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Friday, May 20, 2022

How to find Business Ideas?

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If you are thinking about starting an enterprise, you are probably thinking about the “business idea”.  There are many types of business ideas. Those that are presented to us as a revelation (the famous lamp!), Those that arise after having a frustrating experience with an existing product or service, which are adaptations of ideas already proven in other markets, which generate important innovations, and those that contribute a grain of sand to improve things a little for society.

It is true that businesses do not depend only on one idea, and implementation and execution can be much more important. However, many ventures start with an advantage if they are based on an innovative idea. I knew that there is not a brilliant idea waiting to be discovered, but you must find, from your knowledge, experience, and observation, which the ideal project is for you.

The possibilities are many and varied. From our experience we know that generating ideas from nothing is complicated, so let’s dedicate this post to offer a process that can help us discover sources to generate innovative ideas to build profitable businesses.

Of course, creativity is a fundamental tool, and techniques to generate ideas are many, so we are not going to discuss creativity techniques, if not other types of processes, which based on creativity will activate our mind as if it were a source to generate ideas innovative to develop businesses.

There are main principles that will guide you to find a business idea. Explore each category as a starting point for your creativity:

What did you like?

Finding ideas close to the heart will allow you to enjoy the whole process, do it with passion, and not become a headache within a few months of being on the move: what do you do in your free time? What activities do you enjoy? What things did you like about your previous jobs?

What entrepreneurs do you admire? Business should be done with your talent, with what you have learned and with your passions. Your business should be related to something with which you have the affinity.  The important thing is that the business you are going to start motivates you day by day.

What did you know?

Knowledge is a powerful weapon to generate a successful business; if you do what you know, you start with an advantage. An undertaking in the field of your profession, trade, activity or experiences can enhance your possibilities.  The market is always a source of ideas for those people who know how to observe what is happening.

You could detect unmet demands and imagine how you can improve what is there. Plan and decide the creation of your company in advance, trying, whenever possible, that the start of your operations coincides with the calendar year.

Do not think about subsidies as the basis of your company when you want to start a business … the only thing you will achieve is to lose time. Yes, find out about the exemptions and grants that exist for entrepreneurs. In business, you will always have competition!

Before, during … and after starting your business. And by competition, I do not only refer to the direct, also the indirect. It’s really hard to be alone in the market. Think about the resources and assets that you have available and that you can use so that you do not become too indebted. Take into account the material you have before launching with your own business.

What do people want?

Not always what we know or want to do matches what consumers demand. Even if they want what we offer, are they willing to pay for it? And if they are, is the price enough to achieve profitability?

The big question that business ideas must answer is then: is there a market for this product or service? The market is always a source of ideas for those people who know how to observe what is happening. You could detect unmet demands and imagine how you can improve what is there.

Going out to talk with customers is the fundamental step to check if everything we have come up with is actually fulfilled. Most of the processes fail because entrepreneurs with a good business idea are left without this step, without checking if their ideas are based on real needs.

It is necessary to check the starting hypothesis, before launching ourselves to build a prototype, invest time, money and enthusiasm in a project that may not be worthwhile.

Analyze the principles, and then you can use above various creativity techniques for business idea perfection.

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