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Coming up with new ideas.

by trevor. Average Reading Time: about a minute.

I’m currently trying to come up with some new business ideas.  Hello Baby is increasingly able to stand on its own two feet which is freeing up my time to work on new projects.  So many choices and only one Trev – what should I do?

Big idea

Every day in the news we hear about businesses which started from nothing and are now worth billions.  Being the arrogant SOB that I am I see now reason why that could not be me, all I need is a great idea.  I have to remind myself that even with millions in funding the chance of something making it big is very slight.  You gotta dream though…..

Some slow building projects

Another option is to start one or more small projects and see where its leads. Perhaps some software tools for online retailers for managing feedback or customer communication.  Low risk if started small, but it without investment it would probably be difficult to get any scale.

Variation on an old idea

Warren Buffet’s business partner, Charlie Munger, talks of the Circle of Competence. Your Circle of Competence is basically the things you know about, in my case online retailing.  Munger says that often business people become unstuck when they think their skills are more transferable than they really are and they would have been better off sticking to what they know.  This is good advice and no matter what else I do I will probably set up another online retailing business to build on my current knowledge.

Nothing!

Sit around eating Belgian chocolates all day.  Move to Venice and drink cocktails in Harry’s bar.  Perhaps I should forget it all and concentrate on becoming more cultured. Might get boring quite quickly though.

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