Generating Your Business Idea
Download and save a PDF version of this topic to your computer Your Business Idea
In part one of this series we took a look at what type of entrepreneur you are or what type of entrepreneur you can be. We also took a look at some of the myth surrounding entrepreneurship, part one of this series can be found here Business Start up Series: Part 1.
In this part of the business start-up series, we will take a look at where business ideas come from and how you can generate a business. Many of us wonder when it is a good time to turn their idea into a business, there is never a right or wrong time for doing this. Some of the most successful businesses have been started in depressions when the economy was not doing well. Greg Brophy once said “ it’s not the business you’re in, but the way you do business that makes the difference. Every business has a formula for making money; you just have to figure out yours. “
So how exactly do we start the process of idea generation, one of the first things that are to be done is to do an audit of you, make a list that highlights?
- · Things that you’re good at
- · Things that you’re not good at or dislike doing
- · Things you enjoy about your current work
- · What skills you possess, whether you excel at them or not
Once you do this, you should start looking for emerging patterns such as whether or not there is a need for one of the skills you have or whether you can start a business doing one of the things you’re good at.
Hobbies are a great way to generate business ideas. If you like writing, there may be a business in there for you. You may be able to write articles for businesses and other publications or do freelance writing work.
Is there something that you observe that can be improved in your community, maybe your peers and friends and families keep complaining about the way a particular business or company are doing things? How about taking a look at what they are doing and do it differently and better, you will already have a ready market, because these persons are frustrated and will be willing to make the switch to you if you offer a better alternative. Listening to people`s frustration is another way to generate several solid business ideas. Even if persons are not complaining, searching for a better way of doing things tend to lead to some positive business ideas that can result in being successful for many individuals.
In school maybe we are involved in certain projects, this is another great source of business, and can a school project be converted in a business. In Grenada, many students leave the Junior Achievers programme having run successful small businesses. Can these businesses be continued even after school? Even if these students do not want to continue these businesses. It is a source of inspiration to visit the JA expose to see what businesses these students have developed and get ideas from this to start your own business.
Many individuals have what I call an AHA moment, maybe they’re in the shower and an idea just came to mind. AHA moments are powerful and once they hit, you should take a look to see how feasible it is to take to the market. Another way the idea can just hit you is by being present in life, being present in life means being fully observant of what is happening around you, going places where you may not normally go and from these great ideas can come. You will also need to think outside the box for many of these.
Business ideas may come in the form of an“ add on“ for a particular product. You may be using a product and wonder, wouldn’t it be nice if this product can have this feature, this works well with technology. Many technologist are now developing apps and other products that can work well with smart phones and computer programmes, these are a great way of getting a business idea.
To wrap up this second part of this series, I would suggest that you read a lot, meet new people, hear their stories, share your ideas with people you trust, do research, and take a look at your working experience; these are all great ways for generating your business idea. Anyone can start a business; you just need to have that drive that willingness and it can happen, entrepreneurship is not for a very few select people. Steve Jobs said it best when he made this statement
When you grow up you tend to get told that the world is the way it is and your life is just to live your life and try not to bash into the walls too much…that’s a very limited life. Life can be much broader once you discover one simple fact—everything around you that you call life was made up by people that were no smarter than you…shake off this erroneous notion that life is there and you’re just going to live in it versus make your mark upon it. Once you learn that, you will never be the same again. Don’t just live a life; build one
Look out for part 3 of this series right here