On this episode of our podcast #BreakthroughBarriersWithDamali we had restaurant guru Michael Trenk. His extensive knowledge of the food industry and successful business ventures made him a perfect guest. One caller had an inquiry about how to decide what would be good or bad business ideas and how to decide what to put our energy, time and effort into.
The first thing to consider is research. Not only about the field you want to go into, but also people who are successful in this field. Bouncing your ideas off of them and your friends and family will give you true insight, a guideline of steps to follow and the ability to learn from other’s mistakes. Don’t be afraid to share your ideas with people, even people who you think might not be helpful to your specific business. No one will be able to execute your ideas the way you can, so never fear someone “stealing” your pitch. Also, you never know if the person you are sharing with will have important advice for you or, even better, a leeway into the field you want to enter.
When Damali was thinking of writing her book she actually discussed the idea over tea with an old friend of hers. She was surprised to learn that she had worked for a publishing company and was able to help me to a great extent. Once you are aware of your target audience, tested your idea and made an analysis of the optics, consider the costs and location needed for your business. Due to the landscape of businesses now available to people, there is a wide market where people can get their products from. Online presence and social media are an amazing way to grow your business. When debating costs keep in mind that is “not about how much money you make, but how much money you get to keep”.
Examine the S.W.O.T analysis for your business idea.
There is honestly no new idea under the sun, but there are ALWAYS fresh and new ways to deliver “old” ideas. Think of what problem you want to solve or what need you want to address. If you have the competitive advantage and a unique idea you are already ahead of the game.
The second caller Michael Trenk and Damali had the joy of hearing from was a caller who was nervous about leaving her stable full time job to focus on her individual business.
We all know the quote “don’t quit your day job”. A quote we are especially inclined to follow if we think about the revenue not being enough to survive off, or what a giant risk it is to enter the world for entrepreneurship.
Deciding to leave a job, especially one you have been at for a long time, is a life changing decision. It is very rarely an easy endeavor. Try to look for honest feedback. Does this business idea translate to future success?
Find a way to transition into your business, instead of jumping into it. Maybe you can cut the hours at your day job in order to invest more time in your business. Look for a business partner who maybe has more free time to invest into what you want to do. Having a support team is always helpful. Even if your team is your family for the time being.
Maintain a bridge with the company you are currently working for. Most companies understand that employees want to grow, no matter how much they appreciate them. Try to leave on a good note, and let them know what you plan to do. You may be surprised at the support you’ll receive.
You will have to make sacrifices and the responsibilities will be extensive, but if your business is something you’re passionate about, don’t be afraid to challenge yourself. Think of what legacy you want to leave behind and the importance of longevity. One of my favorite quotes is “I had to make you uncomfortable, or else you wouldn’t have moved”. We will never be able to flourish in an environment we’ve made ourselves too comfortable in.
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