Cart before horse: I want to work for myself, but I need an idea first, right?

[Andy]

I’ve been thinking for the last year or two that I’d really like to work for myself. I’m attracted by not having to play politics, not clearing up after others and being 100% responsible for the outcome of my own efforts.

I couldn’t really do what I do now (organic chemist, lab based) without attracting some serious attention from the cops, plus pharmaceuticals is a dying industry in the west. The question is, is it stupid to start forming these thoughts without having a good business idea first?

How would I go about forming an idea? I know that sounds daft, but are good business ideas the result of flashes of inspiration, part of concerted studying or from some other mechanism?

[Omar_Little]

You don’t neccessarily have to have a “new idea”, just a “good one”. What type of applications exist for your line of work? What are the barriers to entry? How much capital do you need? What is the supply/demand mix for your product or service? What market would work best for your idea or service? Build a business plan. Start on step one.