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Business Ideas for 2011
If you are reading this article, you are most likely already thinking about business ideas for 2011. Most of the articles you will find on the Internet on this topic will talk about trends in the business world, what consumers want and what is happening. with economy. All of that is important, but you might want to consider two more things. Together they form something we call an e-center.
But, first a little history on how the whole e-hub concept came about.
We asked our most successful clients what made their first business successful. They identified seven characteristics:
- Hard work
- I don’t accept, “I can’t”
- Listening to your customers
- Connecting with others
First on the list was passion, but that alone is not enough to be successful. There are many people walking the streets who are passionate about something, yet no one pays them for this passion.
There are really three key elements to finding that sweet spot in a market where making money becomes elusive: Your Business Capability, Your Emotional Charge, and Your Market Economics. We mentioned this in the last section.
Once you find that sweet spot where all three meet, you can focus on that spot as the core competency of your business. There, you’ll be able to see how your workdays look like play while the money keeps rolling in. It’s only when you forget one of those three key ingredients that your business will feel like you’re struggling or that you’re always struggling for cash.
Find your electronic Center
Your Business Skills: What can you do best in the world?
First, what is it that you do that you do so well? Or, what is something you can be phenomenal at with some practice and training? In Good to Great, author Jim Collins described this quality of business as “the best in the world.” This is probably the best definition there is.
What do you and your company do that is the best in the world? Where are your unique talents and skills? What are the things you do, or your company, that others see as exceptional and different from the average achievement?
That’s it, plain and simple. No fear. You are not asking for criticism and negative feedback. We predict that you will be surprised by the positive results.
Look at the answers as they come back. What does that tell you? What is it that you and your business do that you can do best in the world?
Your Emotional Responsibility: What are you passionate about?
Now, look at what you are passionate about. It’s okay if it’s something very different from what’s in your Business Intelligence circle. Love is not easy, “I love this job.” Love is getting out of bed every morning, alive, excited to do what you do. Love is knowing that what you do matters to you and to others.
Have you ever had a day where you worked really hard, but still had more energy at the end of the day than when you started? That’s the kind of passion we’re talking about. What gives you such a fire? What are you passionate about?
Your Financial Market: What do your customers want and need?
There are books on the market that will tell you that if you just do what you love, you will get rich. The problem with that is, no matter how much you love it, if you can’t convince your prospective customers that you can give them what they want or need, no one will buy it.
It is possible to create marketing campaigns to generate demand for something new. For example, who knew you needed a Pet Rock® until Gary Dahl told us about them in 1975? Or for that matter, who had even heard of the iPod® or the concept of one before 2001?
In both cases, though, there was a human need or desire just waiting to be fulfilled.
The easiest way to sell something is to offer a solution to something that people already know they need or want. In other words, you don’t need to spend that much money to build demand. You may not have to get the word out about your product or service, but at least you don’t have to explain to people why they need your solution.
Find out where your Business Abilities, Emotional Load, and Financial Market Align.
It is the Sweet Spot of your business. When you can focus on what you do best, do what you love and what your customers want, you have a winning formula for business ideas for 2011 and beyond.
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