Methods of Generating New Business Ideas for Entrepreneurs

Sources and Methods of Generating New Business Ideas and Opportunities

Generating new business ideas for entrepreneurs is never easy as people may think it is, most especially when you don’t have a team working with you. Great business ideas are all around us but they are not just as obvious as we want them to. But through brainstorming, you can come up with very good ideas that can lead you to start a great business.

Brainstorming is just a way of making a group of people to think about something the same time, usually with an intention of solving a problem or creating good ideas.

Whether you own a business and want to start a second business or you are thinking of starting a business, there are so many common methods of generating new viable business ideas for entrepreneurs that will look interesting to you.

What are the methods of generating new business ideas? Let me get to the point by explaining to you the top 7 methods of generating new business ideas for entrepreneurs.

GREAT SOURCES FOR GENERATING NEW BUSINESS IDEAS AND OPPORTUNITIES



1. Start with your Family

Getting family members involved in your search can still help to find new business ideas for entrepreneurs. I know this may not come to your mind but it works. Donald Trump learnt about real estate from his dad.

There may be an idea one of your family member may have been keeping to him or herself due to lack of funds or nobody to share it with. You raising up the matter that you would like to start up a business but you don’t know which business to venture into may end up sparking up the idea and that person will then share his or her thought with you which you might end up executing and become wealthy.

2. Newspaper

Most times entrepreneurs do generate business ideas from reading newspaper in their niche. Reading newspapers and paying considerable attention to the classified advertising section will reveal: commercial opportunities: E.g. published information about companies needs for a product/service may offer clue useful in marking appropriate choice and most adverts will indicate services and products required by some organizations.

When I find time to read any newspaper, I quickly go to the advertisement section so see if anything there can spark up a thought within before I head to other pages.

3. Seek Ideas from Customers

Your loyal customers might be a useful tool to generate new business ideas that sell. They see what you don’t see in your business and the environment because they are the ones in need of products or services. Reach far and outside your own industry for ideas on how to get customer input.

Invite any of your loyal customer that has become a friend to the business for a refreshment. Ask him or her what they like about your products or services and what they also don’t like. Take note of their feedback and see if their suggestion can be work on to develop an additional products or services for you in your business.

4. Hobbies

Another methods of generating new business ideas for entrepreneurs is by tapping from their hobbies. Take five minutes to list as many of your interests and hobbies as you can think of. For each, try to think of a business idea to match it.

What one love doing most i.e. his or her hobbies can also be turn into a profitable, full time enterprise. Instead of doing it for just only fun and pleasure, it is an opportunity to generate a new business idea. I have meet many people who are just funny for nothing, and I also know people who have turn their fun to comedy, realizing thousands of dollar for every fun they make.

5. Reinvent an Old Idea

Why generate a new business idea when you can reinvent an old one? Take a products or services that you are delivering and make it better. There’s just a tremendous amount of ideas already on the table, you just have to apply your mind and adapt it to suit the changing trends and expectations.

6. Brainstorming

This is one popular methods of generating new business ideas for entrepreneurs. You can do this alone or do it with a group of genius. Doing it with a group is very effective as people get to think from different angles.

Entrepreneur do brainstorm alone or with two or three people to generate business ideas. The first thing is to scan the environment to identify the problems that need to be solved and the needs that people have. Since you are the one leading in the team and the primary beneficiary, you should be able to present the problem to the group.

7. Conduct Market Research

This is a method of generating new business ideas for entrepreneurs used by industrialist. You can do this very easily. Just go round the various markets you would like to venture into if you get a good business idea in it, ask questions, talk with the owners and their customers and go in-depth about the research.

Other Methods of Generating New Business Ideas for Entrepreneurs

What is keeping you from becoming an entrepreneur and starting a business that give you the time and financial freedom to explore the life you’ve always dream of?

I know your answer to this question is most likely to be lack of resources especially money. Well, you are wrong. Yes! Your answer is wrong. What is keeping you from stating a business is not really the lack of money, it is the challenge of generating business ideas.

