Having the right idea that fits you knowing your strengths and weakness, is big part of being successful. By Octavian Msongamwanja #000149

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Finding Your Business Idea

By Octavian Msongamwanja

By Octavian Msongamwanja

Hi, everyone. Once again, my name is Octavia Msongamwanja one year, and I’m very happy to be on the inspiring Better Businesses offices and I thought I will just record a very short teaching as one of our listeners or our viewers requested. Or I should be able to do a video on how to come up with a business idea. And one of the things that, you know, one of the components of coming up with a business idea, which is key, is your passion. You know, what are you passionate about? What keeps you moving? You know, what keeps you working up in the morning? You know, if maybe if work was not a problem like you, if you are not supposed to work for a living, what would you do?

You know, those kinds of questions will help you to nail down, like, what gives you passion, what gives you excitement. And once you understand, what is that one thing that gives you passion and motivation to life? You can when you ask to do it, you don’t think twice to say yes. Then that could be something that you need to think about and maybe write about the ideas that comes, you know, comes a lot. Ask yourself, what are you passionate about? Because if you’re passionate about traveling, then maybe you could be a blogger. You know, you need to find out. Maybe I need to blog about the different places that you go, what experiences have you come across, what are you learning, what things that you’re finding very exciting?

Or maybe if you are solving problems over, then maybe you could be a consultant or something, or maybe if you enjoy helping others, then maybe you could be start something like a team building, event coordination or something, but also once you identify all, what you’re passionate about, it’s very good to identify, what is the need, or how your passion will meet the need that is out there. And then once you are able to identify that need, then definitely the next step. Is it, you know, also on people, it’s like there are some things like you’ve been looking for in the areas that you leave some people and have migrated from one location to another location because of a certain service or product, because it’s easier to get into that location.

But that could be a business idea, or opportunity. You could have started your own business and run it right there, because probably you’re not the only one who is looking for it. Probably the other people, again, you know, do your market research, find out if there are more people that could have a business idea that you could have implemented. But also, once you know your passion, what are some of the things that you’re passionate about? What identifying the needs and the needs that you want to feel, another thing that you need to look at is what are your strength and what are your weaknesses? What are your strengths that will be able to fulfill or to carry out this business idea? And then also, what are some of the weaknesses? Because those are some of the areas that might be like Dropbox to, you know, making this business a reality, maybe some people you might have strength to carry, but then maybe you are most of the time you have, you know, you feel to start, you know, we are to lose money, you know, but you always need to take that first step. So, once you realize that that is part of your you know, your weakness, then you need to walk out, you know, come up with ways on how you can walk it out and then something else.

Ask yourself, do you have the skills, the right skills to implement or to come up with this business? For example, I’m passionate about traveling. Then I can ask myself, do I have writing skills? You know, I need to know how to write. Do I know my communication skills? Are you able to communicate with people? Well, are you able to communicate your ideas and thoughts in a way that will be inspiring to other people and to look at your skills? It’s not impossible if you don’t have the right skills, but that means once you do that evaluation, it will help you to know how much effort you need to put into your business so that really you are able to provide to your customers, you know, the best idea or the best business that has ever existed. So, identifying your skills, but also identify your market because your target market will determine what kind of strategies will you use, for example, if the business idea is targeting children, and then you need to know that target market, what time they will use, maybe the products that you’re coming up or the services or if it is blocking what time these children are and maybe their computers on TV or things like that.

So, you need to identify your target market and also list down all the things that you need to do, like all the things that you need. For example, you know, maybe you need a computer if you want to become a blogger or maybe if you at your passion is to travel, maybe you need a camera. You know, if you want to start photographing business, you need a camera and maybe you need to if you are maybe to learn some things, maybe on editing and things like that. So, I just put down all the things that you need. And then once you put all the things that you need, that will help you to know what out of maybe the 10 things that you have, maybe you have six or seven, then therefore you have to think like, where can I get these for? Is there like a friend of mine who has these four things that you can partner with or you can maybe buy from them or you can, like, tell them, I will use this. And then after a certain period of time, I’ll be able to pay you back and then brainstorm with other people who have the experience, look out for those people and then share with them that you trust, showing them your passion and your ideas and then tell them, this is where I’m stuck.

Can you help me so find people that you can brainstorm with and don’t always have a notebook? You know, I like what Napoleon say is that ideas are things, you know, most of the time you might be travelling maybe in a car or in a bar or in a plane or just, you know, going somewhere or even sitting. And sometimes the idea is that, you know, they always pop into our mind. But because we don’t think the idea that things we forget and we don’t put anything down. And as a result of that, we always like miss out a lot of things that people who have come up with great ideas, even small ideas. It’s because the behavior of jotting down writing down the idea, the things that pops into their minds and they kept building them up and up. And at the end of the day, they’ve ended up with big businesses. But at one time not was the thought that it was in their mind, but because they believed in it and started walking in it. And at the end of the day, they were able to come up with different businesses.

So, thank you very much for watching. And once again, if you have any question, any comment would be very happy to hear from you. Please let us know if you have any topic that you want us to address in the future will be more than glad to do that. Thank you very much. Until next time.