Can You Believe How This Billionaire Got His Small Business Idea
Where do the best business opportunities come from? Think about how Don Fisher found his.
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He was a typical 41-year old guy. He’d had some career successes and some failures.
But shopping changed his life.
He bought some jeans. But they didn’t fit. So his wife, Doris, went on a mission – find a pair of jeans for Don.
She went to several stores. All she found was limited assortments and nothing in Don’s size. Plus, the mess! They weren’t displayed nicely or set up to be easy to find what you were looking for.
As Don and Doris discussed it, they realized they had stumbled upon a great small business idea:
They would open a store which stocked all sizes, styles and colors of Levi’s.
It was the beginning of The Gap.
Their net worth climbed to $3 billion as they built their empire into over 3,000 stores serving over 134,000 customers in over 90 countries.
What can we all learn from the Fishers?
Opportunity is subtle
It often comes inadvertently, when you aren’t really looking. So stay alert all the time, even when you’re shopping.
And realize that your great small business idea may not come from a single experience. It’s more likely to present itself in a series.
As ideas float, concepts emerge. You have to connect the dots.
Innovation can be low tech
Yes, you need to bring something unique to the market. But don’t think that means you have to invent something or that innovation is only in the realm of the techie entrepreneurs.
As the Fishers demonstrate, it may be as simple as offering a broader assortment.
This is the real opportunity for small businesses. Large companies are often shallow and narrow in their offerings. For example, a big-box store may only stock the fastest selling items.
You may find your opportunity by offering a complete assortment in a given niche. Then you can expand out from there once you get traction.
Look for gaps
We couldn’t resist! But seriously, this is a great way to find your best business opportunity.
Look for gaps between what you want and what’s available. When you find one, chances are you’re not the only one looking for it.
You may be staring your BIGG opportunity in the face. You’ve discovered an unserved or under-served market. And that’s where you’ll find BIGG success!
How did you find your BIGG idea?
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