Contrary to the belief of many people, lack of capital is not the major impediment for starting a business, it is lack of viable business ideas. I have seen many people who had the capital needed to start a business but couldn’t start one because of the lack of business ideas.

Besides, there are actually businesses you can start with little or no capital but you have no idea of it. You can now see that capital is not really what you need; what you need is how to generate business ideas. I know doing this might be quite challenging for you but never mind, I have helped you out. Just keep reading this, I can assure you that by the time you are done, generating new business ideas will be effortless for you as swimming is effortless for the fish.

SELF DISCOVERY

One of the best method of generating business ideas for entrepreneurs is through self-discovery. Self-discovery is the process of understanding who you are and what your abilities, strengths, weaknesses, talents, passions, aspirations and values are.
Having an understanding of yourself will not only help you generate business ideas that you can easily do, it will also help you to filter the business ideas you generate such that you discard the ones that doesn’t suit your personality.

Let me share you a story of my friend Cindy. Cindy during the process of self-discovery, discovered that she has an uncanny talent for playing instruments. And she generated two business ideas from this. The first is, teaching people how to play instruments while the second is, playing for music bands.

However, Cindy doesn’t like teaching, she is a happy go lucky extrovert who likes to have fun. Cindy opted for the business idea of playing instruments for bands because that is what suits her personality. Today, she happily makes money doing what she loves.

STUDY THE ENVIRONMENT

There are myriads of needs in your environment that are left unattended to. You may not know it but it is there. This is why it is imperative to study your environment to fish out the available needs you can meet and make money in return.

I know of someone who relocated to another country and after studying her new environment, she discovered that the people from her country in that environment often talk about how they miss their local delicacies. She decided to meet this need by setting up a restaurant that provide the local delicacies her people are craving for.

She also starting importing food items from her country and set up and e-commerce store for it. She makes a lot of money from this venture. You too can be like this woman, open your eyes and your ears and be on the lookout. I can assure you that ideas will surely come.

TRAVEL

Travelling exposes you to a new world. When you travel to a new place, you will be exposed to know things that you never knew existed before. And from this exposure, you can generate new business ideas if you are introspective enough.

So, make travelling a habit to cultivate. And please, don’t give me that excuse that you don’t have money for travelling expenses. I call this an excuse because, you can travel if you want to. There are interesting places you can visit no matter how small your budget is. You don’t have to travel to a far place.

You can set out a weekend to visit your neighboring town and tour all the interesting places there. I’m sure that you will definitely discover something new that can open your mind up to new business ideas. Anytime you are travelling, make it a goal to come back with at least one new business idea.

Setting this goal will force your mind to pay attention to things that you would have otherwise disregarded.

RESEARCH

One of the top secrets of becoming an idea generator who easily comes up with new ideas all the time is to become a researcher. According Cambridge Dictionary, to research means “to study a subject in detail, especially in order to discover new information or reach a new understanding.”

There is no way you will do a thorough research about something and will out discover something new. The first step in becoming an effective researcher is to be clear and focused. Humans has so many problems they are facing and you cannot solve them all. This is where clarity and focus comes in. You must clearly identify the problems you have the ability, talent and passion to solve.

These problems must align with your aspirations and values and the market must be willingly to pay for the solutions. Doing this will help you get focused in your research such that you singularly focus on one thing.

After this you can start researching about the problems by asking questions like: what has been done in the past the tackle these problems? Why are the past solutions not really effective? How can I come up with better solutions? If you seek answers to these questions long enough, you will surely find the ideal answers.

Practicing the above techniques for generating new business ideas for entrepreneurs can improve your ability to generate new ideas easily. You can now see that generating new business ideas is not as difficult as it seems. I am sure if you thoroughly ingest this article, you will never ever again lack business ideas. I would love to close up by giving you a counsel; anytime you generate a business idea, don’t invest in it until you validate it to know if the business idea profitable and if there is a hungry market that is willing to pay for it.

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