Not everybody is made to be an employee. There are a few minds who are determined to create something they own, whether a small startup or a big business.
Entrepreneurship is an option for such people to achieve their goals. Looking very difficult a few decades ago, starting your own business is now easy with the growing small business and a freelance economy.
The first thing you’ll need is an idea. But how do you find an idea to start and grow your business around? Read this guide and follow all the tips to find one.
Think about all the famous startups around you. All were started to solve a real problem. This foundation of every successful business is a solution to a problem.
Whether it is Uber making commuting and transportation easy, Amazon delivering things in no time, or Facebook connecting people, all solve a problem.
In short, you have to pinpoint a problem and try to find a solution for it. The best way for you to find such a problem is to look around you. Yes, you heard right.
Find something that frustrates you. Imagine yourself as a detective. Look around at your daily life, the things you do, and the people you interact with.
If it is a problem, you encounter every day (or regularly), and you think other people will also face it, this can become your idea. This is going to be your best idea since there is a demand for it.
Think about these questions:
TIP: Take a paper, write down all your thoughts (your ideas), and keep doing it every day. Find a list of problems you face and that you think others will also face. Try to pick 3-4 problems whose solutions do not yet exist.
There is a famous African proverb, "If you want to go fast, go alone, if you want to go far, go together". This line defines the importance of community and unity.
In this part of finding an idea, you have to follow this proverb. Talk to your family, friends, and/or colleagues. Why? They are the ones who know you the best, your abilities, talents, and more.
Here are a few spots where these people can help you:
Keep in mind whom you are discussing with. For example, a person who has been doing a job for years but has never tried a business may tell you to focus on what you’re doing already. Choose wisely!
Always remember, you don’t have to come up with an idea no one has ever thought of or do something that nobody has ever done before.
Instead, you have to focus on doing something that can be monetised and earn you some capital. It can be something your father has been doing or a product or service you have used, and you think you can make it better.
“What if?” is the question that can help you the most in this scenario. Every entrepreneur should keep asking this question themselves. For example, you can ask yourself questions like
If you find something that you can improve and earn better through it, that’s great. It will be a lot easier than starting something from scratch.
Think of the improvement you can make in the product you pinpointed. For example, adding new features and specifications, improving the existing design, etc.
You can’t build an application if you have never written code before. Just like that, you can’t start working on an idea that is way far from what you have been doing so far.
Focus on finding something you have done already. It can be your hobbies, interests, or a business your family has been doing (as discussed earlier). If you choose your family business, find something that you can improve in it.
On the other hand, if you go for your hobbies or interests, find something you not just love doing but also have the maximum knowledge and experience about.
For example, if you like raising goats, you can start a company that constructs goat barns, provide materials, or transport them. Or, if you love baking, start an online cake shop, and try to introduce new cake designs, etc.
Trends provide insights into what is currently happening around you or in your particular field. They help you identify new opportunities, predict challenges, and make well-thought-out decisions.
Whether you want to refine your existing business idea or find a new one, go after the trends. Keep your eyes peeled for trends, news articles, or even conversations you overhear.
Suppose you are in the real estate business. If so, use AI (current trend) to create an algorithm that asks questions according to your client’s interests and helps them find the best house for them.
However, if you go after the trends, you are going to face a lot of competition. As obvious, it is not just you who follow trends, there are a lot of people who to ahead of their time.
If you want to start a trendy business, use AI tools to find ideas, such as Business Idea Generator. Simply submit the trend/topic/keyword and get a long list of business ideas. Isn’t it amazing?
For example, we have asked the tools to generate ideas for “goat farming”, and it provides us with the following results:
To make a good business, first, find a problem to solve. Look around for things that bother you or others. Then, talk to family and friends for advice.
Remember, you don't always need a totally new idea. Think about how to improve things already out there. Use what you're good at, like hobbies or skills.
Another way to find a business idea is to follow the industry trends. Keep up with what's popular to stay competitive.
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