Taking time to find the right business idea is a crucial step in the entrepreneurial process. Make sure that you don’t get distracted by the constant talk of innovation and unicorn tech companies. Building any kind of successful business can provide you with the time and financial security to invest in more substantial projects.
- If you are interested in examples outside of the tech world, look no further than HotpicksUSA. This company was developed by (Entrepreneurcontributor) Stephen Key after he asked himself, Why do all guitar picks need to be the same shape? Aided by the extensive knowledge of licensing he’d gained working in the toy industry, Key approached Disney, asking for the rights to use its characters as designs for his picks. Soon, his company was selling in stores across the United States, including Walmart and 7 Eleven.
- And that wasn’t all he did: One of Key’s earlier ideas brought in over $100,000 in royalties in its first year alone. He got the idea while playing an indoor Nerf basketball game and realizing that having an imaginary someone to play with, perhaps a professional basketball player, would make the game more fun.So, he bought a Michael Jordan poster and created a new backboard for the hoop. He then submitted the idea to a toy company accepting freelance submissions. Even he was surprised when the company sent him a licensing agreement.
- If the examples above don’t inspire you, take a look at the early careers of some of the better-known global entrepreneurs. Did you know that Elon Musk made his first million dollars selling a business that licensed online city guide software to newspapers?