A lot of advice on starting a business tells entrepreneurs to “monetize what you love.” But that’s not always enough. Your business idea must also be profitable and something you’re good at. If your passion is creating music, for example, but you’re not a great singer or songwriter, the best way to monetize it might be by running a local record shop.
The same goes for a business that aims to create an innovative product or service, even if it isn’t the next Scrub Daddy or Squatty Potty. You need to do a thorough market study to determine whether there is a clientele and demand for what you want to create. You also need to research and validate your business concept and the viability of the product or service you want to deliver, as well as establish a marketing strategy.
If all of that sounds daunting, don’t worry: There are many resources to help new entrepreneurs through the process. For one, the Kauffman Foundation has published a helpful guide to entrepreneurship and a step-by-step guide for starting a business.
The university’s Master of Business Creation (MBC) program also offers an in-depth look at the fundamentals of launching and growing a successful company. This course is available in the fall and spring semesters on campus or online and is taught by experienced entrepreneurs, including founders of companies like The Container Store and e-commerce platform Blue Apron. For more information, click here.
