Business Mentor: How to draw out the right business idea

Armando Bartolome

Posted at May 01 2021 10:01 AM

Business Mentor: How to draw out the right business idea 1
People visit a local food and merchandise price-discounted bazaar, dubbed,‘Bagsakan’ sale of the Department of Trade and Industry (DTI) Bureau of Domestic Trade Promotions at Festival Mall in Alabang Muntinlupa on September 04, 2020. Jonathan Cellona, ABS-CBN News

When entrepreneurs want to start a new business, they first come up with a business idea. 

But developing a business idea is not as simple as it sounds.

One of the first questions that an entrepreneur asks himself is: “Am I ready to take an additional responsibility?”; “Will it be supported by a large number of customers?”; “Will it even take off?”

It is always uncertain if starting a business is a wise idea. But a well thought-out business idea is likely to succeed.

The pandemic has pushed many to start their own businesses to survive. But many of these businesses closed after a few months. 

Many of these businesses were merely working on a day-to-day basis that no future plans were in place to make their business more competitive. 

A business requires dedication, commitment, and sacrifice to make it successful. 

To make a business last, here are some tips.

1. Look for something that you personally love to do

If it is something close to your heart, you will work harder to make your dream a reality. The odds of success are far greater. For example, in my case, I love talking to different people. 

I don’t just want to share what I know, but I truly enjoy learning from other people as well. Mentoring entrepreneurs allows me to provide my clients a clearer view of what they should expect on their choices and decisions. Seeing them succeed gives me joy and fulfillment.

2. Don't overthink it

Offering something unique may be hard if you have limited funds. Doing something that's never been done before can sometimes be unwise. Instead of spending long hours thinking of something unique, why not look into something that is already in the market and make improvements that would make you stand out from your competition.

3. Think of something that you can do as a side-hustle 

Many want to start their own business since they know that they can earn more and become their own boss. However, it is best to try something that you can do as a part-time business until you're sure that it's the right kind of business for you and that you can be fully committed. Having this trial period allows you time to weigh down things if you should pursue the business or take another shot at another type of business.


4. Free your mind of uncertainties

Doing a few minutes of meditation will allow you to have a fresh start. If you plan on starting a business, keep yourself away from all the stresses that restrain your creativity. If you are apprehensive, it is unlikely that you can think better. And more often than not, making a rash decision will often make you fail.


5. Create a business that the market needs

Be the solution to a long-standing problem for the consumers. Improving an already existing product or service can draw attention to your business. And of course, along with a great product or service, you should be building an exceptional customer experience.

If you feel that this is the right time to start your own business, then, by all means, do so. But take the necessary precautions which will make your mind at peace and your heart filled with content.

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For more information, you may contact Armando "Butz" Bartolome 
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com