Hatching Your Million Dollar Business Idea

Learn how to develop your business idea

These posts are meant for individuals who either work alone, with a few or with many others. Its intention is to help those both inexperienced or experienced in business idea development.

The Basic Egg

Everyone faces challenges while hatching business ideas, although those challenges vary from person to person. The key is to crack that idea – that egg – just right so the golden yolk inside can be directed into the vessel – the business you have chosen. Smash that egg too much and you lose the gold inside. To add a bit more detail and specificity, you are now standing at the first step of the innovation process. Throughout posts and articles, the innovation flow chart will indicate your location in the innovation process.
DanielTepke_Post1

So, how do you crack open that egg without destroying its gold? That process begins with self- understanding. To attain that, you need to ask yourself questions – a lot of them.

By reviewing these questions, you begin to scratch the surface of who you are. For now, just review these questions to familiarize yourself with them. Begin to keep a notebook. As we move through these posts and articles, you will be more prepared to answer these questions in writing. Consider these questions, which are in no particular order:

  • Who are the different actors inside of you?
  • How focused are you?
  • How flexible are you?
  • How consistent are you?
  • How disciplined are you?
  • How do you learn?
  • What challenges will you face?
  • What are your strengths?
  • What are your values?
  • What are your passions?
  • What is your ultimate goal?
  • Are you a creative thinker?
  • Are you a logical, managerial thinker?
  • What are you really good at doing?
  • What would you prefer not do? What skills and tasks will this idea require? What else will this new venture require of you (for example: money, time commitment, energy, etc.)?
  • How well do you work with different types of people in different roles or functions (for example, as employees, peers, contractors or partners)?
  • What energizes you?
  • What intrigues you about having your own million dollar business?
  • When you daydream about this business, what do you visualize?
  • What resources are available to you? (For example, friends, the Internet, professionals, family members, state/federal/local resources and centers, and other outlets.)
  • Can you live an entrepreneurial life?
  • As a business owner, who are you?
  • What is your role in this business?
  • What areas do you want to investigate?

Nothing about developing your own business is easy, but some parts will evolve more easily than others. Only you can identify those easy parts. The difficult parts will depend on who you are and how much you understand yourself, including your skills and knowledge. There are many ways to gain this understanding. In addition to self-observation and using the questions sprinkled throughout this book, two other valuable resources are the Kolbe ATM Index and the Myers-Briggs Type Indicator® (MBTI). We will talk more about them in later posts and articles.

Before we examine these two tools, you need to consider your weaknesses and strengths. You may think you first need to work on your weaknesses to make improvements, but that is not where a million dollar business begins. It begins in your strengths. However, you may find that to be trickier than it sounds.

Join us in our next post Hatching Your Million Dollar Business Idea: Working from your strengths. If you cannot wait for the posts and articles check out my book on YouTube, Amazon or visit us at Satori Inc. and “awaken your possibilities”.

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