I was 18 when I decided I was going to start a business.
Unfortunately, when I first decided I wanted to become an entrepreneur I suffered from what I’ve decided to call the eager-beaver syndrome.
Because I had decided I was going to do what it took to become successful, I thought that I had to start working on a business right away. I would rush into the first opportunity that came along and assume that everything was going to automatically work for me.
That was not the case.
After having started a few (unsuccessful) businesses and diverting myself to college, I want to get started working on a new one.
I’ve reached the point where I’m ready to start another venture, I’ve learned valuable lessons from my past failures, and I have a talent stack that will enable me to succeed.
The problem I feel like I’m facing is that I don’t want to rush into a business without validating the idea more than I have in the past. I want to select a high-quality business that I can really get behind and pour all of my energy into.
I’ve been thinking about the best way to find the right business, and I have several ideas that I think could work, but I don’t want to fall back into the fallacy of thinking that any idea I have is one that I should pursue, so I’ve come up with a plan to make sure the next business I start is one that has a decent chance of being successful.
The Business Brainstorm – How to come up with 100 business ideas
So what is my plan?
It’s pretty simple.
I’m going to come up with 100 business ideas in the next 20 days by writing down 5 business ideas a day.
At the end of that 20 days, I’m going to narrow down my list and pick the top 5 ideas that I am passionate about and that I think I would be able to successfully execute.
I’ll then write up a business plan and do preliminary market research for each of the 5 ideas and start pitching them to others for feedback.
Once I’ve received some feedback I’ll select my top choice and start building my business.
The idea with this method is to help me get my creative juices flowing and to eliminate the habit of jumping into the first idea that comes along. I don’t want to pour too much effort into a business that will eat up my energy and resources (including time) without making sure I’m not passing up on a business that would ultimately be successful.
Opportunity cost is a real thing.
I’ll report how things are going in future posts and let you know if I’m successful.