Most business ideas are born out of the fact that there is a gap in the market that needs to be filled. But is there really a gap in the market or is there no market in that gap at all. This is one place where most entrepreneurs falter while coming up with their business plans. The entrepreneur fails to understand that sometimes, simply, there is no market.

In most cases, the thought originates from the imaginary conclusion entrepreneurs draw- “People might need this!” But they fail to notice the word “might” in their thoughts. Most entrepreneurs forget that people will be having better alternatives to your service already. So tapping into a dead market is potentially a fatal startup idea.

It is this bad habit of entrepreneurs treating themselves to their own cool aid that kills startups. They feel that people might need this stuff or service. The question to ask yourself for a evaluating a business idea is – Have you felt the need for this service/product? Would you pay for it? And I think there is no better sure shot answer for testing how valid and marketable your business is.

In conclusion, the fact is that you cannot base your business ideas worth on the notion that people might need it. You need to be positive that there is in fact a market out there and that you can present yourself well in front of them. It is very erroneous on your side to assume that your business would be having a market – establishing the fact is what is important!

Thank you for reading and do let me know your views below.

For many aspiring entrepreneurs, there is big road block that stops them from actually realizing their dreams. This road block is called the “Golden Idea”. Many people wait for that golden idea that will take them to the level of next Microsoft or Google. Unfortunately, most people fail to realize that the Golden Idea is actually a mirage. You feel that you will get to it, but hardly ever do you “get” a golden idea.

The Myth - Golden Idea

If you ask for a definition on the Golden Idea, it would be something like this: It is an idea that has never been implemented before and has almost the clear potential to be successful.

Now the contradicting business fact that we have seen over the ages is that almost no business can guarantee success. In fact, most statistics on startups would scare you. Some success rates such as, first-time entrepreneurs only have an 18% chance of succeeding are actually quite intimidating.

I have met many people who tell me that they are interested in entrepreneurship. My next obvious question is – what business would you like to do, and their replies are heart-breaking. Replies like, “I still do not have good business idea,” or “I am waiting for a good idea” are answers that make some things pretty obvious. Things such as:

• You lack courage to take the leap into entrepreneurship.
• You are a windbag. The simple fact that you talk more about entrepreneurship rather than actually doing it.

The real fact behind the golden idea is that, it is an endless wait. Most people are misled by the concept of “golden idea for business”. They feel that the most successful businesses are based on a “Golden Idea” while in fact, the reverse is actually true. The most successful businesses are based on refined ideas on business that already exist in the market.

When Facebook entered the scene, there were a lot of other social networking websites as well. Mark Zuckerberg would not really call his website a Golden Idea because 1) There was no sure chance it would succeed, 2) There were already a few other social networking sites on the internet.

So the above paragraph is a practical illustration on why not wait for a golden idea. It is much better if you take on an entrepreneurial venture where you are strong and have a good knowledge about. The golden idea is a myth and it needs to be addressed with awareness.

Too many people lead lives without knowing the genius entrepreneurs within them because they wait for the golden idea. The best idea is where you analyze the business areas of your interest and see if there are businesses that could use some more refinement, can you  provide the same service in a better manner? More cost-effectively? These could be the questions that can make your startup successful. Creativity is an important asset in entrepreneurship.

Hope this post helps you overcome the obsatcle of waiting for that perfect business idea. Because frankly, no idea is perfect in the busines world. Do let me know your views on this below.

Hello everybody. This article is a list of businesses that can be started by entrepreneurs while in college. The list is not only for internet entrepreneurs but also contains few business ideas that are not related to the internet. Also I have specially focused this article for college entrepreneurs.

List of businesses for college entrepreneurs:

Content Creation Company:

The internet today is driven by information. All search engines scan the content on websites and then rate their placement. Most webmasters today are looking for high-quality content writers. You will be surprised how many people are looking for content on the internet. It is mainly because many webmasters do not have time to create content or because they write for multiple blogs. A well established Content Creation company provides an excellent avenue for business.

Event Management Company:

This business idea is not related to the internet. In most countries there is an extreme lack of a good event management company. Also, most event management companies are so over-priced that you cannot afford them for usual events. If you have the skills of managing time and have a general liking towards organizing then an Event Management company is a great idea.

Blogging Workshops:

There is a severe deficit of blogging conventions and workshops in many countries except may be the US. So if you are someone who has already established some kind of authority in blogging or you are extremely strong in SEO, then you can start a company which conducts blogging workshops.

Designing Services:

If you have a nice hand at Adobe Photoshop then you can provide great design solutions to small-scale bloggers as well as big websites by designing logo’s for them. They would also require designers for their ad banners of different sizes. Almost all bloggers are today looking for cheap logo designers who can provide them value for money. Your challenge is to catch the clients who are looking for such services. You can charge anywhere from $5 to $200 for a single logo that you design.

Magazines/Booklet:

An idea which was undertaken by Virgin boss Richard Branson when he was 16-years old. Richard Branson launched a succesful magazine while he was just 16. Although it is a little difficult to get started initially but you can be succesful if the value provide in the magazine is good.  Also, another alternative to a magazine is booklets – which can be less capital intensive and easier to manage.

All these ideas would require team work and you can think of starting up provided you have formed the right team for it. In college, it is less difficult to find a team of people who would be willing to work with you.

Best of Luck.