Starting a business to earn a little extra money is a great way to do what you enjoy while earning a few extra dollars to pay the bills. However, doing what you enjoy and becoming a billionaire thanks to your entrepreneurial hobby is another story, but not entirely impossible.
We’ve always been told that one of the keys to success is doing what you love, and as I get older, I have to admit, there’s a great deal of truth to that. Realizing this when you’re younger is either sheer luck or sheer genius, I guess it really depends on how you look at it. If you’re wondering how to get your business ideas off the ground, here are some strategies that have proven to be effective.
The most important and basic piece of advice anyone will give you when starting a business is to find a need and fill it. Internet research, public marketing, social networking sites, even blog forums can be used to find an unmet social need. One of the most current and well-known for doing this is Mark Zuckerberg, the founder and creator of Facebook. While attending Harvard, he missed the public record and photos of his fellow students that he so enjoyed at his previous school. Since Harvard offered no such thing, he took it upon himself to create one. Facebook is expected to reach its billionth account in the next few years.
When presented with a school project, it’s best to put your energy into doing something you enjoy. Writing an article about a book you’ve already read may be easier, but spending time and effort researching current trends could prove more beneficial. Larry Page and Sergey Brin did exactly this when they were given a school project at Stanford. They decided to create an Internet search engine that would analyze the relationships between websites and allow the information to be universally assessable. This started the birth of Google. Frederick Smith also wrote a school project on economics and based his article on the idea of FedEx.
While taking pre-med courses, PCs Limited was set up as a small business upgrading custom computer monitors in a college dorm room. As the business grew, he began accepting direct orders and eventually became Dell Computers, making Michael Dell one of the richest men in the world today. After being accepted to Harvard Law School, two students decided to develop a programming language for the computer. After selling his idea to MITS, the computer manufacturer, Bill Gates left Harvard to pursue his passion.
There are many ways to create successful businesses. Whether they end up making you incredibly rich and famous or just a little more comfortable, taking the time to do your research and learn a few new trends can easily pay off.
