Where do great ideas come from?
- Personal experiences -- hobbies, interests
- Work-related experiences
- Friends, family, teachers, coaches
- The Internet
- Library research
As you think about your idea consider these questions:
- What do I like to do with my time?
- What technical skills have I learned or developed?
- What do others say I am good at?
- How much time do I have to run a successful business?
- Do I have any hobbies or interests that are marketable?
Aha! The great idea. Now what?
Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are:
- You want to be your own boss.
- You want financial independence.
- You want creative freedom.
- You want to fully use your skills and knowledge
Then identify the niche your business will fill. Conduct the necessary research to answer these questions:
- Is my idea practical, and will it fill a need?
- What is my competition?
- What is my business advantage over existing firms?
- Can I deliver a better quality service?
- Can I create a demand for my business?
Consider the time it takes to run a business:
- Do I really want to give up baseball, hockey, soccer, basketball, football, dance, piano and voice, or hanging out with or going to the mall with my friends to run this business?
- Will I have to run my business every day or just sometimes?
- Will running my business have an effect on school?
- Will my family help me out?
Your pre-business check list
The final step before developing your plan is the pre-business checklist. You should answer these questions:
What services or products will I sell? Where will I be located?
What skills and experience do I bring to the business?
What will I name my business?
What equipment or supplies will I need?
What insurance coverage will be needed?
How much money, if any, will it cost to start my business? Will I need financing?
What are my resources?
How will I compensate myself?
Your answers will help you create a focused, well-researched business plan that will serve as a blueprint. The plan will detail how the business will be operated, managed and financed.
To help you generate creative ideas visit these Web sites:
- Creative Education Foundation - http://www.creativeeducationfoundation.org/youthwise.shtml
- National Collegiate Inventors & Innovators Alliance - http://www.nciia.org/
- Junior Achievement – http://www.ja.org
After you have developed your idea, here are Web sites to keep your business moving along:
- JA Titan – test your skills in running a business in this ultimate business simulation – http://titan.ja.org
- Entrepreneurship Education - http://eweb.slu.edu/youth_entrepreneurship.htm
- Entrepreneur.com - http://www.entrepreneur.com/tsu/archivesba/0,6835,298716,00.html
- National Collegiate Inventors and Innovators Alliance – http://www.innovationtools.com
