I know I want to own a business, but what is the right path for me. Do I look at the hot trends? Do I go with a business that is timeless, like the local corner general store? Do you pursue your passion and try and monetize it.
It usually starts with the Epiphany. You take the lifetime of experience with intellectual curiosity and are able to connect the dots like they have never been connected before. What had been unclear has now become extremely tangible.
The next step is to validate the idea. You research online to make sure the idea is not already spreading virally. If so, can you do it cheaper, faster, better or just the fact that you are local? Is the product or service needed and is the market big enough?
It is good do try and communicate the idea to see what friends and family think. Just about the idea itself, not about you wanting to start a business. That could lead to other agendas invading the conversation.
Perhaps this is an idea based on unique expertise that you have in your domain. This maybe an idea that is not being heard at your job. Perhaps more viable to a competitor or perhaps you start a business around filling this gap that exists in the industry.
A more thorough way to brainstorm could be to create a grid that outlines the business. The audience you are selling to. The Business Model, the unique buying proposition. The goal of the business. Once you narrow down the search based on industry knowledge, determining that there is a sizable market and it aligns with your goals you should be well on your way to starting your own business. Once you have the one business that stands above the rest, do a comprehensive business plan and take worst case scenarios to see if this will yield the results you are looking for.