In the latter stages of last week, I spent a very interesting afternoon in a Westside coffeeshop with three unique individuals who each seemed to blend together, prompting my thoughts today about the ‘art’ associated with creating an entrepreneurial idea.
I first sat down with a gentleman from New Zealand who kept me attentive with the oration of his multi-faceted background and the roads he has traveled to commence his own personal venture in our Okanagan.
Second, I met for the first-time also a young psychologist who moved here recently with his family from Chilliwack.
With his credentials and professional experience, he offered me some wonderful insights into ourselves and those around us in our daily lives.
Finally, in what was a real eyeopener, I was introduced to a gentleman from France who has moved to the Okanagan, soon to be joined by his family, to create his entrepreneurial dream in Canada.
That dream is to open a French pastry and chocolate factory, hopefully in West Kelowna.
This visionary has 8,000 original recipes which he wants to bring to his new shop.
It was interesting for me afterwards at how aligned with the entrepreneurial spirit each of these three men were, how each demonstrated the touchstones of innovation and creativity in their personal missions to ‘make a difference’ in their lives and their world.
It made me want to further illustrate the concept of the entrepreneurial idea as an art form, how the magic of the journey can evolve from absolutely any origin or form.
It seems even the best ideas for new products or services often come from a sense of frustration with the existing supply in the marketplace.
Entrepreneurship, in part, is the skill of connecting different patterns in order to create a product or service that is more useful or convenient while satisfying a want or need.
Consider these interesting keys to picking a winning entrepreneurial idea:
1. Know Thyself
A key variable here might be to ask where do you fall on the risk spectrum. For example, for most young aspiring entrepreneurs, who are starting out with little, might be in a position in life to take on an entrepreneurial risk.
2. What’s your angle?
Generally, good venture ideas fall into several categories—roll-ups, where disparate players in a given market are aggregated; creating the better widget, offering incremental improvements is where most first-time entrepreneurs focus their new-found fire; better, faster, cheaper, seeking new approaches but not always appropriate for entrepreneurial idea newcomers because it requires greater certainty of a ‘big vision and big staying power;’ a novel concept, ideas that create new markets;and geography, an idea that works in one location being expanded into a second location to further monopolize an existing market or to open in a new market.
3. Do the hard stuff first.
Personally, I tend to obsessed with rigorously evaluating new venture ideas. Part of my logic stems from the core essence of moving forward from idea to reach an entrepreneurial opportunity conclusion is the critical evaluation of an idea.
4. Look at lots of ideas.
The world is limitless for ideas. The trick is, finding the one or even two that are right for you. As someone said, “All of your ideas suck except the last one—the one you choose.”
5. Do it.
Get moving folks, and get answers that won’t come from sitting at your computer. Do your research with a sense or urgency to propel you to your entrepreneurial milestones.
Please remember this—deep down inside each of us burns an entrepreneurial spirit, the desire to explore and potentially embrace a new business venture the way you hope to run your personal life.
A successful venture means increasing the clients you have and a successful personal life to many of us, means increasing the number of friends and loved ones we can muster.
The parallels are endless between an entrepreneur’s personal and business lives. Being an entrepreneur is truly living a way of life.
Get yourself into the entrepreneurial mind-set and you’ll have the art of the idea accomplished and the unmistakable power to make things happen.