There are unlimited possibilities for businesses you can start! So, how do you choose? It’s something that requires careful consideration, after all—this is a big deal. I think this step is critical to the eventual success of your business. If you choose a business based solely on the financial aspects, it can drain you and leave you just as miserable as any job you hate.

Many people never consider their own personal interests, values, goals and dreams when it comes to business. Big mistake! Your business is personal and the better you can align it with your personal passions, abilities and goals, the more success you will experience.

There is one school of thought that says that you shouldn’t be too passionate about your business. The feeling there is that you will be too “involved” with the product or service to properly execute the business aspects of your “passion”. And, perhaps that is a possibility. Many people are very talented and yet unsuccessful because they are not able to apply business principles to their talent in order to make money. There are many flat-broke geniuses out there. If you are overly concerned about the “artistic” side of your business, you either need a business-minded person to be your partner or you need to develop business skills yourself. Alternately, love your art and choose a business in another area of interest to run.

If you haven’t thought about your interests, passions and dreams, take some time now to think about what really excites and motivates you. Here’s a good, quick exercise to get you started:

Motivators: Take a blank piece of paper and list as many things as you can think of –brainstorm and don’t censor yourself. There are only great ideas at this point. What do you like? Think of activities, events, places, people, ideas, values, dreams, anything at all that gets you to generating ideas. Write down at least 20. This should take under an hour.

Skills/Qualities: Then, survey your friends & family and ask them what you are really good at. Write those answers down, too. If you already know what you are good at, make your own list. However, it is great fun to see what others think, so ask! Use as much paper as you need!

Then, take a few days to let the lists rest. After a day or two, take out the list you made and circle the top 5 motivators –the five that you love the most. Take out your survey and circle the top 3 skills/qualities. Take another blank piece of paper and make two columns. In column one, list the top five ideas you generated. In column two, list the top 3 things you are good at.

Now, look at the lists – here’s a sample:

Top 5 Motivators

Travel
Friends
Parties
Recognition
Music

Top 3 Skills/Qualities

Charm/Humor
Persistence
Hard-worker

There are quite a few business possibilities from this group of motivators and skills/qualities: tour group leader, event planner, public relations professional, music manager, media ad sales, travel agent, travel sales, music sales, travel writer, reporter, caterer, disc jockey, trade show organizer, and campaign manager.

You could also try one of the many career/interest inventories available online that can help you with finding suitable areas of interest.

Here are two you can try online, at no cost:

Career Focus 2000 Interest Inventory

The Career Key?


The way you go about finding a job you would love is the same way you choose a business—based on your personal abilities and interests.

You might also try working with a personal coach. He or she can help you—both in determining your passions and in creating a plan for realizing your dreams.

Once you know what you love, how do you start a business around it? Is there a way to make money from your passions? Stay tuned for Part II of Choosing the Right Small Business, Exploring Business Ideas