The world is the way it is because of business ideas that became great business, entrepreneurs and business owners have shaped the world into what we have today.
No wonder there is an unprecedented rush into the business world. But so often many new businesses fail in the first five years due to factors that ought to be considered with close attention before embarking on any business journey.
Have you started your own business or you are just about to start one? I will share with you how you can come up with great business ideas.
But a word of advice to you though, ideas are pretty cheap but, execution is supreme, even if you are going to get a lot of ideas it is mandatory for you to understand how to execute the idea.
How to come up with business ideas may take different route depending on you experience and education, but it is open to all who are seriously interested in pursuing their business careers.
I will also like to point out that there are other fake form of business ideas, which include the collection of money for a high rated return within the shortest time period; this is the home of scam you should avoid business ideas that takes this route.
Now what is a business idea? are you surprise at my question? a business idea is a meeting point between two needs, one the need of the giver of the solution (you the entrepreneur) and the need of the receiver of the solution (the customers).
From the description of business idea in the last chapter, you should know where we are going to get our business ideas generated from- it is obviously going to be from the human to human interaction especially our own daily interaction with others.
How can you come up with business ideas?
For you to effectively develop great ideas, you have to look at how human interact with each other, nature and the emotional state and culture of the particular group of people you are interested in serving with your business.
First and foremost, people do not hide the obvious needs around them, in fact you may also be part of those that have yelled or complain about solutions that you wish was available but wasn’t. This pain area brings you the opportunity to explore for business ideas.
Secondly, you area of knowledge means that you know what others may not know, believe me you can set up ways to expanding what you know by educating other people
Lastly, when you see a pool of people with the same pursuit, problems, complains; you will never lack business ideas among them because every gathering is a good exploratory ground for business ideas.
Areas to Find Business Ideas
Let us get to find our where you can discover business ideas
- Yourself: This is not about been selfish, it is about knowing the difference between your wants and you needs and how you are meeting it. This will help you to come to terms with needs that you have not yet found the answer or the ones available seems to have a high cost or not efficient for your use. This should propel you to check out if your friends, family, coworker and other people living in you community have the same challenge this could lead to great business ideas.
- Place of Work: If you are working you should know how things run within your work place, find out what those around you complain about most times, this could be a pointer to great business ideas.
- Your Social Activities: Socializing is great because people do freely share some part of their life with those they care about. You can take time out enjoy your social function and note the recurring challenges your friends face.
- Search: The internet is a place you can do a deep search to discover the trends. this will give you direction on what is happening in areas far away from you, you can pick ideas from far and integrate it into your own environment- who say this type of business ideas don’t work?
- Schools: The school is the breeding ground fro the next generation workforce, this should tell you that they have their own needs already and are eagerly looking for solution.
- Your Interest: While the first points talks about your pain, I want to point out here that you can develop business ideas from your own hobbies and passion. I don’t want to say that you should be passionate about any business you are doing, rather you should be passionate about your business; and it starts from the business ideas that meets your interest.
- Other People Interest: It is a fact that you might not like what other people especially those close to you might like. Their interest might not be your own interest. This does not stop you from exploring the business ideas found in the interest of other around you. Remember people will buy only what they are interested in not what you are interested in.
In conclusion, many business ideas came as a result of challenges faced by people. Your business idea is as good as its execution and you should remember also that execution is bound to time because your aren’t the only one discovering business ideas everyday.
The bottom line is this, meet the needs of others and your need will be met. Have you discovered great business ideas before? let us know how you did it in the comment box below. We wish you a great business experience.
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Josh S. Doye is a business developer, freelance content marketer. you can contact him for more enquiry via the contact page on this blog.