Self Reflection, Market Exploration, Idea Generation
“Ask yourself the question, “What do I truly enjoy doing, where do my strengths lie, and what skills do I possess that can effectively address a problem within my market?”
Passion or practicality? What sparks your business idea first? Do you dream up solutions to problems you see, or chase your passions hoping they will find a market fit? For architects and designers, this question can be especially tricky.
Perhaps it does not have to be an either/or. Instead, imagine a sweet spot where your skills and passions meets market needs. Start by reflecting on your unique skills and what truly excites you. This self-discovery becomes your compass, guiding you to explore market issues that resonate with your expertise and passion. This synergy is where your niche thrives; meeting a market need while staying true to who you are.
Self-reflection – Personal Interest Assessment
There are many ways to self reflect and explore and there are a number of great online tools to help. Here are just a few examples to help you along the way.
- Do a Personal SWOT Analysis; A personal SWOT analysis is a self-assessment tool, evaluating internal strengths and weaknesses and external opportunities and threats. It reveals your unique qualities and skills (strengths), areas needing improvement (weaknesses), external trends to capitalize on (opportunities), and external challenges or risks (threats) influencing your business. Here are some links to start you off: Personal SWOT Analysis for Entrepreneurs, SWOT Analysis of an Entrepreneur, Personal DAFO Analysis (SWOT)
- Create a Mind-Map; A mind map is a diagram that visually represents information radiating outward from a central idea or concept. Here are some useful links; Self Reflection Mind Map, Mindmap for Self Reflection.
PESTEL – Exploring your Market
Now that you have insights into your personal interests, the next step involves exploring the market to understand prevalent demands and trends. A great way to explore the market is to do a PESTEL analysis;
- Political: Laws, regulations, and stability.
- Economic: Growth, inflation, and consumer spending.
- Social: Demographics, cultural trends, and attitudes.
- Technological: Advancements, innovation, and disruption.
- Environmental: Sustainability regulations and resource availability.
- Legal: Legal and regulatory compliance requirements.
Here are some useful links: Interactive PESTEL Analysis Template, Editable PESTEL Analysis Canvas Templates, How a PESTEL Analysis can help your Business Strategy
Idea Generation and Short-listing
Based on the intersection of your personal interests and market needs, brainstorm and generate business ideas. Then, refine the list, focusing on a select few promising concepts. For tools to help you refine your idea visit The Archipreneur Roadmap, Finding Your Fit: Solopreneur, Freelancer, Remote or…, and The Lean Canvas Model.
Useful Links:
Forbes: Top 10 Skills Every Entrepreneur Should Possess
Investopedia: 5 Skills Every Entrepreneur Needs
Harvard Business Review: The 10 Must-Have Skills for Every Entrepreneur
Entrepreneur Magazine: The 7 Essential Skills Every Entrepreneur Needs