I have many small business ideas, more than I have time to build, how do I choose?
Perhaps one day they will all be done, perhaps I need to focus on the best? How do I pick which venture to start first? My gut tells me to start with the easiest projects first, and see where they go. Any advice from other ambitious small business owners?
First, think about what you would do for no money, and mark it number one to work on. The rest can come later if you wish, but one thing at a time, because a startup isn't easy to maintain and it takes time to make it successful.
Follow your passion as that will yield the greatest chance of success, although not necessarily the highest short term profitability.
Start with the one where you have the product yourself, and are merely finding sellers, distributors, and venues. Much easier to retain control over the bottom line when you control the product.
I would suggest to go for the business you know the best (e.g. something you have already experience on).
Well...if you have time and Idea, that is good to start your own venture(s), provided the need is Management & funding / Venture Capitalist. All the best.
In my experience you should take up the one which is closest to your heart and you feel the most confident doing it and you feel that you can give it a shape at the earliest with minimal investment. Once you start building it up, it would boost your level of confidence and once it gets going, you can then start focusing on the next and so on...Wish you all the best in your venture!
Hi Jarret, As an entrepreneur and founder of Ideazfirst.com, I too faced the same issue with the time constraints. I just tried with booking domain names of all the ideas, with all the brand names I thought would be suitable. And, then allowed them to move at their own pace.
When your core business is robust, you can keep concentrating on these ideas as you go. Whichever idea starts generating revenues and interests your target customers, you can focus more on that.
An entrepreneur's mind is always flooded with insane ideas! But we goes wrong many a times in thinking that the ideas are wonderful and will make us millions. Try to research on similar and existing business, talk to friends about your idea, run it through mentors and subject experts.
This should eliminate most of the options. If finally, you are left with 2 financially viable ideas, then choose any 1!
You should start with the project you feel more passionate about. for example, my husband loves fashion so we are starting up a company called Urban Fashion fantasies. His motto is if you can think, we can make it. I love the fact that he is passionate in what he do and creates. The good thing about it if the idea is yours no one can make it a success but you because you know how to make it work.
A very good question. Obviously, you are highly capable and highly creative!
I agree that it is a blessing and a curse. However, before launching into a process of determining which one to go after first, I suggest you stand back and assess your list of opportunities.
In my experience with clients who have faced this dilemma there is a lot of angst tied up with this decision and it is best to deal with the angst first. I have found that often there is a common theme that runs through the opportunities and that in fact there usually is equal utility associated with each, which means often it doesn't matter which one you start first as you will gain the same satisfaction from them all. Going through this assessment process to understand this point removes the angst from the situation. This step is achieved by listing the opportunities and looking for common themes. If they are not obvious, chat with a mentor about them. You'll find the themes will drop out quickly.
The next step is to assess each opportunity in terms of:
1. Capital requirement
2. Skill requirement - ie do you need to gain new skills for the opportunity to succeed
3. Market assessment - can you identify the market, do you have access to the market, are there many competitors, what is your unique proposition
I tend to find that a table works well for this step. It then becomes a process of objective assessment of each opportunity and a timetable of what can be achieved in the short, medium and long terms will drop out and the answer presents itself.
Happy to chat