Can you help me with a business idea?

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Dear Baybars,

Can you help me with a business idea?

I have heard about you and sorry I missed an event you had at Regents University London. I would like to start a business but my problem is that I have so many business ideas and I don’t know what is the best thing to do.

All I know is that I have some savings that is enough to start a business, which I am keen to do, but not sure what it would be for these times. I have attended some networking events which were related with business topics and I have learned a lot, but still don’t have a clear idea. Would you please advise me what would be a good business idea for me to start in order to be successful? Yolanda.

 

Dear Yolanda,

I think you have to revise your question.

Since this will be your first experience in entrepreneurship, you need to feel successful on your first attempt on a journey that will affect your whole life. I think you have to revise your question. Instead of asking what would be a good business idea to start, you should be asking how to get started in entrepreneurship.

The answer to your question is really very simple: A good business idea is the one that lets you make money. Any business idea that makes money is good. But the answer of my how-to version of your question is not quite so simple.

If you are good at selling, even the worst business idea will produce money for you.

More important than a good business idea is your own skill set. You are asking me ‘Which horse is good’, but what does a good horse mean for an unskilled jockey? For a highly skilled jockey, even a horse of mediocre quality is enough to win the race.

So you first have to identify your own abilities. What are you good at? Selling? Programming? Designing? Managing people? Calculating? If you are good at all of them but not at selling, even the best business idea in the world will not work for you. If you are good at selling, on the other hand, then even the worst business idea will produce money for you.

You say you have the financial capacity to start a business. That is fine if you have a good business plan with a good business model. Otherwise, your financial assets will bring you to ‘death valley’, not to ‘wealth valley’!

The best business idea in the world is the one that matches your skills.

It’s good to know you have your own your own capital, but given the choice between capital and skills, I can tell you that skills are more important. Money is something that will produce profit only if it is matched with skilled individuals, otherwise, it something for you to lose.

My main message is this: The best business idea in the world is the one that matches your skills.

Cheers

Baybars

 

Baybars-Altuntas-Ask-The-D

 

Baybars Altuntas is a Turkish entrepreneur, speaker and author and also a Dragon on ‘Dragon’s Den Turkey’. Send your questions to:

baltuntas@deulcom.com
www.baybarsaltuntasnotes.com

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