Settling On An Idea For Your New Company

What business ideas have the greatest potential for success these days? To find the answer, aspiring entrepreneurs should start by finding an unmet need and filling it or solving it through a profitable business model, says BusinessWeek.com small business writer Karen E. Klein.

“Rather than look for ideas and solutions, start by looking for problems and figuring out ways to solve them,” Klein explains in her article, Determining Which Business Idea to Pursue. “Just remember something many eager entrepreneurs overlook: Not only must you relieve customers, pain, you must do it in a way that can be monetized and turned into a profitable enterprise.”

Sizing up the market.

Studying trends—lifestyle trends, demographic trends, and business trends—is one of the best ways to find problems that affect large numbers of people or affect strongly defined niches.

The U.S. Bureau of Labor Statistics (BLS) develops information about trends in the U.S. labor market from myriad sources and makes a wealth of projections about which sectors will grow fastest during the coming decade.

Here is the BLS’s list of the 20 Fastest Growing Occupations with the highest percent change of employment between 2010-2020. This data, published March 29, 2012, may help you foster startup ideas based on the above average growth in service-sector jobs listed below.

Click on an occupation name to see the full occupational profile.

Occupation / Growth Rate

  1. Personal Care Aides – Growth Rate: 70%
  2. Home Health Aides – 69%
  3. Biomedical Engineers – 62%
  4. Brickmasons, Blockmasons, Stonemasons, and Tile and Marble Setters (Helpers) – 60%
  5. Carpenters (Helpers) – 56%
  6. Veterinary Technologists and Technicians – 52%
  7. Reinforcing Iron and Rebar Workers – 49%
  8. Physical Therapist Assistants – 46%
  9. Pipelayers, Plumbers, Pipefitters, and Steamfitters (Helpers) – 45%
  10. Meeting, Convention, and Event Planners – 44%
  11. Diagnostic Medical Sonographers – 44%
  12. Occupational Therapy Assistants – 43%
  13. Physical Therapist Aides – 43%
  14. Glaziers – 42%
  15. Interpreters and Translators – 42%
  16. Medical Secretaries – 41%
  17. Market Research Analysts and Marketing Specialists – 41%
  18. Marriage and Family Therapists – 41%
  19. Brickmasons and Blockmasons – 41%
  20. Physical Therapists – 39%

David Travers is a partner at Rustic Canyon Partners, an early stage venture capital firm based in Santa Monica, California. David’s technology and media experience are instrumental to his investment and advisory work at Rustic Canyon. In this video he discusses how to settle on an idea for your new company.

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