There are some basic business rules you follow when brainstorming for an idea:
- Keep the idea simple - Your are not starting a mega-corporation
- Don't try to get too original - Not everyone gets lucky selling 'Pet Rocks'. You should strive for a business model that already exists, but with a different spin. For instance, when I first started developing this web site, it was going to be aimed at teaching business concepts for those wishing to build an Internet business. But the competition in this area is intense. So in talking to people, I realized that people who wished to start a business in the brink and mortar world had no convenient, affordable place to go to learn what they needed. Traditional business schools prepare people for corporate life, but fail to address the person who wants to be a painter, plumber, or landscaper. I had my different spin.
- Supply & Demand - An idea is no good if nobody wants your product or service. Once I had my idea, I went out and asked people in the trades what they thought. Most of the time, I was given their email address and told to let them know when I went online. Another example concerns going into a business that already exists in your community. You need to find out how loyal those customers are to the existing business. If that owner runs such a good business that no one would think of switching, if may not be a good idea to waste your time.
- Values - Whatever you choose has to fit into your value system. Being an entrepreneur is not just about making money. It's also about a job well done and your chance to do things the 'right' way, whatever your view of morality is. Hopefully, it includes leaving the world a better place.
- Short and Long Term Goals - While stating out, we are concerned about creating a cash flow and learning the art of business. At the same time, we should sketch out our vision for the future. While we may not be building our dream business at first, we are laying the foundation for it and it need to be part of our map.