By: Alonso Chavarriaga
According to Mel Abraham, author of the book The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom, success isn’t just about being rich, it’s also about being enriched.
There is an innate desire to want to grow and live in your own design, and live your dreams. As Abraham puts it, “Money is a byproduct of following the journey that you should be on, and living your true calling. One of the biggest regrets people have is they did not have the courage to live their own life.”
So what can you do if you want to start your own business? Many graduates go back to living with parents to try and figure out what their true calling is. How can you do the same? Abraham believes there are four things you must learn to determine whether a business idea is worth pursuing.
Listen to Yourself
Everyone gets used to allowing people to insert their ideas into you and guide you. Following traditional paths won’t allow you to exercise innovation or creativity as easily. Veering from the beaten path may allow you to identify a problem that seems obvious at first, yet doesn’t have a great solution.
Make it Real
You must be able to gather enough courage to actively vocalize it, make it real, and persuade others to help you create it. Being unable to put the idea down on paper may give you an indication that the idea is not yet cohesive enough.
What is your Passion?
What are some things you really enjoy doing, can lose time in it, and love it? Finding something that you absolutely love doing will ensure that you can be passionate about work, and making your business successful.
The Difference Between Great Idea and Execution
“We all come up with ideas,” says Abraham. However, you can have a great idea with poor execution and never have it go anywhere or make any money. On the other hand, you can have a “so-so” idea with great execution and set you on the right path. The iPod makes a perfect example; MP3 players were already created, but the iPod executed it on a whole different level, causing an industry-wide change.
Whether or not you choose to start your own business, making sound financial decisions will help keep your stress levels lower and prevent having a constant toll on your mental health. If you do decide to start a business, following Abraham’s four key points can help you narrow down ideas and pick out the one you feel may be best for you.
In the accompanying audio segment, Mel Abraham shares how you can own your own business, stay sane, and enjoy your family and your success.