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Need business ideas? I will show you a step by step process that will help you to figure out the absolute best business idea for you. When I say you, I mean you, not the best business generally for everybody. I mean the best business for you personally. 

In order to make it easier for you to figure out the best business idea for you, I invented a little theory called the Theory of Pii. What is the Theory Of Pii? Pii stands for Passion, Income, Impact and this what we will cover in this article:
 
  1. Passion
  2. Income
  3. Impact
  4. Practical strategy for getting started

This is the simple summary of the theory:

If the thing you’re most passionate about and the thing you do to earn an income are the same and they also have a positive impact – then you are living in the sweet spot of life.

 

Step 1. Passion

Some people have trouble finding their passion but this is a very simple problem to solve. Passion is not a wishy-washy concept. This is one of the central concepts in my TedxTalk. The only reason that people say that they have trouble finding their passion is they don’t know what passion really means.

This is the actual dictionary definition of passion:
 
  • a strong feeling of enthusiasm or excitement for something or about doing something:
  • a strong feeling (such as anger) that causes you to act in a dangerous way

In summary, the things you are passionate about are the things you feel strongly about. Take a second to let that sink in. so what do you feel strongly about? This is the part where everything gets real.

For example, how do you feel about dogs being abused then locked up in a dog pound then killed? Some of you feel very strongly about this and some of you dont.
 
Some of you feel strongly about looking super fit. Some you think this is a frivolous goal.
 
Some of you feel strongly about living an environmentally friendly lifestyle. Some you agree with the concept but you dont feel strongly enough about it to want to change your lifestyle. 
 
Regardless of whether it’s global poverty or dancing lessons, everybody feels strongly about something. 
 
If you don’t feel strongly about the business you’re building, you will fail. Why? Because you will be competing with people that do feel strongly about what they’re doing and they will… eat you alive. 
 
Why would you pursue a business opportunity that you’re not passionate about and compete with people that are passionate about it? What do you think is going to happen? 
 
The things that we feel strongly about are the things that define us – and this is the central concept. If someone makes a disparaging remark about the things that define us, it feels like they are making a disparaging remark about us personally. And, we won’t stand for it. This is why we instinctively leap to the defense of the things we fee strongly about. 
 
On the other hand, if you do feel strongly about the business you’re building you will be able to act instinctively so you can better decisions and in less time. You will also spend more time in a state of flow and you’ll have a stronger sense of purpose.
 

Step 2 Income

 

Those of you that know me know I don’t care about money but there’s a quick point I want to make about money and the elements in the lifewall.

 
If this is the first time you’ve seen this lifewall, just think of it as your life broken down into 21 categories.
 
You can see income there in white. Everything to the left of income is necessary and everything to the right of income is not necessary but is very important. There’s only a small number of elements where having a lot of money will allow you to give yourself a rating of 10 out of 10.
 
That’s why money is not a solution to everything but the point I want to make is that money will have a positive impact of some kind on almost all of these elements. So money is not everything but it can be significant.
 
Researching Your Niche: If you will be going into a new niche then you need to research it first – google the words ‘market research’ with the name of your niche to find out how big the market is then google ‘how to make money from your niche’ to see how the niche can be monetized then ask yourself if you can monetize a website with physical products, digital products, services, affiliate products or ad revenue.
 
You will also need to consider the skills, credibility and startup costs required to get started. 
 

Step 3 Impact

Impact. Why does it matter? The impact that you can have on other people or the planet gives you purpose. When you’re dead and people talk about your life no cares about anything you did other than the things that had a positive impact on other people or on the planet.  

When you’re having a tough day in your business and you start asking questions like – why am I doing this? The positive impact you’re having on someone will be the answer. 

In the philosophy I created I define happiness as a combination of pleasure and fulfillment.

Pleasure is what you get from doing things like eating your favorite food. It feels good for a few monites but if your life is a mess, it still won’t make you happy.

Fulfillment is what you get after doing things that make you feel good about who and what you are. And the thing that makes you feel best about who and what you are is your impact.

Do you want to create a business that you’re proud of or, are you aiming so low that you just want to create a business that makes money? 

The next step is to put it all together. [WATCH THIS STEP IN THE VIDEO ABOVE]. You can do this next step by using a spreadsheet or you can Trello. I’m obviously using Trello. This exercise is much easier when you can move items around like this. For those of you that don’t know, Trello is free so you can create an account do exactly I’m about to do if you like.

Want to see examples of people in the world that actually live this way? 

Taylor Swift: she is passionate about her songs. her songs generate income. the songs themselves provide a lot of enjoyment for people and, for some people, might even help to get them through tough times in their lives. 
 
Elon musk: he is passionate about eliminating the use of fossil fuels. Telsaallows him to work on his passion, generate income from it and have a positive impact on the planet. 
 
What about the local yoga instructor: she is passionate about yoga, generates income from it and the yoga lessons she provides have a positive impact on her customers’ lives.
 

Step 4. Practical strategy for getting started

 

Now that you know what you want to do, how do you get started? If you have the skills, credibility and startup capital you can just start now.

If you’re missing one or more of these then I recommend you get started by creating a blog, youtube channel or podcast about your topic.

This will help you to get a better understanding of your niche, establish your credibility over time, learn and improve your skills, build an audience that can become customers and, if you need to raise capital or attract partners, this will significantly increase the likelihood of success.

This will also allow you to start building your new business while working a regular job then transition from your job to your business after your business has grown big enough.

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