Is this the year you’re determined to start your business? But are trying to decide what business you want to start. Do you want to put something in the world that will provide something of value?
Here we will look at finding an idea that is right for you.
There is an ancient concept from a Greek parable that states that “The fox knows many things, but the hedgehog knows one big thing.” Isaiah Berlin took the parable and divided people into two groups, the foxes that pursue many goals at the same time and have scattered thinking which leads to a scattering of their minds, and their results. In the other group, he put the hedgehogs who have a single vision they pursue which helps them pursue one goal and achieve success.
In short, the fox tries many ways to get the hedgehog, but the hedgehog has one superior skill, becoming a ball of quills.
The Hedgehog Concept was further made popular by Jim Collins in his book Good to Great. Its purpose is to help you find the thing that you can be the best at and therefore, have a successful business. Being good at something is simply good, but to be truly great requires you stand out.
So how can you use this concept to determine your business?
You can find your Hedgehog Concept by answering these questions
- What you are truly passionate about.
- What you do better than anyone else.
- Where you can generate revenue. (Collins calls this “understanding your economic engine.”)
Where all three answers overlap is the “sweet spot” for you to find your business idea.
Let’s review them in detail.
Determine what you are passionate about
Answer the following questions to help reveal your true interests.
- What do you love to do?
- What do you get most excited about?
- What motivates you where you spend time engaged and don’t even realize how much time has passed?
- What do you spend money on reading and learning?
Identify where you excel
One of the best ways to have a successful business is to do what you do best.
Answer the following questions to identify your strong points.
- What do you know and do well?
- What are you educated in?
- What jobs have you had that you like?
- What do other people ask you about because of your knowledge and expertise?
Decide how you can generate revenue
- What can you specialize in?
- What product or service can you create?
- What can you be better at than most?
- What different twist can add that people will want?
Look at the intersection of all three
Put your answers into each of the circles and see what falls in the intersection of your passions, your special ability, and what you can create of value.
That is where you’ll find where you should focus your time and develop your venture; and where you can create something special that you can excel at.
A Gift For You
There is more detailed information with questions, examples, and worksheets in my e-course, The Idea Finder Course. There are 10 lessons about finding your passion, your ideal life, and the right niche to start your business.
It’s now FREE with no strings attached.
Why am I offering this?
I am concerned that so many corporations are cutting hundreds of workers and leaving them without a source of income. Unfortunately, for many, there are few options to find a new job.
Instead, of working for someone, learn to provide for yourself, and not depend on a job.
I hope that as many people as possible will start their own businesses, and be successful so they are no longer a slave to corporations or dependent on their paychecks.
Freedom and Independence have always been important to me and I want you to have them. One way is to get control of your income, and wealth, and determine how you live your life.
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