Friday, June 27, 2014

The Difference Between Business Ideas & Business Opportunities

What's the difference between a business idea and a business opportunity? The correct answer (and there is only one) will enable you to dramatically increase your chances of running a successful business. The incorrect answer (and there are many) will hinder you from doing so.
After facilitating the establishment of 22 businesses for SBA as a business coach, and teaching a vocational course in Career Planning that emphasized entrepreneurship (and served as an incubator for 7 companies), I have observed that every successful client/student turned business owner has embraced this one, vital, and inescapable reality:

Business ideas sound good; business opportunities solve problems.

Every successful entrepreneur that I've worked with has been adept at recognizing this concept. While your business idea may sound good (to you), be mindful of the fact that making money (i.e., capitalizing on opportunity) is first and foremost about solving problems, and in other instances, fulfilling needs and catering to desires.
Apply this mantra to the success of Google, Facebook, or Twitter.
Failure to acknowledge these simple truths will prevent you from transforming your business ideas into business opportunities for income. Good things come to entrepreneurs who not only acknowledge these truths, but act on them with solid understanding, and a fervent belief in what they have of value to offer others.

The video below is narrated by Felix Dennis, former blues musician turned self-made millionaire. It's informative, entertaining, and TRUE. Hit play and get crucial entrepreneur and life lessons on these topics:
  • The importance of believing in yourself
  • Banishing your natural fear of failure
  • The importance of having a clear methodology
  • & The vital need to adapt when necessary
"Fear is not the problem; it's the paralysis that results from the fear that's the real problem."
-Felix Dennis


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  3. Good business ideas are just around the corner but it takes a business-minded person to recognize them as good business ideas.

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