Blog Article
23 Oct 19 1 min. read

Where Do Business Ideas Come From?

Get the inspiration you need to start a business.

A light bulb inside a speech bubble represents business ideas.

Where Do Business Ideas Come From?

You’re ready to start your own business but you have no concrete ideas what this business should actually be about. Well, many people have faced this hurdle. But problems are there for us to overcome.

In this post, Hetal Kurji-Evans will be giving you her advice on starting a business by speaking about her experience with Mindera UK. She discusses everything you need to know, including where you should start, how to choose the best business idea and the skills you need to be a successful business owner.

Where do you begin when starting a business?

In order to start a business, one has to be confident of the product/services they wish to offer.

Starting a business is exciting and nerve-racking all at the same time.

Finances

One of the important factors is to understand your business’ finances. You need to figure out how you and business will be supported financially. This could potentially involve investors, a bank loan, or using your personal money to fund it. Of course, funding it using your personal money is a bigger risk, whereas involving investors spreads the risk. It’s all up to you and how you wish to manage your business’ finances and the risk you’re willing to take.

Business plan

Another important aspect of starting a business is coming up with a comprehensive business plan, outlining everything you’ll need to know, consider, and prepare for — including your finances. This will allow you to understand your business’ competitors, the current market for similar services/products, SMART objectives, potential strategies, and marketing efforts.

Mindera has grown throughout the years due to word-of-mouth recommendations. Therefore, our foundation lies in three Ts: trust, transparency, and technology.

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Credit: Max Pixel

How do I decide what type of business I should start?

If you know that you want to start your own business, but you’re not sure which business to start exactly, then it’s not the end of the world. It can be confusing sometimes.

Do what you’re good at

If you’re really good at something, or if you’re an expert in a specific subject matter, that’s where you should start. If you’re good at something, you are likely to be passionate about growing that further. Think about what makes your skills different from others and develop your ideas from there.

Invest and take equity

If you’re a seasoned business person, you could start looking at investing in different businesses and taking equity. Owning 100% of the business is not the only way to go. Having equity in a business allows you to work on various projects with different approaches, which is highly common among entrepreneurs.

You still need to understand the industry, domain, market, business environment, and competitors in order to operate successfully and to clearly articulate the business’ unique selling point. Choose an industry that you understand.

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Credit: Max Pixel

What are a business owner’s responsibilities?

A business owner wears many hats. From normal administration to finance. From client relationship management to providing strategic direction about where the company is heading.

A business owner’s main responsibility is to ensure that the product/service the business is offering is of the highest quality.

As a business grows, a business owner will have a support network. However, in the end, a business owner is the one that’s accountable and responsible for the success or failure of the business.

What skills does a business owner need?

A successful business owner needs to have both soft skills and hard skills.

Most of the time business owners deal with people and, therefore, it is important they have excellent communication skills, have empathy towards their team, and, at the same time, have financial acumen.

One of the key attributes of business owner is taking risks on a daily basis.

Make sure you’re prepared to be a people person and a risk-taker all at the same time.

Interested in working at Mindera?

We have various vacancies available at Mindera UK. Check them out!

Are you interested in our services?

We build high-performance, resilient, and scalable software systems to enable businesses across locations. Check out our website to learn more.