As driven as you might be to launch the next Google, Apple
or Facebook, the process of identifying a great idea can be intimidating. Many
would-be entrepreneurs become so concerned with creating “The Next Big Thing”
that they become paralyzed and can’t progress.
That’s obviously not a good predicament. Here are five steps
for seeing past your thirst for greatness, and instead simply building a great
product and company:
1. Recognize your skills. The avenues to internet success
inspire many young entrepreneurs. Few of these individuals are focused on the
“big idea,” however. They’re interested in how they can use their knowledge and
skills to build a viable business.
Are you a programmer with creativity to spare? A skilled
marketer? Identify your strengths and aptitude level for diving into the
necessary marketing -- and possible fundraising -- needed to launch. Once you
assess your skills, you can begin to think about what your “big idea” is and
work toward it.
2. Identify an opportunity. While some businesses may launch
with an idea that’s revolutionary, many globally-recognized entrepreneurs
achieved success by simply identifying a solution to a problem. It might not
sound as glamorous as the lightning rod of inspiration, but a viable solution to
a common obstacle is the basis for targeting an audience. How can your insight
or technology skills improve others’ lives or make tasks more efficient?
3. Analyze the market. Your road to success might be built
on improving upon something that already exists. Examine your market and any
similar ventures you can learn from to help shape your business. Just consider
the example of Facebook. The social network was created after MySpace, and,
before that, Friendster already existed. We all know how the story ends, but
it’s worth mentioning that Facebook’s contributions, though seemingly small by
comparison, served as a spring board for the company’s ascent.
