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RyanN RyanN is offline
Entrepreneur
Join Date: Apr 2003
Posts: 43
Guidence desperately needed please

Hi,

I, as many people here, have been desperately looking for that 1 business idea which will see me nicely into retirement.

Over the past 3 years I have come up with idea after idea after idea. I started 1 business and traded successfully for 18 months. That company is now closed. I have had 4 serious business ideas since then and all of which I feel i could have made work.

1 Idea was for a urban clothing shop which fell through because of lack of funding. I am now lift with 3 ideas which have been sloshing around in my head for the last 12 months and I cannot seem to make any sort of decision of which one to go for. I have researched all of them and feel I could make a success with which ever I choose.

1 idea is a web based e-commerce business twinned with mail order for a repackaged product I have yet to see being offered in the baby industry. The second is in construction and the third is in the vehicle cleaning trade.

I have experience in all areas but keep on switching and changing my mind. I need some external advice on how to focus and determin which is the best idea for me.

Can anyone help as im going out of my mind.
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brianabudabi brianabudabi is offline
Guru
Join Date: Mar 2003
Posts: 125
Find a three headed coin
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thecyke thecyke is offline
Entrepreneur
Join Date: Sep 2002
Posts: 40
brianabudabi - thats a real shame on you.

RyanN, hard to say but i would start with your gut instinct. Also, let some time pass and judge which one keeps forcing its way to the forefront of your mind - which one drives you crazy, demanding to be heard. Or, start doing some light recon, nothing commital to your ideas, get a feel for the market, customers, potential income etc.

At the end of the day tho, in my opinion, its not even going to be what you do, but how much you put in and how you work your idea. The person you are is more important than the company itself. Which is my way of saying, maybe all 3 are good, all 3 could make you rich, and choosing one is the least important step you may ever take?

anyways, good luck!
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Statler's Avatar Statler Statler is offline
Connector
Join Date: Sep 2002
Posts: 838
Hi,

If you’re having difficulty deciding on a business idea, you might like to try out Shell LiveWIRE’s ‘Unlock Your Potential’ module at:
www.shell-livewire.org/unlockyourpotential

This interactive tool helps users to:

• Identify and evaluate suitable business ideas
• Test their commitment to starting a business
• Create a personal development plan
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Lee

Shell LiveWIRE Team
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Belinda Belinda is offline
Connector
Join Date: Apr 2003
Location: Staffordshire
Posts: 655
Hi RyanN,

I have a fair idea how you are feeling and totally agree with thecyke as if you do sit back an ponder 1 hopefully will draw you more.

The other thing that might be worth considering is a business coach or maybe it's a life coach seeing as the business is not there yet. Either way a coach to help you make sense of your thoughts and assist you gain some direction with the business that you will be most passionate about.

Also look at each business and it's potential progression over the next 5-10years, which idea offers the best room to move and grow whilst being flexible to diversify to meet market changes. Which of these then excites you most?

Hope this makes some sense.

All the very best

Belinda Hardman
www.aspireimports.co.uk
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'supporting Breast Cancer Campaign'
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1nzvestor 1nzvestor is offline
Connector
Join Date: Oct 2003
Location: London
Posts: 258
Business Plans

Hi Ryan

Have you written business plans for each of these businesses?

If not, this step may help you identify which has the highest profit ratio or identify further opportunities for expansion in a particular market.

Many successful products or business have only come about as a result of these plans.
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Glenn Watson
i-Barter - the FREE business exchange service
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Nigel Burke Nigel Burke is offline
Newbie
Join Date: Dec 2002
Posts: 5
How important is a good idea

Hello RyanN,

As well as your buisiness idea have you looked at who you will want to work with. There's an interesting book by Rob Adams who's a venture capitalist in the states. One of his main points is that "Good ideas are not scarce; what's rare is a team that can execute"

This view is development in the beermat entrepreneur. This book claims that the ideal number for a founding team is five. The entrepreneur plus four ‘cornerstones’ who provide finance, sales, product and admin support. Interestingly, they also state that each of the five should retain a 20% share of the company.

More information and links are on mywebsite

I would be interested in your feedback.

Nigel
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