Success Matrix Enterprise

Inspiring Business Ideas

How do you find your great idea?

So what is an idea, and where do they come from? Ideas come from everyday life, and this could include people we know, stories we hear, the work we do, our interests, opinions and experiences. Some could help you get ahead at work, improve your community or even make you a fortune!

Only you can come up with your idea, but here are some questions to get that grey matter ticking…

Many great businesses are developed through what one person knew and loved doing - what are your passions and could you turn them into a profit?
What is missing from your world – are there gaps you can fill?
What isn't your employer doing that they could be?
What should exist but clearly doesn't?
What have other countries done that we have not?
Do you ever think that you could do something better? Well, maybe you could. How could you deliver the service or make the product so much better?

Do you have what it takes?

Ask yourself these questions and answer honestly. Spend time asking yourself these questions and take as long as you need to.

Am I passionate about my business idea?
Do I have the time and patience to build up a business?
Am I prepared to work long hours and make personal and financial sacrifices?
Am I good at problem solving and asking for help when I need it?
What are the risks involved in starting my new business venture –and am I prepared to take them?
How will my decision affect those around me?

Downloadable PDF - Four Financial Decisions Before Starting in Business

You also need to think about the financial implications. But first you need to work out what the start-up costs are likely to be

Can you afford it?
Could you get through the difficult times?

Downloadable PDF - Five Tips for Estimating your Start-up Costs

At Success Matrix, we have had the privilege of working with many people who have set up in business. These are the qualities we frequently recognise among the success stories. Do you recognise yourself?

A passion to realise a dream
The attitude to work hard
Perseverance
Courage
A willingness to learn new skills

Library Resource:

Four Financial Decisions Before Starting in Business

Five Tips for Estimating Your Start-up Costs

Five Tips for Starting a Business in Uncertain Times

Seven Biggest Mistakes of Business Start-up

Developing your Idea !

Now you have that good idea and you know you can carry it forward, you need to develop what is in your head into something that could happen. Talk to your family, friends or business associates. What do they think when you describe your idea? Do they say ‘wow!’ or are they doubtful?

Get some paper and ‘sketch’ an idea of the structure of your idea, consider key elements and ask yourself these questions:

How will it perform?
What will it look like?

If you start to get stuck with your thinking then change your environment to help you to think. Go for a walk in the park or sit in a coffee shop and sooner or later you'll start thinking better! Many creative people say they have their best ideas when given space to think.

Next - Turn Your Idea "upside-down"

Ask yourself what the worst ways of taking your ideas forward would be, and write the answers in a list
Then from the top try to turn the answers inside out to reveal the best ways of making your idea happen
This process should allow you to start thinking about your idea on different levels.

Try Random Associations

Open a magazine and randomly select a word or picture
Then think of ways in which your idea relates to whatever it is you picked
Do this half a dozen times and each time will force you to look at your idea from a totally new perspective

Decide on YOUR Goals

Have you heard the saying about if you don’t know where you are going, you won’t get lost? You need to know what you want to achieve, and what your goals are. Then you have more chance of getting there.

Goals may be economic and/or personal, and they should include your ultimate goal. This might be to pass on a thriving family business; to sell up eventually; to provide you with a better income for retirement. These are all longer-term goals. You should also consider your short-term goals, which are the steps along the way to achieving the long-term goals, such as ensuring the business survives.

Short-term goals should be realistic and achievable. They might include finding a good name for the business; choosing your accountant and solicitor; finding suitable premises. Making and achieving short-term goals will help you track your progress and feel you are in control of the process, even when you are facing considerable challenges.