Coming up with an idea can be a difficult step in creating a business. Coming up with ideas for a business relies on critical thinking skills. As mentioned in one of my previous blogs, an entrepreneur can draw inspiration from problems they face in their own life. Critical thinking skills help you in transforming your problem into a profitable solution. When thinking critically, you should think more logically than emotionally. This doesn’t mean you should ignore your emotions, but instead rely mainly on logic. You should also consider the bigger picture, and look at all of your options. By thinking critically, you can outline a plan for how you want your business to operate, and how you plan to start.
Sometimes, a business doesn’t exist to solve a problem, but instead to bring a convenience to customers. People tend to prefer to take the path of least resistance when it comes to business. A customer might choose to go to one coffee shop over another if their service is faster. A business should strive to have a good balance between speed and quality. This concept can be applied to a business as a whole, with the main goal of the business to be more convenient than the other options. This can be seen in businesses like fast food, where the goal is to get food quickly, instead of having a dining experience.
You may have many ideas for a business in the critical thinking prototype phase, however, you need to evaluate your ideas to ensure they’re good ideas. The main factor which determines if an idea is feasible is cost. If an opportunity will cost a lot to start up, and not profit very much, it’s probably not one you should pursue. Another thing that should be considered is time investment. A large amount of time may be required before some opportunities make a profit, and time is valuable. A good way to find if something is worth your time is to assign a value to your time. For example, if something will take you 20 hours, but will profit 200 dollars, you would only be making 10 dollars per hour. There many factors that should be considered when determining if an idea is feasible to pursue.