Business idea generation
Businesses are all geared towards solving a need / a challenge / a problem or an opportunity in the community. The Business idea generation stage is the beginning of the butterfly cycle. Just open yourself to the possibilities, and you’re bound to find a winner.
I normally say there are two main ways of how an entrepreneur can come up with a business venture during the business idea generation stage.
- Look for a need or problem in the community and create a solution to solve that need.
- Follow your passion, talent or gift with the hope that someone else will appreciate what you do and they will buy your product or service.
Whichever method you choose, here are 10 practical ways you can stimulate your thoughts.
- Start with family: Tapping family for great business ideas may not seem like an obvious first step. Your siblings, parents, uncles, aunties, grandparents, cousins can contribute positively to your idea generation process. You expect them to be your first customers to your products and services, or to be the first to fund your idea, why not involve them from the idea search stage?
- Get a little help from your friends: Did you know that you are severely limiting yourself if you rely solely on your own ideas?. Try asking your friends for business ideas, you may realize a couple of them have some incredible business ideas. These may also come in handy when your creativity juices runs dry. The important lesson is to keep your antenna up at all times so you can retrieve good ideas when you stumble across them. Someone once said, you can make more money recognizing someone else’s idea than creating one yourself.
- Look at all the things that bug you: There could be a great big business in that thing that disturbs you. Have you ever slept being uncomfortable because of a problem you encountered in the course of the day and that issue does not seem to disappear? That could be your next breakthrough, don’t ignore it.
- Tap your interests: Thousands of clever people have taken up hobbies and turned them into a successful business. Starting a business from your interests will be a smoother journey because you will be doing that which you love. Turning your hobinto a business idea can be the best way to reward yourself from what you love doing.
- Travel: Traveling opens your eyes to a plethora of potential business ideas.
- Keep your eyes open: When you see something that piques your interest, ask yourself, What is it about this situation that’s special? then narrow your focus so you home in on the idea. The process of zeroing in on the idea often spawns important niche markets.
- Examine old mousetraps, then build a better one: If a product doesn’t meet your own high standards, create a better one.
- Take it to the streets: There’s no better place to lock into up-and-coming trends than the streets. Get out of your comfort zone and hit the road. Look around what is happening on the streets, get inspiration and start something. Great ideas can often be found just browsing what’s happening in the neighborhoods.
- Sleep on it: Many people ignore their dreams, and some don’t remember them at all. But sometimes it pays to listen to those inner messages, no matter how strange or unintelligible they are. The tough part is crawling out of bed in the dead of night to jot down those great ideas before they’re forgotten.
- Go online: Finally, internet internet internet! Search the web for ides, it is a fun way to log on to potential business ideas. Check out what’s happening at the various social media sites or any authority website in your industry, a story there can inspire your next big thing!
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[…] Idea generation, is necessary in business. Business brainstorming is a key component of successful idea generation in business. This is important during the egg stage of a business formation. […]