OFI 1028: How To Find A True Business Opportunity

SHOW NOTES I have had a lot of great business ideas (in my opinion).  So much so that one of the biggest challenges to being an entrepreneur for me is to not chase every "great" idea that comes into my head.  And thank goodness that I didn't because a great business idea is not necessarily a true business opportunity. For the bulk of us listening to this show and considering entrepreneurship we have a lot at risk.  We cannot afford to chase every single business idea that comes to mind because they are unproven.  When I started my first business I figured that I had one shot.  One-shot to make something that would prove I was capable of doing this.  In my own mind, I could not justify putting my family through the expense and time away from me a second time.  So, I was careful. Finding a true business opportunity is kind of like being careful.  Before we jump in with both feet we want to pay attention to some parameters.  We want to identify those ideas that give us the greatest chance for success.  Things that we already know something about.  We want to find something that we know something about that excites us as well. Once we have done that we must go about figuring if it can make money, what the competition is, and whether or not we can improve upon what is available.  We also need to give serious thought to what the purpose of us starting our own business really is.  There will be turbulence along the way, and if your purpose is only to make money then you might jump off of the train the first time it slows down when what you should be doing is riding it until it picks momentum back up. Consider this episode a lesson in developing a real business opportunity.  I hope that when you decide to start your own business you will follow this template and give yourself the best possible chance to succeed.