Identifying A Business Idea: Therefore, What?

If you are reading this blog, you are probably thinking about starting a new business. This life changing endeavor often feels overwhelming for many reasons. We might not be sure where and how to start, it requires a huge investment of time and resources, and the outcome is usually not guaranteed. However, our team at BDCC is here to lend a helping hand.

There are different approaches to starting a business; you might have an idea for a business, you might be frustrated by how a product/service is and you believe you can do better, and/or you might want to start a business because you want to invest your money, but you do not have a specific business idea. In all cases, we have put together a process to validate your idea, to help you find a solution for the problem you identified, or even identify a problem and find the best solution.

The process starts with identifying a GAP or a problem in the market. This GAP includes but is not limited to any of the following:

• The current supply is done in a certain way that does not satisfy all needs.
• The customers are dissatisfied with the current offerings.
• The market leader stopped innovating.
• The demand is not matched by the supply.
• Innovation needed to meet the ever-evolving Biz-Tech nature.

It could be something you have experienced, heard about in the news, or heard many of your friends complain about. Identifying and defining the problem and then asking “Therefore, What?”,  answering that, and then ask the same question to your answer, will help you identify a solution to the problem. For example, the Vermont House and Senate reached a $150 Million deal for Broadband, therefore, what? Internet would become better, therefore, what? The regional digital market would get stronger, therefore, what? Start a business that would support small businesses transitioning to digital markets. You get the gist! One question can create many solutions or ideas, write them all down and compare which is the best for you. Think of the scalability of the idea. Would it make sense on a larger scale? Is it scalable? etc.

It would be helpful if you are passionate about the opportunity “Domain”, have expertise in that industry, or you believe in the cause. Having all of the above puts you in the “sweet spot” as Guy Kawasaki calls it.

Feel free to connect with our team if you need assistance with your business or business idea.

Stay tuned as we walk through the process of starting a business.