7 Reliable Sources Of Business Ideas - New Business Opportunities And Investment Ideas
Generating new and viable, good small business ideas for entrepreneurs
What are the best sources of business ideas and opportunities? How do i find business opportunities? How do i know the best business to start? How do i develop creative and innovative business ideas?
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Many entrepreneurs all over the world have confirmed that there are various sources of business ideas in Nigeria, Kenya and other parts of the world, such as:
possible sources of new viable business ideas,
common sources of entrepreneurship ideas and
potential sources of business opportunities.
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Below, I will list and discuss the different sources of business ideas in this modern society.
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Primary and Secondary Sources of Business Ideas and Opportunities
Major Sources of generating business ideas for entrepreneurs
1. Hobbies: While having fun at what they enjoy doing, many people have started businesses. Converting hobbies into money making opportunities has worked for very many entrepreneurs. For instance, if you love to travel, perform arts or into hospitality you can look at starting a business venture in the tourism sector. Examples of hobbies that make money include sports, cooking, piano playing, photography etc.
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2. Experience: Many investors find it convenient to choose business ideas in line with their background. This because they understand the terrain better. More than half of business ideas come from experiences at work place. For instance,
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3. The Media: The mass media is also a platform for the generation and sources of business ideas in the following ways:
a. study commercial adverts on business needs and sales of entire businesses
b. extract information from reports on changes in fashions or consumer needs e.g healthy eating, weight loss.
c. sieve through adverts for popular skills demanded e.g security, catering, web design.
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4. Exhibitions: If you take time to study most exhibitions, you would be able to discover the nature of new products and re-branding ideas of existing products. Through talking with sales rep, manufacturers and end users, you will be able to find a gap to fill to start your own business.
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5. Surveys: Surveys can either be done online or offline. Talking to neighbors, co-workers and family members about a particular product or service is a form of informal survey. The essence of carrying out surveys is to gather complaints from dissatisfied customers of new and existing products, you will be able to generate ideas to fine-tune your own investment so as to include improvements and changes most people would like to see.
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6. Complaints: Anytime you hear a customer complain about a product such as I wish there was...if they had...etc there lies an idea for investment. You can either set up a competitor business with such firms offering a better product or sell that idea/product for improvement to the company directly. Talk to people, read comment and reviews on blogs and browse popular forums to gather complaints about that product. Complaint is one of the most practical primary sources of business ideas.
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7. Brainstorming: Brainstorming involves using creative thinking to generate business ideas to solve problems. The first step is to identify a problem or question and then Brainstorming is a technique or creative problem-solving as well as for generating ideas. The overall idea is to come up solutions as many as possible. When looking for sources of ideas for new business start ups, through brainstorming you should avoid criticizing the ideas of others on your team, allow even the wildest of ideas, allow large number of contributions and don't hesitate to merge and improve upon other people's suggestions.
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