There are lots and lots of business ideas in this world and even more ideas that would come as time progresses. It’s baffling that so many people still struggle to come up with one business idea that they’d really want to work on.
One way to be able to come up with business ideas is to build your financial intelligence, so that you could business opportunities easily. But how do you come up with business ideas?
1. Solve a problem – The best businesses were born out of ideas that really solved a pressing problem. Look around you now, you’ll find a whole lot of problems that need a solution. It’s your job as an entrepreneur to focus on one problem, understand if a lot of people needs a solution to that, and then doing something about that.
2. Improve another product – There are products out there that need a little touch or two to take them farther beyond their limit. Check out already existing businesses. What are they doing wrong? How can you improve on it? Then come up with something that makes you unique, can solve a problem better, and can also save people money. What if you could come out with a better alternative to an already existing business that can really save people a whole lot of money solving a particular problem without losing quality on your service to them?
3. What bugs you? – Right now, there are things you may be putting away that really makes you uncomfortable, but deep down, you badly need a solution. Those problems are really great to work on because you’ll be working on them out of a deep-seated desire to get a solution. And once a story is attached to your business, a story that paints a lot of emotions, a story that ends with a solution to a problem that a lot of people experience; people would be more inclined to patronize you because they feel you best understand them specifically because you had an experience about that same issue.
Businesses that started this way have gone on to be really inspiring as it paints the picture of someone who went through a problem and didn’t get defeated but found a way out of that problem and is changing the world with his solution.
4. What bugs other people? – Edward Daciuk, Contributor on firstsmallbusiness.com has a great idea on this one, to always look for problems surrounding you, observing them and making a list. He suggests prioritizing those problems which are really worth working on and then testing them out.
I’d leave you with a few words, “ideas form with time.” Don’t think that you need all the details of your business idea before you start. You can have an idea today, and the next minute you see a whole new angle to your original idea that you realize could solve more problems and then, Boom!!! Idea Revisited! Be patient, and take it one step at a time.