Identifying A Business Idea

For the past few years, I have been consulting multiple startups and budding entrepreneurs. One question that I often get asked is how to generate a business idea. Should we follow our passion? Should we focus on money? How to decide the industry in which I should operate? Below I have tried to answer multiple such answers.

• Find an idea that you are passionate about- Please be careful here. I am not saying or recommending to blindly follow your passion. But to look for ideas around your passion which has economic and financial sense. The passion fades away if you are not making a living out of it. Creating a successful business model that earns consistent profits is key for any startup. First preference should always be given to the ideas around your passion.
• Identify your life and work experience- Start by writing your life story, all the hurdles that you have overcome, all the experiences that you have had in your life. Identify each task that you have done for someone else. Identify all the companies that you have worked in. Note why your friends and family reach out to you for. List down everything of which…