By Dr Dave Schalow, PhD, CLU, ChFC, CFA, CFP
Part-Time Business Success | September 17, 2026

I teach entrepreneurship. When I ask a class if they have ever considered starting a business, almost everyone raises a hand. The idea of starting a business usually comes before the idea of what kind of business to start.

The first question is usually, “What business should I start?”

The simple answer is to find a problem or desire other people have and either solve the problem or fulfill the want. You don't have to begin with a totally unique idea that has never been tried before. Often, a practical starting point is to improve something customers already buy.

Here are six places to look.

1. WORK EXPERIENCE

Your experience is a natural source of ideas. After years of working in an industry, you know many of the problems facing both your employer and the customers. That experience gives you insight into different ways to solve those problems or give customers what they want.

Spend time thinking about this one. What do people repeatedly complain about? What takes too long? What do customers wish someone would do better?

2. SIMILAR BUSINESSES

Observe trends and watch what seems to be successful. Then consider whether you could offer a useful improvement:

Faster. Cheaper. Better.

Can you deliver the product or service 10% faster, reduce the cost, or improve the quality? If so, you may have the makings of a business idea worth testing.

3. A HOBBY OR PERSONAL INTEREST

Getting paid to do something you love is a dream for many people. It can work, but you need caution with this approach.

Some people focus too much on what they want and not enough on what the market wants. If your interests line up with a real customer need, great. But it is the market that decides whether the business is valuable.

4. LUCK OR SERENDIPITY

It is hard to teach luck. The closest I can come is to encourage you to develop the habit of observation.

You are more likely to notice an opportunity when you are actively looking for one. Start thinking about customer problems and keep paying attention. What looks like a lucky breakthrough may begin with a habit of noticing what others overlook.

5. FAMILY AND FRIENDS

Listening to family and friends can occasionally pay off. When they complain about something, think about what might solve their problem.

You don't have to build a business around every complaint. But a problem you hear repeatedly may be worth investigating. Ask whether other people have the same difficulty and how they currently handle it.

6. EDUCATION AND EXPERIENCE

People frequently think the grass is greener somewhere else, when the opportunity is in the “acres of diamonds” right under their noses. What are you particularly good at or highly trained to do?

Know thyself.

It helps to be good at what your business is trying to do. If you decide to open a real estate brokerage, it helps to know something about real estate. You don't necessarily have to learn it in school, but you have to learn it somewhere.

Early in my career, I decided I wanted to learn real estate investing. I started by reading every book I could find, taking home-study courses, attending seminars and workshops, getting a license, and doing the work. That developed into a substantial business for me, but it began with getting the training.

START WITH WHAT YOU CAN OBSERVE

Your next business idea may come from a skill you already have, a problem you understand, or a customer whose needs you can serve better.

​Make a list of possibilities from these six sources. Then choose one to investigate with real potential customers. Their response will tell you far more than simply deciding that you like the idea.