What I am going to suggest is more common for new entrepreneurs, but it also applies to the second group. They have things clearer (or should) due to pure experience, but I have seen many cases in which it seems like it is their first venture. It all depends on the entrepreneur's stage of maturity.
What are the motivations of entrepreneurs to launch a project?
Before going into how to saudi arabia mobile number owner name choose your business venture, it is important that you analyze your motivations, as they determine the way you make that decision.
To summarize it a lot, we have two scenarios:
Self-employment : whether because you are not out of work or because you want to give a new focus to your professional life, you consider entrepreneurship as a way out.
Born entrepreneur : you have an idea in mind, something to contribute to the market and you have the desire to shape it and launch it.
The problem with the first case is that your motivations are more economic and/or emotional, and therefore, the objective of your entrepreneurial project is to make money. Totally legitimate, but it is possible that this makes you select a limited business model disconnected from the market (your interest is not the market, but earning a living).
In the second case, your goal is to launch something that you think the market needs and that is also part of what you are passionate about. Of course you want to make money, but it is a consequence, not the main objective.
As they say, “it’s not how it starts, it’s how it ends.” You can start one way and end another, and vice versa. It’s happened to me!
How do entrepreneurs decide on the business model for their new project?
That said, what motivates us to choose one business model or another for our venture?
Activity related to your profession or your company's activity: you are looking for a continuing option. How can I do better, and independently, what I currently do?
They join a project: someone in your environment suggests that you participate in their venture because they think that your profile adds value to the project.
"Happy idea": In the most immature phases, projects are sometimes thought up almost at random. Ideas that may make sense are put forward, and the one that convinces them the most is chosen.
Market opportunity: we detect an opportunity and shape a business model to satisfy it.
Related to your purpose: we think of a project that is aligned with our personal purpose. This option can be combined with the previous ones or start from the purpose itself.
The purpose as a reference to decide the business model of your venture
As I just mentioned, there is no single path to achieve your ideal entrepreneurial project, but there is one way that is better than the rest.
What do we seek when we start a business? For our company to be successful, right? This depends on many, many factors, but which of these can you influence? The more closely the project is aligned with what motivates you the most and what you do best, the greater the chances of success, right? You can find the answer to these and other questions in Chapter 5 of “Marketing for Entrepreneurs” , where I begin to introduce the concept of purpose in the book.
Well, this is what the purpose achieves, placing you in an activity where you have the greatest chances of success.
How do you define personal purpose or brand purpose?
As this is a topic I have discussed extensively on the blog, I will give you a brief introduction to the topic and provide you with the links so you can delve deeper.