CHALLENGE: Conceive a Million Dollar Business Idea this Weekend

For this article I decided to do something different. This is a challenge for the upcoming weekend. If you decide to take on this challenge, I want you to use this weekend to conceive a business idea. But this is not an ordinary business idea, because it must have the potential of being a one million dollar idea. Creating this idea will only take one weekend, so if you want to accept this challenge, please keep reading.

We have many ideas all the time and some of these ideas are very good. However most people don’t act to make these ideas a reality. So the challenge is to act upon the ideas and start creating a business out of them. And since most people don’t have time to make their ideas a reality, I’m pushing you to start this process.

Conceiving a great business idea takes time, but for this challenge we only have this weekend. If you don’t have time this weekend, try it in a couple of weeks but don’t delay it forever. If you don’t act soon, you probably will never act. So plan your weekend for this activity and start as soon as you can, either Friday night or Saturday morning. Ideally you should be in the company of your business partners. If this isn’t possible, ask your family, loved ones or friends to help you throughout this weekend. You can also do it alone, but I prefer if you have company.

Start by thinking of ideas you’ve had recently. The following questions can help you to come up with business ideas:

– What do you like?
– What is your experience?
– What need do you have that are not being met by the market?
– Do you any business you think could be better and where you can provide a greater value?
– Do you have an idea that is already being done, at least partially by another business? If the answer is affirmative, how much do they charge for their services? How can you make it better? What would be your approach and how would it be different?

These are just some of the questions you can ask yourself, but this will serve as a starting point.

You probably come up with several business ideas. Now you have to validate each idea doing a SWOT Analysis. For each idea you must tell its strengths, weaknesses, opportunities and threats. This analysis will guide you to define the best ideas. At the end of the process you must have one good idea, although you can narrow it down to the top 3 or 4 ideas.

At this moment you have taken a step that many people haven’t done: you have at least one good business ideas and have thought about it. This is the objective for this weekend. For this business idea to become a reality you have to keep working and defining other aspects. The road ahead is long, but you have a great start. Keep working and best of luck making your idea a reality.

Image taken from Flickr.com