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Old 15th April 2015, 10:51 PM   #1
Spider
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Default What Business Should I Start?

"What business could I start" is a common request on these forum. Or someone posts, "I have this idea. How can I make money with it?" or words to that effect.

I have recently been watching Studio 1 on Bloomberg TV, where Emily Chang interviews some of the sharp founder/CEOs of the day. Marc Benioff, of Salesforce.com, Jack Dorsey of Twitter, Mark Zuckerberg of Facebook, Paul Graham and Jessica Livingston of Y Combinator, and others.

One thing that I noticed as I watched the interviews was that every one of the founder-CEOs started their business with a great deal of experience in that space already. None of them came up with an idea "out of the blue" unrelated to their work, their studies or their hobbies.

IOW, none of the top founder/CEOs that I saw Emily Chang interview asked a business forum, "What business should I start?'

Doesn't that tell us something about starting a business?

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Old 16th April 2015, 09:49 AM   #2
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Good point!

That's why -- when someone comes on the forum asking a general "what sort of business should I start?" question -- some of the questions we generally ask back are:
  • What are your interests and hobbies?
  • What is your previous work experience?
  • What other resources can you bring to the table?

If you don't know where you are now, it's hard to plan a good route to get yourself where you want to be.

--Torka

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Old 16th April 2015, 10:37 AM   #3
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Quote:
Originally Posted by torka View Post
... If you don't know where you are now, it's hard to plan a good route to get yourself where you want to be.
Absolutely, Torka. I sometimes have the feeling enquirers don't know where they want to be, either.

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Old 16th April 2015, 11:06 AM   #4
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Most don't, and that is understandable. At the beginning I started guiding people with the following

1) Do something you have a passion/love for
2) Do something you have experience with
3) Start small

Most here are guided by reflecting on what their own interests and experiences are, after they get some responses from the community.

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Old 17th April 2015, 01:47 AM   #5
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You all are right. I think the problem is own fears or lack of self confidence. Sure, everyone can list what they're doing (professionally) and what they enjoy doing. But does that mean that they believe they're good enough in that field to create a business around it? Most of them (and me included) don't.

It takes some experience or someone from the outside (a family member, a friend, a colleague) to make us realize that we're really good at something. And that really good is actually far better than others (although we might think our skills are not something special, everyone can do it, right?).

And I see this as a key distinction - you don't have to be the best to create a successful business. You just need to be better than the people you're going to serve to.

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Old 17th April 2015, 08:14 PM   #6
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I don't remember who said it but it was somebody famous, I think --

People don't care how much you know until you let them know how much you care.

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Old 18th April 2015, 06:35 PM   #7
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You are so right.
I've seen dozens of posts like that on forums.
And every time I'm confused.
How can I advice anything not even knowing a person?

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Old 19th April 2015, 03:51 AM   #8
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Always start a business which is relevant to your field of expertise if you are passionate about web design then you can start a small web design company

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Old 17th July 2015, 04:17 AM   #9
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Any business does not begin overnight. It needs the basic and confident 'Idea' that is converted in to objectives and planning to bring the desired result. You have to have the best loyal team right from the beginning to help you succeed in the long run.

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Old 18th July 2015, 09:08 AM   #10
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In real estate sales for example, find an successful agent willing to mentor you in exchange for assistance like holding open houses.

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