starts. It gives enough time for people to decide and buy. Once the event is over, people would hardly buy anything.
In general cases, timing isn’t that important.
Ingredient #4: Commitment
One of the things that set apart successful people from living failures is commitment.
If you are really committed to achieving something, it’s not that hard to achieve.
There is a story about a boy who went to see Socrates to learn the secret about his success. He was told to meet Socrates by a river side. Once the boy came to the river side, Socrates invited the boy to walk with him towards the river. When it was deep enough, Socrates dunked the other person under water.
Before it was too late, Socrates pulled him out.
He asked the boy, ”What did you want the most when you were under water”. The boy replied ”I wanted to breathe”. Socrates replied, ”That my boy is the secret of success. If you want to get something so desperate, and you are really committed, then you shall get it.”
Your commitment to your business almost decides the fate of your business before you even launch it. Have a positive attitude, commit yourself to it.
“Thou shall find success.”
Ingredient #5: Self-Confidence
Of all the ingredients, I’d very confidently say that self-confidence is the single most important part of your business success.
If you believe you can’t, they you probably can’t. If you believe you can, then you definitely can.
See if you can identify the person below.
- At the age of 21, he failed at the business he had
- When he was 22, he was defeated in the legislative race
- Failed for the second time in business when he was 24
- At the age of 26, lost the one he loved
- Was affected by nervous breakdown at the age of 27
- Lost the congressional race when he was 34
- Failed again when he was 47 years old when he tried for a senatorial role
- Failed yet again to become vice president at the age of 47
- If that wasn’t enough, he failed yet again when he was 49. Couldn’t become a senator
- At the age of 52, finally he was selected as the president of the United States of America
The person was none other than, Abraham Lincoln. Do you think he would have succeeded at the age of 52 if he did not have the self-confidence? How many of us take the pain to move ahead in spite of so many failures?
If you are not confident in yourself or your business, how will others trust you?
About Adarsh Thampy is an entrepreneur and loves inbound marketing. His blog conversionchamp.com covers topics such as content marketing, search marketing and conversion optimization. Add conversionchamp to Google Plus circle.
I love what you have written about these 5 parts. One thing I have to recommend though, limit the amount of research you do to a set amount of time. So many people get stuck in research mode, but if you just limit your research to say 10-15 hours and then combine that with the other 4 pieces, you can really win. We can’t be afraid of failure, we have to test, adjust and keep moving forward.
Well, I am not so sure about 10-15 hours of research for your business. Do you really think we can come up with a great business in just about 10-15 hours?
As far as the research part of it goes, yes definitely. The other parts can take longer, but if you do 15 hours of research on a single topic, you will know more than 95% of the people out there so it should be enough to at least get started.
Research is something that I see people say should be done, but I think a lot of people forget that part when trying to come up with a good business idea.
great discussion for someone who are looking for business opening and want to earn money without going somewhere.
Its amazing – just to have what could be construed to be obvious, set out so well in your post, has been an immense encouragement. Thanks so much. I like the balance with which the article is written, highlighting the honest truth that although success is not an overnight story, the positive push is that it can and does happen. Self confidence is such a critical factor.
Thank you for the inspiring comment Rose.
Great post, Adarsh. My favorite ingredient here is commitment, I think because that’s the one that’s made the biggest difference for my company over the years. Sometimes it takes a while for the world to catch on to the brilliance of your idea. But stick with it, and if you get any indication at all form the world that it works for at least some people, you will eventually succeed.
Yes, commitment really helps when you are starting out. The more you are committed to making your business a success, the higher the chance that it will turn out to be a success!
SO many people do not commit or take the plunge. It’s extremely scary to go out and try your own thing and I admire that you are encouraging each of us to do that (if we wish). I am currently read Steve Jobs and couldnt help but think of an item in the book related to point #1 here. When the first Mac came out, he was asked about market research to which he responded ‘did Alexander Graham Bell do any market research before he invented the telephone?’ Very rare entreprenuer Steve was but in a way I like this statement. The market doesnt always necessarily know what they need now to what they will need tomorrow. We should visualize it for them if we have an idea.
True. Steve is one person who really cant be matched.
While Market research is not always required, in most cases (when your business is not a revolutionary game changer), you’d end up failing if you do not do the required research.
I read an interesting tidbit about Alexander Graham Bell in the book Destiny of the Republic (great read, by the way, about the presidency of James Garfield). Bell had a big heart for those who were hard of hearing, as his wife was. He hoped the telephone could magnify voice in a way that would be helpful.
Necessity is really the mother of invention
Great stuff, Adarsh. You are so right that success is rarely instant. My husband has been in sales all his life and I often remember two of his favorite stories.
The first is when he was feeling down about his prospects. While waiting for a red light to turn green, he noticed a fellow crossing the street in front of him. The guy was clearly disabled, and just as clearly, was smiling and making the most of himself. In a heartbeat, my husband had an attitude flip.
The second story is when my husband was refusing to give up on a prospect. The 16th time he contacted her was just after sending a bouquet of cookies to her. When she took his call, she said “you’re the guy that sent the cookies!” I tell you truthfully, that single account made many mortgage payments for us!
Stay the course is a simple but very strong message – thank you for sharing!
Sales is a wonderful profession to be in. And one of the most financially rewarding careers too if you have the right mindset.
In the following article, I share an interesting sales motivational story
http://www.streetarticles.com/sales/why-motivated-people-sell-more
Thanks for sharing your story Barb.
I couldn’t agree more that people can’t absorb failure as a way to fuel their next success. Donald Trump put it very nicely when he said, “Don’t give up. If you have an idea that you believe in don’t give up. But be flexible.”
Many people have an idea that others don’t appreciate and they give it “a bit of a try” and are surprised when they aren’t successful. They caulk it up to the idea and not their lack of commitment.
My best clients have great ideas and can’t get them to pay off. They come to me broken and depressed. I pick them up and put them on the road to success. Sometimes people just need a bit of help and a successful plan. That’s where I come in.
I think mentioning Lincoln was a fabulous idea. I know this post is going to help lots of people.
Thank you.
Yes, sometimes a little bit of a motivational push can go a long way. It’s great to hear that you are helping others succeed.
Hi Adarsh
As a baby boomer, I was greatly encouraged by the story of Abraham Lincoln. He sure did persevere and finally achieved what so few do … his goal
So many “successful” business people had failures before they had success. And they sure didn’t give up.
Thanks for sharing some important points to remember on this entrepreneur journey.
Patricia Perth Australia
Thanks for your comment Patricia.
You mention one very important thing. Not many successful entrepreneurs have made it a success the first time.
The key is to keep trying.
Adarsh,
Thanks for such an inspiring post. I really liked that you had the series of events for President Lincoln. Amazing. We never think of that we just think of the result.
When one keeps persevering, they’re perfecting their idea or their business. This teaches them more than switching around. After years of tweaking, one should get it right and then the money flows in.
I always enjoy reading your comments and I’m excited after reading this post. You’ve fortified me. Thank you.
Lauri,
Thanks for stopping by and sharing your comment.
The reason why I posted the serious about Abraham Lincoln is to illustrate the point that success is not instant.
Funny how most people get depressed after their first failure. (It happened to me too when I started out). But at some point of time, we realize that success comes ONLY through hard work.