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The Best Business Idea For You - Personally

I want to show you a step-by-step process that will help you to figure out the absolute best business for you.
 
When I say you, I mean you, not the best business generally for everybody. I mean the best business for you personally.
I invented a framework that I call the Theory of Pii. What is the Theory Of Pii?
 
Pii stands for Passion, Income, Impact and this is a 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. So let’s break this down.
 

Passion: Why It Matters When Choosing A Business Idea

 
Some people have trouble with 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 TEDx talk.
 
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 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 just don’t.
 
Some of you feel strongly about looking like The Rock Dwane Johnson. Some think this is a frivolous goal.
 
Some of you feel strongly about living an environmentally friendly lifestyle. Some of you agree with this in concept but you don’t feel strongly enough about it to want to actually 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 feel strongly about.
 
In the meantime, if you do feel strongly about the business you’re building you will be able to act instinctively so you can better decisions in less time instead having to research everything.
 
You will also spend more time in a state of flow and that simply makes your day-to-day life a lot more fun and enjoyable.
 

Income

 
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.
 
You will also need to consider the skills, credibility, and startup costs required to start.
 
Or to put it in simple terms – do you have the ability to start this business now? If not, start by creating a plan for getting them then launch when you’re ready.
 

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Impact: Why It Matters When Choosing A Business Idea

 
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 one 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.
 

Examples Of Pii

 
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: 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.
 
Strategies 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 in the future and, if you need to raise capital or attract partners, this will significantly increase the likelihood of success.
 
This strategy will also allow you to start building your new business while working a regular job and then transition from your job to your business after your business has grown big enough.
 
If you’re looking for a list of business ideas, check out this list of 55 business ideas from Entrepreneur.
 

Other Considerations

 

When you think you have a good business idea, you need to do competitor research (and complete a competitive analysis) so that you can develop a unique selling proposition.
 
People need to be clear about why they should buy from you and not your competitor your business will fail.
 
 
 

Download Our Free ‘Start A Business’ Guide

Use our “Impact Entrepreneurship” checklist to start your business and make the world better.

  • Adam Radly

    Founder
    Founder of IIMAGINE. More than $100M raised. TEDx Talk about passion > 1 Million views. Founder of World Reconciliation Day with Nelson Mandela. Founder of One Direct Democracy.