Generating a business idea can sometimes feel like an uphill task if you are trying for the first time. The thing is, it doesn’t have to be. Business ideas are all around us. You just have to be intentional in trying to find them. This article will teach you concrete steps on how to generate a business idea.
Tap Into Your Interest
Passion or interest doesn’t always pay the bills. However, when in search of business ideas, the first place to start is your interest and passion. Ask yourself questions like;
- What activities do i gain the most pleasure from performing
- Can i make money with my interest
- Is my interest market viable
- Do i see myself doing this for the long haul
These questions will help you identify your interests, its market value and whether or not its something you really want to do.
Find Unsatisfied Customers
Your business idea doesn’t always have to be something someone else hasn’t already done. It could also be a refined version of a current product or service. Finding unsatisfied customers in any given industry will help you find an audience looking for a better outcome. You can then build your product to target this subsection of people who have unsatisfied needs.
Find a Market Need
The smartest way to find business ideas is by identifying a market need. As far as starting a venture goes, this is the best reason to start a business. Mark Zuckerberg created Facebook because there was a need for it. So did Jeff Bezos, Bill Gates, and every other successful entrepreneur who has built a successful business. If you are struggling to generate a business idea, finding a current market need is a way to get one.
How to find a market need
To find a current market need, simply follow the steps below;
Broad market research; There are various types and sources of performing market research. You can conduct market research through public library data, commercial sources, and educational institutes. This will provide you with objective data about a particular industry size, customers, and potential needs.
Specific market research; within specific businesses, there are needs. This sort of need ranges from software for more streamlined processes, alternative manufacturing supplies, and manufacturing machines. With proper market research, you can target a particular business and find out how you can make their manufacturing processes better. This is for B2B business ideas.
Carry out customer surveys; nothing beats carrying out a market survey in identifying a market need. By using platforms such as survey monkey, you can reach out to thousands and even millions of customers and find out what they are willing to pay for.
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Pay Attention To Your Surroundings And Have a Solution Mindset
Business ideas are everywhere. It just takes attention and a solution mindset to see them. I was once told a story of two men who were sent to a sub-region in Africa by their company. It was a place where people barely wore shoes. One man saw people walking barefooted and a story to tell his wife when he got home. The other man saw a business opportunity. After they both returned to their home country, you can imagine which one started a shoe exportation business.
Paying attention to your environment and having a solution mindset will allow you to see problems in the form of business opportunities. You don’t need a BA from Harvard to do this. All it takes is an open mind.
Travel, See The World And Engage In Community Discussions
Depending on the scale of business you have in mind, traveling and seeing the world is a good way to know what is needed in other countries. Alternatively, you can also engage on discussions in online communities.