How to Get a Business Idea That Actually Works
The process of finding business idea will likely be a daunting task because many entrepreneurs believe they are done inventing everything we have to create. The truth is we have business ideas all over the Universe, we simply are not looking at them the right way.
A business idea is not about inventing something brand new it is about taking a current problem and answering it in an easy and valuable manner. Let us walk through this step-by-step to make it less overwhelming and easier to execute on.
What Is A Business Idea?
What Is The Difference Between A Business Idea And A Business Opportunity
A business idea is an idea. A business opportunity is the combination of an idea with a need and a way of executing that need. A good way to look at ideas are seeds and opportunities need fertile soil to grow into something worth having.
Many people have plenty of business ideas. Very few people take their business ideas to the next level because they don’t take the time to validate or act on them.
The Reason That Most People Struggle To Discover Business Ideas
Most people have a thought that one day they will get hit with the next “great idea” and turns into the “next big thing.” It is the nature of a visionary to sit back and wait for inspiration to come down from above. Unfortunately that is not how ideas are born. Ideas are conceived by observing.
Arrive on the Scene with the Right Attitude
Become a Problem Solver
A successful business solves someone’s problems. Uber eliminated transportation-related problems, Netflix eliminates boredom. The most significant part of starting a new business for you is to be of value.
Begin to Ask Yourself:
-What frustrates people?
-What takes the most time?
-What is old fashioned or inefficient?
Eliminate the Misconception of “The Perfect Idea”
There’s no such thing as a “perfect” idea. There are only ideas that have been tested. There are even successful businesses that started as messy and improved as they went along.
Do First, Then Think
Thinking about your idea will never clarify it. The process of doing your idea clarifies your idea. Motion is clarity.
Look Around You For Problems in Everyday Life
Problems You See Every Day
Take note of the things that you’re complaining about. If you’re frustrated with something in your life, it’s highly likely a lot of other people are having the same frustrations. That frustration could be the basis for your next business idea.
Frustration At Work
The potential for great business ideas can be found in the chaos of the work environment. The following are examples of items or issues that may offer you with your next business idea: Slow procedures, outdated tools, and lack of proper communication.
Brainstorming Ideas Based on Your Skills and Passions
Finding your strengths or abilities
Start by asking yourself the following questions:
- What do people typically ask me to do for them?
- In what areas do I have a comparative speed advantage?
- What skills have I developed through hard work and experience?
Making Money off Your Hobbies and Interests
Photography, gaming, writing, fitness, cooking, and most kinds of “hobby” type activities can all potentially be turned into profitable businesses if you find the right niche or angle.
Acknowledge Your Overlooked Skills
Your most valuable talent may sometimes seem so simple or ordinary to you that you don’t see it as being significant. Often these are talents that are worth further developing.
Look for Ideas From Other Businesses
Find Ways to Improve Existing Solutions
You should not feel pressured into coming up with a whole new innovative concept for your new business idea. You can achieve success with an improved version of an existing one (e.g., A product sold for a lower price,/an item developed more quickly than competitors).
While there are many similarities between local and international companies, they may not always work together well. Introducing a model from one portion of the world to another is considered more intelligent than merely copying it.
Ethical Copy vs. Theft
When copying someone else’s business model, copy the model, but not the brand name/logo. Focus your efforts on how to develop a similar customer experience.
Confirm There is Demand for Your Product/Service Before You Fall in Love with It
Discuss Your Idea/Service with Real People
When discussing your idea with prospective customers, ask them:
- Would you pay for this service?
- What do you like and dislike about the other alternatives available?
- If you were to create your own version of “__,” what would you do differently from the current alternatives?
Using Internet Services to Conduct Research
Search engines, forums, and social media, are excellent sources of information regarding people’s opinions (whether good or bad) about various products and services.
Indicators an Idea Has True Possibility
People have already purchased it
Consumers currently complain about the available methods of addressing the problem
They are working to come up with solutions themselves
Using the World Wide Web to Develop Ideas and Create New Products
The Internet is a Resource for Ideas
Google, YouTube, and Social Networks
Autocompletion from search engines and comments made on content posted on the Internet are great places to gather ideas as they demonstrate true questions raised by individuals.
Web stores and Reviews
Negative reviews contain information about what products aren’t doing or where needs are unmet.
Trends vs. Fads
Trends take years to develop; whereas, fads happen very quickly and then disappear. Be careful when selecting a trend to pursue.
Brainstorming Methods That Actually Work
Mind Mapping
Place one concept in the centre of the page; then, draw lines off this idea to develop your thoughts. Let your mind run freely; no judgment should be passed—this exercise generates thoughts.
What If Methodology
What if this product/service were available for free or for a low price? What if it could be shipped to customers more quickly than other methods? What if this item could be purchased by a child? What if businesses could buy this product/service?
Generate More Ideas Than You Think
You are likely to be surprised by how many more great concepts you can create by exploring the “bad” ideas first.
Budget-Friendly/Beginner Business Ideas
Service Businesses
Service businesses are much easier to start than product-based businesses. Service businesses require skills to deliver services, whereas product-based businesses require inventory to sell.
Digital/Online Businesses
Digital educational programs (such as online learning) or digital creations (such as pictures/videos) have low start-up costs and can be scaled quickly.
Side Hustles That Can Grow
Start small; it is common for successful businesses to have originated as side hustles.
Mistakes people make most frequently
Waiting too long
Momentum will be disrupted. Get started before being completely prepared.
Copy without knowing why it works
If you copy blindly, you will fail. It is essential to understand how something works in order to be successful with it.
Failing to listen to customers
Your opinion means nothing; your customer’s opinion is what matters.
Converting your idea into your first step
Test your concept using the smallest version possible
You don’t need to have a complete product to test whether or not there is a market for your idea.
Get feedback from others early in the process
You will save a lot of time, money, and frustration if you get feedback on your idea as soon as possible.
You can always change the direction of your idea without quitting.
Continue to stay motivated when your ideas feel like they are not moving.
Take action to motivate yourself, not the other way around.
Learn from your failures. Every time you fail, you learn what works better.
Create momentum. Small victories provide a sense of confidence and preparedness for the future.
Final Thoughts About Discovering the Perfect Business Idea
The process of creating a business idea is nothing like “finding” it by some sort of illumination or epiphany; rather than trying to find out when you can become a version of “the smartest man in the world”, focus instead on finding ways to solve issues in people’s lives. You will create the business idea; the business idea will happen too.
FAQ’s Frequently Asked Questions
1.What everyday problem do you face that you wish someone would turn into a business solution?
2.Which of your skills or hobbies do you think could be turned into a profitable business idea?
3.Have you ever had a business idea but didn’t take action—what stopped you?
4.Do you prefer improving an existing business idea or creating something completely new, and why?
5.What is the first small step you’re willing to take today to test a business idea?
