Just because your grandfather made horseshoes doesn’t mean that you should start a similar business today. The “next new business” is probably an idea in someone’s mind. Think for a moment about what has happened to jobs in the US.
In 1790 the US has a population of 3,929,214 and farmers made up 90% of the labor force. Fast forward to 1990, the US population was 261,423,000 and the farmers made up just 2.6% of the labor force. From there we went to factory jobs and those started going away due to a variety of reasons, including automation. What happened next? Take the time to research the change in the job market; change is occurring at a much faster pace.
Starting a new business or growing an existing business requires a move away from the comfort zone. We sometimes have a tendency to ignore information that challenges us and go back to what has always been done. Steve Jobs stepped out of the “box” with Apple and created the world’s most valuable company.
New marketing, management and working conditions are required to grow a business. There are many clues to new opportunities, but you have to be open to them. There are many books that peer into future possibilities and trends. When you complete a strategic focus plan part of the planning process involves a look at trends both in your business and the world community. This leads to a needs analysis and a new directions opens for new products and services.
Like most skills, searching for opportunities is a skill that has to be developed; start the process today!
If you limit your choices to what seems possible or reasonable, you disconnect yourself from what you truly want, and all that is left is a compromise.
Certified Financial Planner
Mentor and Business Coach