Of late, business owners are among the people who are enjoying the luxurious lifestyles. Many people are who have tried to come up with great business idea but do not know how to go about it. If you had also wanted to start your own business or you are planning of starting a business now, but you don’t have any concrete idea at hand. Then I will edge you to take your time and relax as I take you through this seven 6 simple ways of coming up with a business idea.
Ask Yourself “What Next”?
As you begin your entrepreneur life, this question is a very powerful question that puts your mind in motion and makes you think about likely new opportunities. There may be several opportunities closer to you but because you have not put your mind at work to critically scrutinize these opportunities, you will realize that you are always at stage 1 without progress. You are likely to raise a lot of alternative ideas by asking yourself “What Next”?
Do Something About What Bugs You.
Entrepreneurship itself is about finding solutions to existing problems and making money (profit) out of it. So one of the best ways to come up with a business idea is to look at what frustrate you and do something about it. That same thing that frustrate you frustrates thousands or millions of people as well. So by taking the initiative to address that issue from a business perspective, you will be having a concrete business idea before you realize. You develop this initiative which in turn will solve people’s problems and you begin to make money of it. But take note, don’t concentrate too much on how you will make the money but make sure your initiative solves a problem. And that’s all, the money will start coming. A typical example is Microsoft CEO Bill Gates. The first computers that were made were very big computers called the super computers. They were kept in bigger rooms and used by companies and institutions. But Bill Gate came to the conclusion that every home must have a computer, thereby inventing the personal computer. And right now, Bill Gates is one of the billionaires in the world.
Look For New Niches.
Let me explain here what a niche is. A niche is defined by the Oxford dictionary as a specialized segment of the market for a particular kind of product or service. So you can find a new niche by taking a look at what the big players in the industry are missing. There is a saying that “there is nothing new under this earth”. So your business idea does not necessarily have to be new thing all together. So by this approach, I mean that you can generate a concrete business idea by identifying an existing product in the market and figure out what the marketers of that product are lacking which could have made the product a great one. Capitalize on that and make a great version of your own. Make sure you do this the right way.
Find A Category Lacking Recent Innovation.
Innovation basically means applying new methods and ideas to an existing product or process thereby improving or replacing the product or process to create new value.
So another way to come up with a business idea this to follow this process. That is, you identify a category of product that needs to be addressed with some sort of modern technology so as to create new value for customers or clients. As you can attest to the fact that in recent times, products or services that have gained larger customer base in the market are those that meet the modern technological needs of the people. So the key point in this step is the application of new processes and techniques to the already existing product or services which in turn becomes your version of a new product. And that you can run as a business.
Make A Cheaper Version Of An Existing Product.
This step is quite clear, right? One principle of economics is that people make rational decisions when it comes economic issues. In that same way customers of a certain product or service make rational decisions when making purchasing decisions. That is they would want to buy quality product and services that meets their budget. So if you can make a cheaper version of already existing product with great content and features, then you are already there.
Because you are going to accumulate a larger customer base over time. And you will be a business owner before you realize.
Talk To Shoppers.
This is quite interesting. Starting a business means you want to meet the needs of certain group of people usually known as the customers of your business product. So which means that if customers do not have any needs then businesses would not exist. The basic way you can generate a business idea is to have an interaction with your target market. Your target market are those group of people that you are planning to sell a product to. They know what they want in a product, they know what the existing product is not offering them and they know what should be done. Having a conversation with these shoppers you will give you a broader perspective of what product to bring to the market thereby having a concrete business idea.
The above list does not work in chronological order. Which means any of the ways can be implemented at any point in time without following the order in which it is. Depending on the conditions available to you determines how effective this list can help you come up with a great business idea. Meanwhile, try and explore most of the list and I believe you will land on a great idea.
Hope you had a good time. Don’t forget to comment and share.
blogpay
Total Comments: 0