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Star t Y our Own Business

Step 6. Mobilize resources.
Step 7. Capture that first magic customer.

Step 1: Search for Many Business Ideas

Most entrepreneurs assume that their creative idea can be commercialized
expeditiously into a profi table business. Not so! Ideas are only the starting
point, and every idea must go through a rigorous evaluation and selection
process. You must separate the lumps of coal from the few diamonds in the
rough. Ideas and opportunities are not the same, and you need to under-
stand the difference. If your idea is not an opportunity, not one minute, not
one dollar should be spent on it—it’s a nonstarter. If you are uncertain, pro-
ceed cautiously, with small, frugal learning steps until the yes or no answer
emerges clearly. But if you are sure that you have an opportunity, then step
on the gas and use the rest of this chapter as your guide to success.
How do you know if you have a winning idea? Consider this example.
My wife, Maria Alejandra, was interested in being in her own business, so one
bright spring day, we walked around town exploring businesses that appealed
to her. I challenged her to look at every business on our itinerary and ask
herself these three questions:

1. Is this a good business?
2. Is this a business that will capture my passions?
3. Is this a business where I can add unique customer value?

Maria took up the challenge with gusto, and many more questions danced
in her mind. We walked past at least 50 businesses that morning. These
included: a pizza shop, beauty salon, clothing store, jewelry store, copy center,
antiques consignment store, newspaper and magazine store, Mexican food

restaurant, flower shop, an office supplies store, an optician, sushi restaurant,
coffee shop, used bookstore, hardware store, and many, many more. None
interested her, and few seemed to have much potential for future growth.
Then, suddenly, Maria spotted an interesting shop that sold an incredible
variety of beads and patterns to do-it-yourself jewelry makers for necklaces,
earrings, handbags, hats, and gloves. We went inside and observed. We made
mental notes on the number of customers, their ages, gender, time of day, and
what they were buying. Then we bought some items and stood near the cash
register to determine the size of each sale. We counted the number of sales
over a 30-minute period.

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