Still Don’t Have a Small Business Idea?

19 04 2010

If you have made up your mind that you would like to start a small business but are still trying to decide just what business it would be, here are two tools you can use.

Entrepreneurial Success Matrix
This tool was created by Fred Carpenter, a Managing Principal of The Glenwood Group. In each box, list your skills, interests, and tasks or your lack of skills, etc.

Entrepreneurial Success Matrix

Ideally, you will want to look at starting a small business where you use the skills, interests, and tasks you are good at and you also enjoy doing them. You will want to avoid starting a business doings things you are not good at and you don’t enjoy.

Hedgehog Concept
Jim Collins in Good to Great uses a similar model to identify the interception of the three circles  where you are doing work you are deeply passionate about, you are well paid for what you do, and you are doing work that you have natural talents for.

Hedgehog Concept

He points out that “If you make a lot of money doing things at which you could never be the best, you’ll only build a successful company, not a great one. Ifr you become the best at something, you’ll never remain on top if you don’t have intrinsic passion for what you are doing. Finally, you can be passionate all you want, but if you can’t be the best at it or it doesn’t make economic sense, then you might have a lot of fun, but you won’t produce great results.”

Whichever tool you use, take a few minutes this week to identify what your ideal small business startup would be. And if you are still looking for a few business ideas, take a look at my previous post Start a Business – Start the Rest of Your Life.

Bev McCrostie, M.Ed.
Virtual Assistant Certificate
Red Deer College
Bev.mccrostie@rdc.ab.ca
www.virtualassist.ca

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One response

23 04 2010
Michelle Jamison

What a great post. It’s finding that balance between being passionate and really honing in on what your talents are that make you the best. I love this model Bev.

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