How to find a Good Business Idea?

How to find a Good Business Idea

You want to start a business and are scouting for ideas. But nothing seems to make sense. All ideas seem to be taken by someone already. So you’re looking for new ideas but they don’t seem to come to you naturally? You can change that. You just need to look in the right places with the right perspective.

Here are a few ways you can come up with business ideas that have a high probability of working out:

1. Look for problems in everyday life

Everyday life problems are great source of ideas. Look for problems that you or anyone around you faces and try to come up with a way to solve it. Once you find a way to solve it, the next step is to sell it. A lot of successful businesses were born of ideas that solved small everyday problems. Take for example cars. Nobody likes to walk all around the city to get to some place. The inventors of that time created the cycle which made it faster and easier to get around. The businessmen put it to manufacturing and sold this to people. It evolved and now we have a whole industry that manufactures all kinds of vehicles. It all started with a simple idea that solved a problem.

2. Think lazy

No, I’m not telling you to be lazy about thinking. I’m telling you to think how you can reduce your own work load. Making life easy for people around you is a great thing to do. Getting rich doing it is even better. Think of all the ways you can improve life for all the lazy people. Think of what could save your time in everyday life. Observe people around you and see what they don’t like to do. Do it for them. All the automation you see around you from automatic billing to washing machines was due to this kind of thinking.

3. Think ahead

With rapidly evolving technology we also have a rapidly evolving market for problems associated with these new technologies. Every new technology brings about a change in lifestyle and every step in that change has new problems associated with it. If you see a new technology that is being rapidly adopted by people, try to think of all the problems that the users of the technology will face. Make a plan to solve it. This is called thinking ahead. If you have a brilliant idea and deploy it early, you will have a significant advantage in the market. Look at Elon Musk, the owner of Tesla motors. He has created a market for electric cars because he knows that fossil fuel supply is limited. And now anyone that is thinking of switching to electric cars would tell you they’re going for a Tesla motors car.

4. What do you like to do?

Even if you have the most revolutionary ideas, if you don’t have an active interest in the things you’re doing, you’re not going to be very successful. Though you can just run the business and leave the technical work to your employee, it is always better to be involved in what your company is doing.

So when you’re looking for ideas, look within. What skills do you have? What work gives you pleasure? What work makes you feel accomplished? And the most important question: Can you sell it? It is always better to work in the field you’re interested in. As Confucius said “Choose a job you love and you will never have to work a day in your life”.

5. Get out more

Going out and experiencing new things is a great way to stimulate your brain. You need more input if you want to get more output. Give your brain something to work on. Go out, learn something new, and meet new people. I cannot help but emphasize this more. The more information you have, the better your ability to observe and solve problems gets.

Ideas are everywhere; you just need to know where to look, and how to look. There are a lot of needs that are ignored or neglected by the general public but have great market potential if someone is willing and able to solve them. The important thing is to do some research before you start your business and don’t be afraid of failures.

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