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How to come up with a business idea
Updated: Apr 22, 2022
Coming up with a business idea requires determination, preparation and even setting aside time for meditation. More importantly, there is no way to find your winning concept, so you can test the many channels created to get you there.
Properly, this article offers nine best techniques for coming up with a business idea, which will help you start a business for a new year.
How to come up with a business idea:
Learn to meditate
Ask yourself, 'What's next?'
Use your skills
Improve an existing business
Solve a problem
Build the same, but cheaper
Fulfill a need
Enter research mode
Invent a new service or product
01. Learn to meditate
When we come up with a business idea, our thoughts can go in circles, and we often feel like we're hitting a wall. Through mindfulness meditation, you can be brought back to the moment that is characterized by being "here and now." As a result, you will be less stressed, more balanced and kinder to yourself - all factors to improve your creative brainstorming.
The practice of communicating is not only simple, but also accessible to all. Forget going to a convent or looking for an expensive getaway to get started. All you need is a comfortable area to relax and set aside time to clear your mind. Then take two or three deep breaths before closing your eyes for 10 minutes. There should be enough time to get acquainted with the newly discovered headspace.
02. Ask yourself, 'What's next?'
Some of the best business ideas are those that can predict a trend, new technology or change. These ideas often come from asking "What's next?" and thus inspire us to think outside the box and develop ourselves as a result.
Think of the example Medium, an online publishing platform, which was launched in 2012 and which is still at the forefront of blogging today. As Alexis Lloyd, VP of Product Design at Medium, said on Wix's business podcast "Now what?": "So if you create something now, you want it to be able to be integrated into any device or platform that comes along the way. [For example] you had this idea that print media was the winning content mechanism for a very long time, and people were constantly convinced that, ok, we just have to figure out which of these things is going to be the one next thing. " To sum up, coming up with a business idea means connecting the present and the future.
03. Use your skills
Figuring out how to come up with a business idea does not have to be difficult. You can start by assessing your own skills and see if they can be combined in another field. For example, marketing and design, chess and finance, or teaching and coding. Having a variety of backgrounds can double your chances of finding the right niche for your next entrepreneurship.
04. Improving an existing business
Here's a foolproof strategy for starting a business right away: Think of a company you admire and how you can improve what it does. The task is to find a model of someone who has met your entrepreneurial goals and actually experienced success.
"It's always easier when you start a company to try to improve an existing idea," said Paul B. Brown, co-author of the 2012 book Just Start. With a good example to follow, you can start brainstorming new ideas around the idol's winning business. After all, Hersey's did not invent the chocolate bar, but was a pioneer in the production of small pieces of chocolate, Kisses, which made the company one of the most popular candy brands in the world.
05. Solve a problem
One way to come up with new business ideas is to take on the role of problem solver. From climate change to better privacy on the internet, there are many problems we face today that have obvious but not simple solutions.
For example, it requires real innovation to tackle the world's dependence on fossil fuels, but Tesla CEO Elon Musk's mission is to convert everyone to use sustainable energy sources instead. His range of Tesla electric cars produces less CO2 than fossil fuel cars, the batteries are designed to last longer and then recycled, and the entire Tesla factory's workplace is better than the industry average in terms of safety and sustainability, according to the 2019 Impact Report.
06. Build the same, but cheaper
There are products and services whose core is unshakable, but which may have a high price for many potential customers. If you can make a similar high quality product for a fraction of the price, you are on your way to becoming a great entrepreneur.
Helping people save money can make their lives a little easier. Not everyone can afford a Nespresso machine, but coffee lovers all over the world appreciate a pleasant caffeine session in the form of a tasty espresso. Today's marketplace is filled with a number of coffee machines that produce award-winning espresso drinks at affordable prices.
07. Fulfill a need
People's physiological needs include food, water, sleep and sex. At this point in the list, you can consider how you can come up with a business idea in response to meeting one of these needs.
Although many existing products and services are designed to do just that, it does not mean that all possible ways of meeting a need are thought out. Take the reusable water bottle industry as an example of the most competitive markets to enter, but every year several companies launch their own version of bottles. This is because these businesses meet an ever-increasing need for hydration.
08. Enter research mode
The exploratory research phase of coming up with a business idea does not happen in any particular order during the process. However, it is important to read and research the industry you are trying to break into. You can come up with a simple research plan that sets out the goals of the research, such as refining initial ideas, and including the type of information you need to gather as types of products. or services and competitors.
09. Invent a new service or product
With so many companies competing in an already crowded marketplace, at the end of the day one will wonder if there is anything new to invent?
The truth is a big part of coming up with a good business idea is identifying a need that is not being met. There are many creative examples of companies that take advantage of new market needs in the app world, where each app development focused on its requirement by selling a service that can "change the world". From cheaper carpooling to faster food delivery, Uber and Wolt are among the best business ideas to date.
On the product side, take the example of SPANX founder Sara Blakely who created an original lingerie when she realized she did not see anything like SPANX in stores. It was her "a-ha" moment that revolutionized the lingerie industry, and today SPANX can be found in almost every female household in the United States.
Freddy Fix borrowed from Wix