Got Lots of Business Ideas? Here's the Guide on How to Choose the Best One!

There are two types of wannabe entrepreneurs: the ones who want to start a business but don’t have any good ideas and the ones who have so many ideas that it’s difficult to choose just one. Now, if you’re here, you’re probably in the latter category.

Since we know how difficult and scary it can be to start a business, we analysed success paths of famous people who were not afraid to risk and follow their dreams. As a result, we now have a few valuable tips on how to sort out through your thoughts and select the one idea that is durable and is most likely to bring tremendous success.

Quick note: our tips are just as helpful even if you feel stuck, and business creativity seems to intentionally circle you, so make sure to give it a careful read.

What Can You Do?

You can dream about starting an online business, or you can dream about becoming the next giant in the aerospace industry! However, your dreams won’t become a reality unless you have the skills to act on your wishes.

So, before you get all worked up in a field you don’t know, hit the brakes and ask yourself “what are my skills”? Focus on your current experience and passions and see if they fit with any of the business ideas you have. For example, let’s say your dream is to start a new online shop that will shatter the current e-commerce system. No matter how innovative your idea may be, you should understand what does it take to setup an online shop at least. If you are great at writing sales messages but have close to no idea about starting a website - consider learning more about Shopify (this is one of the most popular tools for e-commerce businesses).

While you don’t need to be an expert in the field, it is highly recommended to start in a field where you feel comfortable. Of course, you should also be passionate about the field, so you’ll have the drive to go through tough times.

How Do You See Life as an Entrepreneur?

You would be surprised by the number of people who want work independence, but don’t know what this entails.

First, if you think that owning a business is the key to sleeping late and enjoying a relaxing life where you work in pajamas, you may need to reconsider your life goals. Being an entrepreneur is a lot of fun, but it has nothing to do with cruising through life on a yacht!

Now that we got this out of the way, we recommend a mental exercise. Think five years into the future and try to imagine your life as a successful entrepreneur. How would you start your day? Where would the business take place? How many employees would you have?

The answer to all these questions will help set the contours of the lifestyle you want. Once you have this, it will be easier to trim down the list of business ideas by removing the ones that don’t fit.

There’s No Perfect Idea

If you’re holding out for that perfect business opportunity that will skyrocket your success, we’re sorry to disappoint you, but it doesn’t exist.

A business idea must be three things to be considered viable:

●  Simple

●  Proven (as in others have tried a version of it and succeeded)

●  Easy to test and start

Many people are looking for that new thing that no one has thought of and will blow the world away. The truth is that most modern businesses are based on old ideas that were not properly implemented at their time.

Let’s take the electric car, for instance. Do you think Elon Musk was the first to ever think about a vehicle running on batteries? The prototype for the first electric car was put together in the mid-19^th century, way before anyone knew about Tesla as a company.

Elon Musk had the necessary tools and mind power to create a product that works and fits in today’s economic environment.

So, your business doesn’t have to be 100% original. It just needs to provide the answer to a real need in the market.

Is It Profitable?

Let’s face it; you don’t become an entrepreneur just because you are passionate about a specific field! While it may not be the most important reason, most people start a new business to make more money than they used to at their old job.

And it’s not bad to think about money. In fact, it’s recommended!

A good idea is supported by paying customers, so you need to make sure you can make a profit. True, you may not make as much in the first few years, but it is important to factor in the growth and business development.

So, is your idea profitable in the long-term? Or is it just a fluke that will die in its inception phase?

Wrap Up

To summarize, the best business idea is in a field that you’re passionate and knowledgeable about and lets you create the lifestyle you want. It’s also simple while responding to a real need in the market. Finally, it must be profitable in the long-term so that you can reap the benefits of your hard work.