Working Principle: Follow your passion/interest and available opportunities or potential for opportunities (e.g., market, relationships, etc)
Sole Proprietor: Figure out how to monetize that passion/interest and opportunity. Start small, then grow. Estimate how much money it will be able to provide vis a vis alternative time investments. Example: If you like tennis, start teaching lessons. Figure out where to teach, how to generate your client base, how much you'll charge, what your costs are, how much you'll make, then just do it if it makes sense. You'll learn a lot just in planning and doing
Group: Find a good working group with strong people that are complimentary (e.g., an Engineer, a Product person, a business person.) Develop an idea, develop the product to sell, figure out how to get to market, etc.
You'll learn a lot along the way. Good luck!
Where do your passions lie? What things are you really really interested in? Do those ideas align with a business you might start?
What type of educational background do you need for that? Are you working toward that degree now or soon?
Are there professional certifications that will help you?
How much money will you have a your disposal? Starting a business isn't cheap, so you may need some assistance or even do another job for a bit until you save up enough money. You can take a loan(s) too as another option if you decide to.
What team members will you need for your business? It may be difficult to have a one person business (although there are some for sure), but if you need team members, who might they be and what skills do they need to have?
How can you differentiate your business from others (the competition)? What makes your business unique?
Starting your own business can start off challenging but if you put in the time and effort (the "blood, sweat and tears"), be flexible, be open to life's little learnings along the way, and never stop pushing towards your goal, I'm sure you'll be successful!
The best way to start a business is to think of a problem you want to solve in he world.
I would take a few minutes each day to just write out all the problems people have in categories of life that you have a passion for.
For example if you love to cook what are problems you or others have in the kitchen:
-food always falls out of my pan because it’s too small
-avocados get brown too fast
-my stove is always annoying to clean
-I want to cook healthy food but healthy food tastes bad
The next step would be to then think about how you would solve that problem with a product of service.
-I will create a pan that is taller so food doesn’t fall out
-I will create a bag that keeps avocados fresh for 2 more days
-I will create an easy stove spray that you don’t have to wipe but will clean the grease off quickly and easily
-I will start a blog to create healthy recipes and cooking videos that also taste good.
If you look around at the most successful companies they all solve problems.
-Uber: saves time and less expensive than taxi so saves money
-Amazon: saves time so that I don’t have to go to the mall to buy stuff
There are tons of free resources like podcasts and YouTube videos.
I suggest checking out the “How I built this” podcast. The host interviews people that have built some of the most successful companies.
I would also suggest finding people that also want to start a business to “mastermind” which means talking about business ideas and learning from each other.
Business ownership is fun but can be stressful so make sure you are practicing self care as you build your company.
Also don’t listen too much to the naysayers. Believe in yourself and know that many people may not believe in you when you start a business.
Reach out if you have any further questions.