How to Develop a Good Business Idea – Ways of Generating Ideas for Business
Are you struggling to come up with a business idea? Do you need help on how to come up with winning viable business opportunities? Here are some practical steps to finding business ideas that thrive.
“Ideas,” they say rule the world!” This popular saying has found application in our daily lives, especially our economic lives. Ideas conceived by bright minds have revolutionized every facet of human life. Some of these areas include online commerce, healthcare, agriculture, governance, science among several other facets of our life. For the purpose of this article, we will be focusing on how to come up with a business idea by answering the question “how do I come up with a business idea?” This question may seem common, but has a far reaching effect on the life of the individual as well as that of his/her community.
Businesses are diverse as the wants of people are also diverse. This creates lots of opportunities for those who will study the trend and develop a business idea that will meet a need. Businesses are designed to meet the needs of consumers. It has even gone ahead to develop wants. Because of this, we have concepts like needs and wants which also apply to the consumption of goods and services. To develop a business idea, you need the following;
The most successful business ideas are those which have been conceived by visionary business icons. Today, Apple owes much of its growth and development to Steve Jobs’ (late) innovative thinking. This was possible because he always thought ahead of the pack. This is one factor which distinguishes sound business idea. You can develop a business idea which is already tied to an innovation or product. Such may include the provision of repair services to new electronic products, automobiles and several others.
There are a lot of areas where you can come up with a business idea. This is because business niches are almost endless. An important consideration to make in your quest to come up with a business idea is to consider fields or areas of business which interested you the most. This will be discussed in greater detail below. Several sectors exist. This includes the tech industry, hospitality, tourism, electronic, software and healthcare industries among a long and ever increasing list.
Your Most Challenging Moments Present Opportunities
There are several cases in the history of the human race where the most challenging and troubling times have always presented an opportunity. These times have enabled man make great progress. This is also true at the individual level. Your most frustrating moments presents opportunities for growth through the conception of bright ideas which can provide solutions to such problems. Every progress recorded today has been as a result of frustrations faced by people who have persevered.
Thomas Edison for instance invented the light bulb. This did not come to him easily as he tried and failed on several occasions. Persistence eventually paid off, resulting in the light bulb enjoyed by humanity the world over. This discovery has revolutionized the way humans live. You can still come up with a business idea in an area related to Edison’s invention. This may be setting up a light bulb manufacturing industry using the principles formulated by him or you may choose to develop thermal bulbs!
Filling the Gaps
Many areas of human life have witnessed revolutionary ideas which have changed the way people live their lives. However, there are other equally important areas of inventions occasioned by these ideas which have been left unattended to. Sometimes, a business idea does not need to be discovered from scratch, as you can fill a gap or need not provided. A case in point is the intermittent windshield wiper.
Mary Anderson formulated the automobile windshield wiper, which was earlier absent in all vehicles. This revolutionized transport. However, Robert William Kearns made an improvement to the windshield wiper by conceiving an idea to invent the intermittent windshield wiper. This invention is still being used today. This analogy is aimed at highlighting an important aspect of business. While there are several other major ideas which are in existence, searching for ways of improving these ideas is a great way of coming up with a business idea.
Connect With Consumers
Every business idea conceived is meant to fulfil the need of a target market. Therefore an easy way of coming up with a business idea is through communicating with the people who matter (the customers/consumers) depending on where your area of interest lies, you can ask them about how they feel purchasing or consuming certain products. This is a strategy of understanding consumer behaviour. A lot of companies do so to gauge how consumers feel about their services and how to improve on them.
This strategy can be used by you to determine what will excite customers as well as knowing their frustrations with certain products, even if such products are not your own. This is a form of research which can be quite revealing when concluded, and stand a chance of revealing a solid business idea to you. Although the process may be painstaking, diligence is necessary to achieving your objective.
Coming up with a business idea is quite challenging. However, with the right strategies such as the ones provided in this article, your chances of success are greatly increased. With the information provided here, the question “how do I come up with a business idea?” is adequately answered.