How to Come Up with a Great Business Idea

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In the current state of most economies, we all have big ideas and sometimes no ideas but a desire to start our own side-line or full time business. This can be a daunting thought if we put so much pressure to be the next Steve Jobs, Bill Gates or Walt Disney, but sometimes the simplest idea can be the best one for you.

I have wondered many times, how they came up with these brilliant ideas and if I can be bashed with the same good idea rock on my head, if it is that, to come up with the same strokes of luck. Finding a business idea is a personal quest. This will be your business, your income stream and livelihood.

But we can look at some suggestions on how to come up with a great business idea.

Think like an entrepreneur

Being observant and looking at the world around you differently you might see an idea that inspires you.  Find what is missing in the world and create it.

Most good business ideas are problems that needed a solution. Changing perspective and seeing problems that you encounter as possible business ideas instead of a negative hindrance, you could sit with the next big business idea.

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Find Opportunities in Problems

Have you ever listened to your friends, family or just even random people saying things like: “I wish this better, or if they can only do this”, these are all untapped business ideas. Not all problems might have an immediate solution. Keep a record of all these statements you hear. One never knows if you will the one that comes up with a solution.

One of the biggest things of an entrepreneur is that they love to solve other people’s problems, and if they can make some money while doing it’s a brilliant business idea.   

Have an interest

If you go and search on Google, you will find millions of search results on possible business ideas. These can range from a simple to super complex ideas, but if you don’t have any interest or slight passion for the niche, it will feel like its draining your soul even its profitable. I am a firm believer of working with your skills, if you are a creative type working with numbers will feel like punishment.

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Find your customers

We have a business idea and now we need to see who our real customers are. Sometimes this not as obvious as we would like to believe. Let’s look at these two scenarios.

A mom goes into the super market she buys cereal, she is technically paying for the product which makes her a customer, but is she the decision maker? When I buy breakfast for my kids I can tell you for sure that I am not the decision maker as I would buy them Muesli and they decide on the sugar coated deliciousness. So who would be the real customer?

A man wants to buy a fancy sports car, but what about the maintenance and insurance. Would a sports car be the best decision for his wife and children? He won’t be the real customer till much later in his life when he doesn’t have external factors influencing his purchase decisions. The success of your business idea is to find out who your real customer is.

Keep it simple

Sometimes a great business idea doesn’t have to be new or revolutionary. Having a hobby you are really good at or even a skill that you are good at like researching, can be viable business. There are many of the same types of business out there that does the same thing and they are mostly profitable. Look at your competition and see what you can do better than them. Use that advantage to enter the market.

I am still a firm believer that there are many untapped business opportunities out there. Finding the right one for you is not the hardest part, the hardest part is to get out of our comfort zones and actually just pursuing what you have always wanted too.

For business owners I would love to hear how you decided on your business what was your deciding factor? For the entrepreneur what is holding you back from following your business ideas. I would love to hear from you.  

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Categories: Business and FinanceTags: , ,

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