How to Generate Business Ideas That Work
How to Generate Business Ideas That Work
Generating business ideas might seem like a totally tedious thing to do because it requires critical thinking, self -examination and analysis among other things to come up with a meaningful and sellable idea. While some already have the ideas but lack the capital to start, some have the capital but do not know how to go about creating a business idea. Some on another hand lack the capital to start a business and also do not know how to generate a business idea.
In this article, I will take you through some very simple and effective tips on how to generate business ideas that work. You should get ready because after reading this article, you would be just on your way to being that business owner you’ve always dreamt of.
Below are some helpful tips which I have created for you:
1. Become inquisitive: Being inquisitive will go a long way in helping you set the pace for a business. Ask questions always. I advise people to ask themselves “what am I paying for?” Identifying the goods or services you pay for, it shows you are on the right lane. Identify those things you pay for and ask yourself if there is a way you could get those things without having to pay for them or if there is a way people could get them through you.
2. Skills: skills are potentials. You should identify what skills you already have. It would be easier if you ventured into a business that tallies with your skills.
3. Involve your family: the family is the first agent of socialization. We are closely connected to our families by blood, and “blood”, they say, “is thicker than water”. So in a bid to generate a business idea, seek help from family. They have known you since you were young; they know your strengths and weaknesses and could guide you through your ideas. Donald Trump didn’t just become a real estate guru in a day, he got close to his father instead who was involved in the business and learnt from him. His father in turn gave him the tutoring and guidance he needed. In your bid to develop business ideas that work, family should not be relegated to the background.
How to Generate Business Ideas That Work
4. Friends: two heads they say are better than one. Seeking ideas from your friends might just be the best step for you to take. No man is an island of knowledge, seeking for other people’s idea or perspective will go a long way in helping you develop that business idea you have always dreamt of.
5.Travel: leaving your comfort zone is one attribute that is peculiar to successful people. In a bid to generate new business ideas, it might be inevitable for you to leave your comfort zone and see life outside of it. Travel. When you travel, you meet different set of people whose way of life differs from yours and you get the chance to experience life in a new environment. Who knows your idea might spring up from any of your travel experiences.
Read Also: Building a Team for Business success
6. Create new ideas out of old ones: this has to do with you examining old products and seeing if you could create a better one. Many businesses who are leading the twenty-first century market today attempted this method. For instance, you might feel the peanuts you ate as desert at the restaurant tastes less sugary and feel there ought to be more sugar. This is a business idea in you. What if you started making your own peanuts and added more sugar that suits your taste? You might want to ask “wouldn’t that be a competition?” There is competition in every business, the truth is, you will get your customers, and everyone else will get theirs. You will realize that when you start making your own sugary peanuts, you will get customers who like you, also love sugary peanuts to patronize you. This is no new idea; it is just you refurbishing an old idea to meet the market demands.
7. Focus on solving a problem: the aim of every business is to solve a particular problem, so if you are so keen about venturing into business, you must venture with the aim of providing solution to a particular problem. Jason realized that a lot of people especially adults suffer pains at night from holding too long to their umbrellas in the rain, he was perplexed about it and decided to take a step. The next day the idea of a cap umbrella which could be worn as a cap to the head and would still perfectly shied people from the rain came to him and he took a step. Jason has just solved the problem of severe pain by introducing a new form of umbrella. You could also emulate Jason.
How to Generate Business Ideas That Work
8. Tap your interest: doing what interests you is always fun and no big work. While thinking of a business idea, think about yourself, about whom you are. What are the things you enjoy doing. If you enjoy fashion, you might want to start a business in the fashion line, and if you enjoy writing like me , you might want to consider copywriting or blogging. Think about things that interest you and venture into them. You will get to enjoy yourself while working.
9. Read books: reading is naturally an attribute of successful men. Reading more books will help you develop that idea. You can never tell what new idea or strategy you could come across in books. Books help you to initiate and even execute plans. That idea you are not so sure about yet, when you read, you’ll realize your anxiety to exhibit it.
10. Go online: this is the twenty first century. You have answers to almost every question you have. The web is there to supply you with answers. And those questions which might seemed unanswered will still be brushed in such a way that you will have an idea of the answer. So, if you are still contemplating on how to generate business ideas that work, you might want to surf more on the web.
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(B.Agric, MBA)
08105636015, 08076359735
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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