This week we answer the question that we get asked the most…how do you choose a business idea? and how can you make sure that you’re not choosing the wrong idea for your business?
We discuss the four criteria for a successful business idea:
- something you love
- something you’re good at
- something you can get paid for
- something the world needs
Outline of This Episode:
- [0:25] Introduction – Why some people don’t think they can create their own business.
- [4:15] 4 Things for a Successful Business [Venn Diagram on Fizzle.co]
- [5:40] Something that you love.
- [7:25] Something you’re good at.
- [9:20] When you’re good at it, but you don’t love it.
- [10:47] Something you can get paid for.
- [14:02] Something the world needs.
- [15:30] Sometimes the world doesn’t know what they need.
- [17:50] Legally protecting your ideas.
- [18:22] When you are really really good at it.
- [20:39] What is your goal.
- [21:32] Why you should really love it – a reason to get up in the morning.
- [25:05] The entrepreneur – A lion in the wild vs. a lion in the zoo. [Paul Graham You Weren’t Meant to Have a Boss]
- [27:40] Conclusion – Future episodes on how to test if people will pay for your idea.