ideas for a business finding Business Ideas: Great business ideas are often derived from opportunities that you come across in your daily life. The world around you is an unlimited source of ideas and you just need to figure them out. By learning the way of assessing and bringing new opportunities to light, you will be able to generate a continuous stream of business ideas.

Consider these tips to get inspiration from the world around you.

Keep a notebook for opportunities:
Everything you do in your daily life is to find out a solution for something. So, the world around you is full of problems that are needed to be solved and you are passionate about some of them. Every ignored and unsolved problem is an opportunity and you can keep a list of such problems (both yours and others) which will eventually become your source of business ideas.

ideas for a business

Hunt for ideas:
Unique ideas require creativity and sometimes creativity needs diversity. When something unexpected inspires you or you are on a vacation with a calm and peaceful mind, you can hunt for unique business ideas just by keeping your eyes open.

Observe how others get it done:
Opportunities are derived from problems and whenever you are in trouble, find out others who are also experiencing the same issue and their approaches to solving that problem. Doing this you may not find a precise solution but it will help you understand the situation which will eventually develop new business ideas.

Analyzing Your Business Idea:
You may generate numerous ideas in no time using the earlier mentioned methods but how to know which of them are viable. Well, you need to analyze your business ideas for shortlisting and finalizing them from four perspectives:

Company Perspective:

Analyze your ideas from company perspective: key competencies your company will have, promises it will make to fulfill, key messages it will rely on, customer benefits, management issues, service / product characteristics etc.

Customer Perspective:

Analyze your business ideas against the three customer groups: purchasers, influencers and end users. Find out if there is enough customers or market demand for the service or product you have planned for and if yes how your ideas will be communicating these customers and generating value for you.

Collaborators Perspective:

What about the people or organizations that will be collaborating your business and will have some sort of direct or indirect interests in failure or success of your business?

Competitors Perspective:

The most important phase of this analysis is competition analysis. Analyze the three different competitor groups (primary, secondary and tertiary) and the level of competition in every stage. Is your business idea strong enough to compete against them under intense competition?

So, this is how you can primarily generate some useful business ideas for implementation. There are lot more other strategies and analysis but this is the basic concept that you need to practice as a starter.

Leave a Comment

Your email address will not be published. Required fields are marked *

Resources For Everything Wealth Small business And Entrepreneurship.
Scroll to Top