Challenge 2: Your business idea – The Science experiment

• 5 week challenge, How to Start a Business

In challenge #1 last week you decided that you want to be an entrepreneur!  That’s awesome, now it’s time to roll up our sleeves and look at your business idea.

Ok, so I am a science nerd at heart and I like to think of the time you are dedicating to your business idea as a science experiment. If your idea happens to be in science than double cool! Now, what you are going to do with this challenge is take the time to experiment. Test your assumptions and dreams against the real world with minimum resources and without blowing the bank — this science experiment is called “your business plan”!

Your Business Plan
It does not sound sexy but you would be surprised by how many would be entrepreneurs don’t do this step at all and blow up all their start-up capital and #fail. Let’s keep your money and sanity in check for as long as possible by testing your concept with a business plan.
To do the challenge, you want to take the time to talk about you and your business, set your hypothesis on how you are going to have a business and make a living. To do this you need to start looking at what your business proposal is and how your background and skills make you uniquely qualified to own this business. This process and the creation of a business plan is about turning your passion into a tangible concept that can earn you money.

Your Business idea
Let’s start exploring your business idea or hypothesis for a business. To do this you need to ask yourself some questions to explore like…

• What is your product or service?
• How are you going to sell it and to whom?
• How much will your product or service sell for?
• Where will you sell from?
• How do you envision your company’s growth to be?
• Are you going solo, part of partnership or do you need to form a corporation?
• Have you got any initial thoughts about your branding and marketing?
• What is your mission for this business?
• What values will your company have?

To help you with this exercise you can down-load my free business idea question template!
(Just subscribe to my mailing list on this page and you will have access to the exercise)

With this exercise be creative, have fun and take the time to feel out the possibilities of your business. You might do some online research, visit other similar businesses, buy their products and chat to colleagues, friends or family about your business idea.

If you need a little boost to get started try doing a meditation with a focus on manifesting the purposes of your business. The key to this exercise is once you have reached a calm state in your meditation, start asking yourself one question at time. Make sure you sit with a pen and paper next to you so you can write down any information that comes to you. Check out my business guided meditation for more information.  (It is available when you subscribe to my mailing list)

Take away from Challenge #2 Your Business idea

1. Answer the questions this blog above and download the worksheet to work on your business idea
2. Get feedback from the external world, ask questions, research and speak with knowledgeable people
3. If you want a mindful approach to your marketing strategy subscribe to my mailing list for access to the meditation
4. Check out the this weeks challenge on Youtube, Challenge Two: Exploring your Business Idea 

Feel stuck?

Do something completely the opposite – Go for a walk, gardening or have an ice-cream with or without the kids. Lie on the grass and look at the blue sky and clouds! Because like the clouds you are shaping up to create new possibilities for yourself.

Good-luck and I look forward to hearing about your business idea!