The one big (business) idea

Here’s a question that readers always throw at us:

I am a teacher/OFW/work at home mom/accountant etc. etc. and I’m planning to set up my own business. What business should I get into?

People are all the time looking for that great, perfect, amazing business idea that will turn them into a successful entrepreneur. An entrepreneur myself, I understand the question perfectly and the burning need behind it.

They may not know it, but people who ask this question aren’t really looking for a hot product or service to sell. They are looking for something that will inspire them to turn their backs on a boring 8-to-5 job that brings them all the security they need. Or an idea that will move them to turn the world upside down so they can shell out the money needed as capital. They are looking for an idea that will push them to take the big leap Sliders-style into a parallel universe they know nothing about.

I just stumbled on a one-liner from master marketer Seth Godin that jumped from the webpage to me as I was chewing on some ideas for this blog post.

“Ideas are easy. Doing stuff is hard.”

It’s true. Ideas are everywhere! Entrepinoy for example is amazing. There’s something almost hypnotic about reading one good business idea every day. The Philippine Daily Inquirer every Monday has inspiring articles on how small businesses thrive and survive.

Just imagine how many great minds there are in this world. As of July 2007, there are 6.7 billion people on Earth. What are the chances that your one big idea is not being considered by someone half across the globe?

Doing stuff is the hard part. Acting on that idea, gearing up for production, learning the ropes, preparing for mistakes, planning and executing and selling, selling, selling – these are the stuff a good business is built on.

There are guidelines that will help, however. A P125 book printed on newsprint by the Small Enterprises Research and Development Foundation and the popular GoNegosyo book with classy photos that sells for P280 at National Bookstore have the same recommendations. GoNegosyo of course makes it easier to understand :-) .

It says: Look for market opportunity by finding a business that answers a need. Ask yourself if you have the capability to fill that need. Find out if this activity is something you are passionate about.

Market opportunity, capability and passion, writes Andy Ferreria in the foreword, must exist together like a tripod.

Passion is particularly important. Successful entrepreneurs have been known to develop capabilities along the way. Entrepreneurs have been known to make their own opportunities. But passion…that’s something else. With the risks inherent in entrepreneurship, a small business will easily turn into drudgery if it’s not wrapped around something you are passionate about.

That one big idea is out there, somewhere. Go find it and more importantly – do something about it.

Go take the leap. Photo credit: AFP

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