The first step in starting a business is to make sure you have a really good idea as a basis - but how do you go about getting an idea? According to Charles Steilen, dean of Hawaii Pacific University's College of Business Administration, prospective entrepreneurs would be wise to chat to the public, seeking to discover where gaps for products and services may exist. "Go out on the street. Talk to people. See what the issues are, see what the problems are, see where the needs are," he advises in Hawaii Business Magazine. In addition to talking first-hand, it is a good idea to read the news, looking for any large-scale trends or developments. Are people looking for more ways to stay healthy? Do baby boomers seem to be traveling to more exotic locations? Another option to consider is whether any improvements could be made to an existing product. Looking at what items are already on the market and think about how they could be enhanced or tailored to a specific audience. Finally, once a number of ideas have been generated, it is the job of the entrepreneur to narrow them down to one idea of focus. "You have to go through a fairly structured process of elimination," Mr Steilen says, recommending that people set "parameters" to make sure their business idea has a reasonable scope. According to the most recent estimates from the Office of Advocacy, there are 26.8 million businesses in the US, with small firms making up 99.9% of these.  |