Being an entrepreneur isn’t for everybody. However, for a motivated self-starter with big ideas, it could be the gateway to a bright future.

Getting there is a process, however. You must have a good understanding of what you’re good at, and it needs to be a viable service or product that solves a problem for an identifiable audience.

The good news is, you don’t have to have a business degree to be successful as an entrepreneur. But you will need a strong backbone and be willing to take a few risks.

Still unsure about whether entrepreneurship is right for you? Let’s look at some of the things you’ll need to figure out before you take the plunge:

1. What are you passionate about?

In the same way that an author shouldn’t write about subjects they know nothing about, you shouldn’t be in business if you’re working with a product or service you have no interest in or don’t understand. Of course, not all passions have business potential. Ask yourself:

– What subject do I know a lot about?
– What are my strongest skills?
– In a perfect world, what kind of work would I be doing?
– If you were to write a book, what would it be about?
– Have you got any hobbies that would translate into a business?

If the answers to any of these questions overlap at all, you just might be on to something. If you are widely considered to be an authority on wine, for instance, perhaps you should be in the business of wine consultation, becoming an online wine merchant, or developing an app that will solve the problems of wine drinkers everywhere. Explore the viability of your concept by seeing who your competition would be and what it would take to get to their level or surpass it.

2. Decide what type of business is best for you

The next step after you’ve zoomed in on an industry or niche is to figure out what aspect of that industry is best suited to your skills, your vision of the future, and what fits best with the lifestyle you are leading or want to lead. We’ll stick with the wine niche for now:

– Services: do you design wine lists or recommend wine for collectors? Do you want to offer secure climate-controlled storage for their collections? Can you broker purchases of rare wines from agencies not generally open to the public? Can you take people on tours to wine country?

– Physical products: are you passionate about wine discovery? Can you envision yourself running a boutique wine shop in your community?

– Digital products: are you a wine educator, or do you have any interest in bringing wine education to the public? You might consider doing webinars or teaching wine appreciation courses online, or you might have an idea for an educational mobile app or one that helps people organize and value their wine collections.

– Expert advice: If you have a lot to say and share about your topic, you could position yourself as an authority by writing or blogging about it, or establishing a website devoted to giving advice on the subject.

3. Identify your competition

Once you have decided on your direction, you’ll need to establish who your competitors are. Identify the top contenders and see if what you plan to do overlaps in any way. Follow them on social media, and have a good look at their demographic to discover everything you can about what they are doing right and where they are falling short.

The best entrepreneurial undertakings have something that is unique, something that solves a common problem. Ask yourself what value you are bringing to the space you are entering, and whether you would be a customer if the shoe were on the other foot. If the answer is a resounding “YES!” then you might just have a winner.

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If you are an entrepreneur or small business owner, we would love to meet you. Our flexible workspaces provide everything you need to be successful in today’s competitive marketplace. Call today, or schedule a tour.