Boring Niche Business

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• How do you start a business?

• What are the odds of success for a new business?

• Why start a business?

• To determine what type of business to build, think of all of the things you do each day. Are there any events in your daily life, as boring as they may be, that could have been improved somehow?

• How do you start building your business?

• What things do you or others do daily that interest you? What excites or sparks you?

• How boring is your business idea?

• To think of new business ideas, first ask yourself the following questions using the 5 W's (who, what, where, when, why): Who is the user of your service or product? What is your service or product? When will users or consumers interact with your business? Where will consumers and users interact with your business? Is there an online component to your business? Is interaction limited to one setting or multiple settings? Why is a user or consumer using your business?

• How do you find a business that has a good chance of suiting you? You Think back to your favorite moments in childhood: a) What were you doing? b) Were you alone? If not, who were you with? c) What made the memories so lasting and great? d) When do you recall these memories in your current life? i) What do you think triggers the recall of the memories Have any other accomplishments provided you with the same type of feeling as one of your favorite moments? If not, what have you ever done that brings you the closest to the feeling you recall from one of your favorite moments? Imagine that you are on your deathbed reflecting on your life. Outside of anything to do with friends and family, what accomplishments are you most proud of? a) What do you regret not doing? b) What do you wish you did sooner? c) Did you make your intended mark on the world? d) Why or why not? What books, music, television shows, etc. have stuck with you throughout your life?

• To determine if you should do a business alone or with partners ask yourself are you a lone wolf? Do you like solo adventures or do you prefer collaboration? If you are a lone wolf who likes doing things alone ask yourself the following: 1) How emotionally intelligent are you? How do you handle adversity? When you’re trapped in the well of adversity and only have one phone call to make, who do you call? What if you’re trapped in the well of adversity on a daily basis for a year? Can you keep calling the same person and depend on them? Are there contractors who can help you through all of the issues you have? Do you have enough money to pay the contractors if there are more issues that need attention than expected? Would sweat, or work-based equity or having someone else perform work for a percentage of the company be a better solution, than paying hourly fees for completed work?

• How can you fund your business?

• What is your definition of success and failure?

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