How to look for a business with high success potential

I am looking for a business idea with high success potential. Where can an aspiring entrepreneur find a good business idea?

Answer
Examining some entrepreneurial myths can lead to discovering a good business idea.

The best product or service will be successful. This myth comes from Ralph Waldo Emerson's frequently quoted statement that if you build a better mousetrap, the world will beat a path to your door. Ralph probably would not have made a successful entrepreneur. Thousands of potential entrepreneurs have been sidetracked, even ruined, by taking Emerson's advice to heart.

Unfortunately, just the opposite is true. Regardless of the superiority of your product or service, customers do not beat a path to your door. Producing the best-quality item does not guarantee market share. It simply means you may have an edge over your competition. Successfully penetrating your market is the key. The entrepreneur who demonstrates this superior mousetrap to the world and convinces people to buy it is successful.

Myth 2
At the core of every successful new enterprise is a novel idea or invention. Granted, a completely original idea or new technology has a good chance of succeeding. The fact is that very few new business ideas are truly novel. Instead, they are modifications or improvements of already-existing products or services. Many aspiring entrepreneurs make the mistake of searching for a completely new idea and never find one. Focus on improving or enhancing proven venture ideas. Inventors design new products, but entrepreneurs seek out new opportunities anchored by customer needs, a competitive edge, and good timing.

Great ideas make successful ventures. There is an enormous difference between good ideas and doable ideas. Ideas that are feasible may have a potential market. Entrepreneurs observe new trends and market opportunities. They continually listen to customer concerns and complaints. Potential ideas come from customers who are willing to tell you about the deficiencies and inadequacies of the existing product or service. What do people want that they cannot find? What are they unhappy about? What new products or services are they excited about? Discovering customer dissatisfactions is a great way to find a new venture idea.

The real challenge for the entrepreneur is (1) to look for venture opportunities, (2) to identify doable ideas, and (3) to implement those ideas with a proven market and growth potential.