Starting a business can be an overwhelming task, especially when bombarded with the millions of ideas available online. The key to success, however, might be simpler than you think. Terry Rice, host of the Launch Your Business podcast, emphasizes that the skills you already possess can be the foundation for a successful business venture. Let’s take a closer look.
Discover Your Unique Qualities
The first step in this entrepreneurial journey is to determine your “Zone of Genius,” a concept derived from Gay Hendricks’ book, “The Big Leap.” The zones include Incompetence, Competence, Excellence, and Genius. To identify your strengths, create a spreadsheet listing organizations you’ve worked for and the tasks performed at each. Honest self-assessment will help you pinpoint tasks in your Zone of Genius — the activities you love and excel at.
By following this process, you can uncover marketable skills. For instance, if your spreadsheet reveals expertise in planning Facebook ad campaigns, you may consider becoming a consultant in that specific field.
Monetize Your Skills
With your Zone of Genius identified, it’s time to monetize those skills. This model provides a framework for creating services tailored to your unique skills. Terry Rice introduces the A.C.T.I.O.N. business ideation model:
Audits: Analyze a company or process step by step to identify areas of improvement or opportunity.
Consulting: Provide opinions, analyses, and recommendations based on your expertise.
Training: Help individuals or organizations develop specific skills needed for their job.
Implementation: Assist clients in implementing tools or teams to achieve their goals.
Ongoing Retainers: Provide continuous advice and services based on your expertise.
New Opportunities: Explore creative ways to help organizations reach their desired outcomes.
Leverage Your Connections
Rice emphasizes the importance of tapping into your existing network when promoting your business. Rather than reaching out to strangers, start by contacting 10-20 people who already know, like, and trust you. Craft a personalized message introducing your new business, explaining how you can help a specific target audience, and kindly requesting them to spread the word to their networks.
The Power of Networking
Rice, drawing on insights from hundreds of interviews with entrepreneurs, underscores that 90% of initial clients often come from the entrepreneur’s existing network. By focusing on individuals with relevant connections, you increase the likelihood of finding clients interested in your services.
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