One of the hardest parts of starting a business is coming up with good ideas. Successful business ideas are formed through brainstorming and mind mapping sessions. However, those aren’t the only ways. The following are four more strategies you can use to discover a great business idea.
Use Knowledge and Personal Resources
Great business ideas come from the most obvious things. Good thinkers start by looking at themselves. They analyze their problems and think of ways they can solve them. They consider their finances, knowledge, and social capital. To start, you should be able to finance the business idea and get it off the ground using what you have. Then, find a unique way to solve the problem using your skills and professional knowledge. Finally, use your network to create awareness for the solution and generate customers.
Modify Existing Inventions
A good business idea doesn’t have to be something completely new. You can think of ways to improve what is already there. It’s a simple matter of asking yourself, ‘what can be done to make things better?’
An example of a great idea that was modified is the smartphone. Before tech companies manufactured phones with high-quality cameras and multiple functionalities, mobile phones were used for two main things: calling and sending text messages. Someone saw an opportunity and improved the design to come up with smartphones.
Identify New Markets
A good business idea can create new markets. You can modify a product and create a new market segment. For example, video streaming has created a new market. There was a time when people didn’t pay an annual subscription fee to watch unlimited shows and documentaries; they depended on cable television. Today, video streaming services are replacing cinemas and cable.
You can discover a great business idea through market research. Start by asking people what they want or what they want improved. Ask the questions face-to-face or in the form of online discussions and surveys. You can also ask family and friends what they want to see in the market. Great business ideas are formed when people share opinions and facts.