Follow your dream: Great time for entrepreneurs

What is your dream? All award-winning entrepreneurs have had a dream and followed it. They have turned their ideas into a commercial success. Do you have a dream to pursue? Do you have a great idea that can be turned into a business? Do you have an unquenchable fire in your belly to turn a great idea into a product everyone wants?

Good to time to start. If so, I believe you qualify to begin the first step in a long journey taken by tens of thousands of brave souls who have taken a leap of faith to start their own businesses. You should know there has never been a better time to follow your dream and turn it into a reality. Having a dream is the key. It’s the starting point. It’s a seed that if planted, watered, nurtured and cultivated has a wonderful chance to grow. Do you have that new product in mind? Are you ready to go? Then I say, full speed ahead. Go for it now! Don’t wait.

Sadly, I have seen scores of individuals who have had a terrific idea, a great concept, but for one reason or another, were unable to follow their dream to start and grow a new enterprise.

What was the problem? Did they lack motivation? Were they fearful? Did they not have the support of a spouse? Were they too comfortable? Whatever the case, they never left the couch and the dream died, never to be followed.

Over the years, great companies have been built by innovators who saw an opportunity and had an inspired thought on how they might meet customer needs.

Ideas. What is the origin of inspiration? Most entrepreneurs tell me ideas come as if they were mining for gold. They sift through thousands of dull stones until they find a bright and shining one. The key is to start the process with a broad funnel of possibilities from which pure gold will be collected from the narrow filtered end.

There are lots of mountains to mine. Which ones should you select? I recommend investigating the following: 1) distributive technologies, 2) new resource discoveries, 3) demographic changes, 4) life style and taste changes, 5) economic changes, 6) calamities and 7) government rule changes. Each of these categories contains new and unique niches with profitable potential. In addition, innovators might consider product improvements, better pricing, enhanced service and other channels of distribution. Lastly, new product and service ideas might come as you listen to buyer complaints and wishes. Potential customers in your industry are the most common source of new product ideas. Your next step is to do your homework and from this research determine the best possible opportunities.