Side Hustle Ideas
Our Business Advisor, Susan George, is a highly effective economic development professional with extensive senior management experience in both the private and public sector. We wanted to make the most of Susan’s wealth of experience and she hints and tips on relevant topics throughout the year.
We asked Susan:
What is Ikigai and how can it help you and your business?
When starting or growing a business, applying the Ikigai framework can help ensure your venture is both personally fulfilling and economically sustainable.
If you are searching for a new business idea or looking to boost the performance of your current business, why not investigate how the Ikigai concept can help you.
Ikigai is a Japanese concept that translates roughly to “a reason for being” or “the thing that gets you out of bed in the morning.” It represents the intersection of four key elements:
- What you love (your passions and interests)
- What you are good at (your skills and talents)
- What the world needs (purpose or societal contribution)
- What you can be paid for (sustainability and economic viability)
Finding your Ikigai means identifying a balance among these elements, leading to a fulfilling and meaningful life.
When starting a business, applying the Ikigai framework can help ensure your venture is both personally fulfilling and economically sustainable.
Here are my 10 top tips to integrate Ikigai into starting or growing a business:
1. Reflect on Your Passions
- Identify what excites and energises you.
- Consider activities or causes that make you lose track of time.
- Ask yourself: “What would I do even if I weren’t paid?”
2. Assess Your Strengths
- Write down your skills, talents, and areas of expertise.
- Consider feedback from others about what you excel at.
- Find where your skills overlap with your passions.
3. Understand Market Needs
- Research trends and gaps in your desired industry.
- Identify problems or pain points people are experiencing.
- Ask: “How can I make a difference in people’s lives?”
4. Validate Monetisation Opportunities
- Determine if people are willing to pay for your solution.
- Explore pricing models, potential clients, and competition.
- Ensure there’s financial viability to sustain the business.
5. Start Small and Iterate
- Begin with a minimum viable product (MVP) or service.
- Seek feedback early and refine based on real-world insights.
- Be flexible and open to adjusting your idea as needed.
6. Align with Your Values
- Ensure your business aligns with your core beliefs and principles.
- This alignment fosters authenticity, which builds trust with customers.
7. Build a Strong Network
- Connect with mentors, industry experts, and like-minded individuals.
- Collaboration and partnerships can expand your reach and refine your ideas.
- Surround yourself with people who share your vision.
8. Focus on Long-Term Fulfillment
- Avoid quick-fix solutions or purely profit-driven decisions.
- Balance short-term gains with long-term goals that sustain your happiness and purpose.
9. Embrace Sustainability
- Design your business model to be environmentally, socially, and economically sustainable.
- Consider how your venture impacts the world positively.
10. Revisit Your Ikigai Regularly
- As you grow, your passions, skills, and the market may evolve.
- Periodically reflect on whether your business still aligns with your Ikigai and adjust accordingly.
Summary:
Using Ikigai as a foundation for your business helps ensure that your entrepreneurial journey is not just about profits but also about meaning, passion, and impact. By balancing what you love, what you’re good at, what the world needs, and what you can be paid for, you create a business that thrives while staying true to yourself.
Using Ikigai as a foundation for your business helps ensure that your entrepreneurial journey is not just about profits but also about meaning, passion, and impact. By balancing what you love, what you’re good at, what the world needs, and what you can be paid for, you create a business that thrives while staying true to yourself.
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