Saturday, March 21, 2009

29. Idea Generation: Brainstorming the Business

Whether you are building, fixing or buying a Cash Machine, you will need to generate or solidify the idea of the business. This idea will come from your Skill Set.Some points:If you want to buy a Cash Machine, be selective. Go for ongoing business ventures that are already making money or at least breaking even. You want a good solid business that is doing fine. (The point of buying one in the first place is to leapfrog the get-on-your-feet stage.)

At every point in the brainstorming process you want to make sure you stick to your personal values. You need to have a vision for your future to stay on track to reach your goals – something to help you overcome the tedium of the day-to-day running of the company. There are several factors you might want to consider while thinking of your business:The market opportunity. Consider what’s missing in your town or community. Note, however, that these will be good business ideas only if they fit into your skill set.

Trends. You might be able to build, fix or buy a Cash Machine that grabs on to the coattails of an already established, excellent idea. Whispers. You might be able to hear hints or rumblings of something coming up that you can take advantage of. Parallel worlds. Many times, things are happening elsewhere that aren’t yet happening where you stay; you might be able to draw inspiration from that. Operations – systems such as accounting, customer databases, marketing, tech support and sales.

Finance – the quantitative side of every business. Entrepreneurship surrounds us every day. New businesses and ventures are the pulse of wealth around the world. The fact of the matter is that just about every product or service we use nowadays is a symbol of bravery. Somebody had to have the courage and faith needed to create that product and build that business.

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