As an EIT (Entrepreneur-in-Training), you need to realize that a great business idea will never just ‘fall into your lap’.  In my experience, and from speaking to successful young entrepreneurs, you must actively partake in an ideation process.

There are many places that you can look for a good idea, but some of my favorites have been included in a past post that I wrote on Entrepreneurial Resources.  Among those are:

Twitter: Following like-minded entrepreneurs who dedicate their time to reviewing and sharing entrepreneurial resources is very worthwhile.

Google Reader: It’s difficult to follow all the great entrepreneurial blogs out there but Google Reader helps me keep up to date.  It shows all new blog posts and will mark them as ‘unread’ until I read through them – great system.  Ben Yoskovitz mentions a few great ones in his recent post Check Out These Startup Blogs.

Newsletters: Check out Trendwatching and Springwise – enough said.

Magazines: Although I do a lot of online reading, I still enjoy sitting down to read a good old fashioned magazine every once in a while.  I subscribe to Inc., Fast Company, and Canadian Business.

Free E-Books: We have many free e-books in our Resources section, but there are many more available on DocStoc.com as well as Google Books.

After you’ve been inspired, there are a few options for figuring out when you should become an entrepreneur.

First, you could put some time into researching and (using some suggested entrepreneurial resources to find an idea now) plan to pursue an idea as soon as you are able.  You could use the above resources and, either individually, or as a team, review new start-up ideas periodically.  In fact, you could start finding an entrepreneurial-minded team today on Garage Entrepreneurs!

You may also keep your eyes open as you pursue other career options.  Many ideas stem from observations that entrepreneurs make in their immediate world.  Entrepreneurs build companies to exploit opportunities or fix problems that get noticed in our own lives and you will be more likely to encounter opportunities when you have a hands-on approach.

Expand your horizons and place yourself in the “idea flow” of new business ideas.  Websites like Springwise and KillerStartups review a large volume of new start-ups every week.  Get a group together and review some of these ideas today!

There are a number of resources that we use on a daily basis as entrepreneurs. Most are easy-to-use and require a minimal time commitment. Here are some of our favorite resources:

1. Twitter: You all know what Twitter is, but do you know how to use it? Twitter is a great way to hear what other entrepreneurs are talking about. Our favorite entrepreneurs often share links to articles that they think other entrepreneurs might find interesting or helpful. We update Twitter daily with helpful tips, article and blogs for entrepreneurs and you can see our Garagepreneur Twitter page here. You can also see who we follow and add them to your ‘following’ list. In no time you’ll have a list of entrepreneurs who dedicate their time to sharing great entrepreneurial resources.
2. Google Reader: Blogs are fantastic tools, but no one has time to visit their favorite blogs each and every day – that’s why I use Google Reader. Using Google Reader, you can add subscriptions to your favorite blogs which are compiled in one spot. I subscribe to about 15 blogs. If I miss a day or I’m off for a week at the cottage, I can come home and catch up on all my missed reading on Google Reader. Some great blogs to start out with are: Business Opportunities Weblog, Seth Godin’s Blog, and Small Business Trends…and of course the Garage Entrepreneurs Blog (but you’re already here)!
3. Newsletters: Although I don’t like my e-mail inbox cluttered with newsletters, there are a few that I do enjoy. Entrepreneurs get inspiration from a number of different sources but a big source for me is Springwise. Springwise is a leading source of the world’s best new business ideas which sends out a weekly newsletter – great source of inspiration. Trendwatching is another great site which searches the globe for new consumer trends and then publishes exciting reports on the findings. You can sign up for a newsletter highlighting all the newest trends, or download the full reports from their website.
4. Magazines: No, magazines are not dead! Although blogs are fantastic resources for entrepreneurs, sometimes I like to read something on paper either at the office or with breakfast. To keep up with the newest entrepreneurial thoughts and ideas I subscribe to Inc Magazine ‘The Daily Resource for Entrepreneurs’, Fast Company Magazine, and Canadian Business Magazine (to stay on top of local trends). These subscriptions cost a little under $30 each for the entire year and are well worth the investment.
5. Market Research Reports: Typically entrepreneurs think about doing market research when they are investigating a new business idea – I often do some light reading as an inspiration for a new idea. These reports, which can cost up to $4000 are free to university students! I recently downloaded four $3,000 reports free of charge! These reports are extremely detailed and provide excellent insight into a specific demographic or industry – I’m currently reading “Active and Fit Consumer Products”. If you’re a university student, check out www.MarketResearch.com – you might have free access!
6. Free E-Books: There are some great free e-books for entrepreneurs out there. Check out DocStoc.com, and Google Books for some great free entrepreneurship e-books. We’ve also been working hard to bring you a new free e-book library in our Entrepreneurial Resources Section. We’re working hard to bring you the best resources for young entrepreneurs.

These are just a few of our favorite entrepreneurial resources, what are your favorites?