How To Come Up With That Perfect Business Idea
Coming up with a perfect business idea does not have to be a difficult, overwhelming process, let’s do some exercises.
Now let me start by saying all of these questions come from analyzing the current market. You can surely ignore these and just go for what’s in your gut. I don’t think there are any bad business ideas ever, it all goes down to how efficiently you know how to market it & how hard you’re willing to work. Some of the craziest ideas turned into the most-known company’s in the world, so if you have a strong feeling – go for it!
Yet if nothing comes to your mind in particular, but you still feel like becoming a business owner is a patch you should take – I encourage you to read carefully.
Step 1: Look for solutions
Being an entrepreneur has nothing to do with being the smartest or the best, it is only about daring to take an action and a strong wish to solve people’s problems.
The best businesses come from people’s bad personal experiences. If you just keep your eyes open, you’re going to find something that frustrates you, and then you think, ‘well I could maybe do it better than it’s being done,’ and there you have a business.
Take your notebook and write down answers to these questions:
- What is one thing you’ve complained about last time at a friend’s gathering? Can you find a solution to this problem?
- Think about a service you personally love using. Is there anything you would change about it?
- What kind of service/product people in your city (or country) would love to use?
- What problem would YOU like to solve?
- What would your family and friends like help with?
Write down whatever that comes to your mind. Now, look at your answers and see any pattern. Did it help you find a thing you might want to focus on? Even if it’s very rough – write it down & move on to the next step.
#2 Let go of originality
It’s hard to come up with original idea & you don’t have to. Instead, focus on making your idea stand our in the crowd, even if there many other competitors you will need to beat along the way.
There are so many businesses already in existence, so it’s very unlikely that you will be the first person to think of an idea or product. Many entrepreneurs waste too much of their time and energy trying to think of a unique business. What they should be focusing instead is how to be better, rather than how to be different.
Go ahead and make a list of businesses that inspire you. Look at what they are doing, research, analyse how the company first came up into the light, what did they focus on, how the idea was born.
Getting inspired will help you develop your idea faster. These are a few books I personally loved & highly recommend for you to look into:
- Shoe Dog: A Memoir by the Creator of Nike
- Alibaba: The House That Jack Ma Built
- That Will Never Work: The Birth of Netflix and the Amazing Life of an Idea
#3 Use your current skillset
I will need to ask you grab that notebook again & do another exercise. Here are some questions I want for you to answer:
- What skills do you currently?
- What are you good at or you think you could be good at?
- What do people come to you for help with?
- What are you known for?
Don’t think you need to come up with some exceptional skills here. Think about something simple: you don’t have to be a master chef, but perhaps your friends adore your homemade dinners? What kind of job you currently have? Any tasks you enjoy doing while at it? Are you a stay-at-home mom? I bet you can share some useful tips on saving time & staying organized, huh?
I know for a fact that we all have skills, even if we think it’s nothing special, it can be helpful to others. Embrace that.
When you feel like no matter how hard you’re trying, you can’t come up with that perfect business idea – meditate on it.
If you haven’t already watched Headspace founder Andy Puddicombe’s TED Talk, this is a great place to start. In his speech, Puddicombe explains the importance of taking time to stop and look after our minds, and why this is an essential part of the creative process.
Taking some time to clear your head and become aware of the world around might be just what you need for landing that idea!
The truth is, you most likely won’t land that perfect idea the first time around. Many entrepreneurs star multiple businesses & fail at many at them before they find something to hold on to.
Even if you feel like you’re not sure about your idea – go for it anyway. There must be a reason you thought of it in the first place, so you might as well act on it.
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