How to Come Up With a Business Idea That Actually Fits You (and the Market)

By Daniel Lancaster, CFA® | The Wealth Expedition

The third map of The Wealth Expedition framework is Entrepreneur Expanse—the final step in wealth creation. But if you've ever wondered how to come up with a business idea with potential—or looked for a way to differentiate the one you already have—consider this:

"I just don't have an original idea," they tell themselves.

But originality is rarely the starting point of meaningful entrepreneurship. Alignment is—alignment with your Ikigai.

Stock market investing is a largely passive and excellent way to build wealth over time. It allows you to participate in broad economic growth without needing to control every variable. But if your goal is to dramatically accelerate wealth creation, small business ownership remains one of the most powerful levers available—especially when done intentionally while managing risk every step of the way.

Yes, business involves risk. But unlike market risk, entrepreneurial risk is often:

• More concentrated
• More nuanced
• And, most importantly, more controllable

So instead of asking, "What's the next big idea?" a better question is:

That's what this article will help you define.

How to Come Up With a Business Idea Using Ikigai (Without Overthinking It)

When people question how to come up with a business idea, what they're really asking is:

"How do I stop staring at a blank page and start moving forward with confidence?"

A useful starting framework is Ikigai, which sits at the intersection of:

This isn't about finding perfection—and it's not about designing the next Amazon, Facebook or Apple. It's about narrowing your focus enough that momentum becomes possible.

All you need is traction. The slightest catch of the rubber to the road. And then you slowly, steadily snowball—until the growth becomes exponential.

The mistake most people make is trying to answer all four categories at once. Instead, we'll move through this in three grounded steps.

Step 1: Understand What Actually Energizes You (Not What Sounds Impressive)

Inside Budgeting Bayou within The Wealth Expedition, I encourage people to learn both their Enneagram and Myers-Briggs types—not as labels to tell you who you are (no test can do that), but as tools.

Why?

Because sustainable businesses are built in flow states, not in constant self-resistance.

Some people gain energy from:

• Solving complex systems
• Writing or coding
• Analyzing data

Others from:

• Teaching
• Building relationships
• Designing or creating

If your business consistently pulls you away from what energizes you, burnout isn't just a possibility—it's an inevitability.

So before you ever decide on what kind of business you should start, ask:

This step alone eliminates dozens of ideas that look good on paper but would quietly drain you over time.

Step 2: Look for Overlapping Strengths in Your Real Life Experience

This is where most advice for business idea generation goes wrong. People look outward first—trends, headlines, hype—before they ever look inward.

Instead, examine your unique history of experience, skills, and perspective and ask:

Where do two or more strengths overlap?

For example:

• You might be especially skilled at building deep interpersonal relationships
• You might also have an uncommon knack for writing code
• And maybe you love cross-country cycling—the kind that involves long days in the saddle, managing fatigue, planning routes and resupply points, tracking mileage, and staying mentally focused through isolation and discomfort

While you could focus your attention primarily on any one of these three strengths, let's choose cycling as an example.

What problems exist inside that world that most people don't see?

Because you understand:

• The emotional side of endurance
• The technical side of systems
• And the relational side of communication

You see friction points others miss.

Maybe that leads you to build a lightweight web tool that helps long-distance cyclists:

• Plan routes and daily mileage targets
• Track recovery and fatigue
• Coordinate logistics and check-ins with loved ones back home

That's how you find a profitable niche without chasing trends.

Step 3: Use a Simple Map to Find Where You Can Differentiate

Once you have a direction, it's time to clarify how you'll stand out in a crowded market.

Draw a simple graph:

• X-axis (horizontal): one meaningful quality
• Y-axis (vertical): another meaningful quality

Seth Godin, in This Is Marketing, offers a helpful list of attributes you can use:

For our cycling example, let's choose:

• Completeness on the X-axis
• Professionalism on the Y-axis

Now research what already exists.

Let's say:

• Company A has a large international route library and decent tools, but slow support and limited customization
• Company B has only domestic routes, outdated information, and slow communication

Plot them.

Your opportunity is to:

• Match the core offering people already want
• Excel meaningfully in at least one dimension
• And ideally, raise the bar on both

That might look like:

• Faster response times
• Better-designed tools
• Smaller, more curated routes
• Community features
• Partnerships with local businesses along popular routes
• Or a hyper-specific geographical region that offers granular information on routes, stopping points, and local groups. (Geography is, by nature, a strong niche)

This is how you stand out without needing to be revolutionary.

Why Starting a Small Business Idea Is About Buying Time, Not Just Making Money

Entrepreneurship isn't just about income. You're not building yourself a job that you're tied to.

What you're really after is optionality.

You can work when you want, how you want.

A well-designed small business:

• Buys you time
• Gives you flexibility
• Expands your influence
• Diversifies your risk by reducing reliance on a single employer or system

This is why so many people are drawn to lifestyle businesses—not because they're easy, but because they're intentionally designed.

And this is also why those pondering how to start a business without an idea simply need a framework with which to answer the question.

The Real Goal: From Idea to Momentum

If you've been stuck wondering how to come up with a business idea, here's the shift that matters most:

Stop asking, "Is this idea big enough?"

Start asking, "Is this idea different enough that a small handful of people would deeply recognize themselves in it?"

They would feel like these are my people—finally someone gets me!

Start with who you are. Build for someone that you understand deeply. Use early traction to pivot, grow and eventually scale.

That's how businesses—and freedom—are actually built.