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The 3 elements needed for a successful business idea

One of the most asked questions we get by our younger readers is “How can I find a great business idea?”   It is often the reason people experience business paralysis and no longer pursue the idea of becoming entrepreneurs.   In this email, I am going to completely fix this for you, and as a result, you will understand exactly how ideas are born and get a glimpse into one of the many concepts shared in my new sequel to Third Circle Theory called RADIUS. Now it is critical to understand that this concept is only to help you understand how sustainable ideas come to life; meaning you must be able to identify which ideas are going to be worth pursuing versus which are a complete waste of time.   It’s your ability to understand the difference between a real idea versus the thought of an interesting idea.   One promotes action and allows you to move forward, while the other just remains something that comes up in conversation from time to time.   Keep in mind that if you don’t know where or how to start, you typically are going to have series of businesses or smaller ideas before you have a life changing one.   As an example, I made millions owning many small businesses, but I didn’t take on entrepreneurship till I was 27 years old and still owned many successful businesses while doing so to date. 
A picture is worth a thousand words.  

The picture above represents the essence of ideas are being born and the combination of three key elements (elements discussed and found in my best selling book Third Circle Theory.   These three elements are as follow:

Love: Love matters and it is the best place to start identifying what ideas should be the ones you get curious about and follow through on.   Love leads to curiosity as it pushes your interest to learn more without being forced. If you love cars, then you are never really working when you research and learn about them. It almost feels like fun, but you are constantly enhancing your knowledge of them without actually doing any work. Its voluntary curiosity.   Start by compiling a list of things you love, be specific such as car mechanics rather than saying just cars. Make that list and leave it in front of you.

Confidence: You need confidence if you are going to be in business, and you need confidence on the topic at hand which is why you must focus on ideas that linger around topics you love, as its easier to research as I said earlier. Research means more education and the more you understand the topics, the better you can identify and link patterns so you can grow your confidence of the subject.   When your confidence reaches a certain level, you tend to analyze and understand a few things better than others all together. This ability to enhance your confidence in a niche allows you to develop skills around that aspect of it.   Look at it as the more you learn about automotive mechanics, the more confident you become in your understanding of how engines and cars work, which eventually leads you to take that learning to action by confidently working on cars themselves.   Now take that list you have on things you love and mark next to them which are the ones you have a comprehensive understanding of.

Skill: This last component is one that you can either have, learn, or delegate, but it must be there.   Following on the example above, you can learn about the skills needed to work on a car, or run an auto shop; both allows you to follow your love, and something you have accumulated confidence in.   You may choose to look at the series of skills needed and then decide which ones need to be learned, and which ones must be delegated to partners or employees.   Its the understanding of the model that reminds you that perhaps the idea you have isn’t aligned to your current ability.   Take your list out once more and next to each you marked with a star, write down what specific skills would be needed to bring it to life.   That same auto repair shop would be (Mechanic, Accounting, Banking, Sales, Customer service, Local Marketing etc..)   Then ask yourself which would be done by you, and which do you need to learn or bring someone else in for.
These three core elements must take their course in this same order if you wish to see your idea actual come to life.   You must further understand this other simple division of how ideas are categorized so you don’t waste you time and align your expectations to the reality of the journey ahead.

There are two types of ideas:

Ideas that fill people’s needs: Your customers have a need, and you have a solution.   That solution doesn’t have to be revolutionary. It could be as simple as identifying the lack of a coffee shop near by. This would help you fill that void for those people needing coffee who live nearby or even something like opening up a dealership because you understand there is a need once more for such a service or product where you live.   This approach leads to money faster as the processes are already established allowing you to follow through and simply put A, B, and C in place in order to get D (revenue or money) – It’s simple in theory, but it isn’t easy. 

Problems that need solutions: Needs have solutions, but problem often do not.   These are the ideas that solve a real problem that has yet to have been assigned a solution by anyone.   These are entrepreneurial ideas that will take lots of thinking, hard work, constant planning and years of tenacity to bring to life, and it is possible that years go by before you even see a dime as a result.   Which means that you must not only be prepared for it financially, but must make sure you stick around long enough to actual be that person to bring it to life.   There is no path to success, only the behaviors that exist within you as you figure it out.   Make sure to understand what a huge undertaking this can be and the primary reason many fail as they take on this task without experience, or the understanding of themselves (also the reason Third Circle Theory matters so much).

Hopefully you have found this helpful and, as a result, can see if and when ideas are worth pursuing.   More importantly, if you still are lacking the three basics I covered above, you need to start by educating yourself which is why I have put together a very affordable group of books and courses to help you understand not only yourself, but the basics that will evoke those three components within you here: SecretEntourage.com/Start   It’s a one time special that will expire tomorrow that gives you what you need to hit the ground running.  

Don’t skimp on education. Get yours at SecretEntourage.com/Start   – Pejman  

Source : Secret Entourage contactus@secretentourage.com via aweber.com

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