The Difficulty of Deciding on Business Ideas
Embarking on a new business can be a challenging process, and one of the first things that you’ll have to do is consider and evaluate a number of business ideas. There are several different kinds of business industries and business models, and as an entrepreneur, you will have to assess the level of risk and reward of each kind of business idea as it fits in with your own personal risk profile and interest.
While taking action is very important in business, it also requires some strategic thinking, especially when it comes to your business ideas. Think about it seriously because your business will take a considerable amount of your time and energy.
One of the most challenging aspects of coming up with and deciding on a business idea is the fact that there are so many uncertainties that may hinder an entrepreneur’s initial progress. It is thus highly recommended for an aspiring entrepreneur to do as much research as they can about their prospective business industries.
How to Come Up with Business Ideas?
In your search for business ideas, there are 2 major categories from which you can source some ideas:
- Your own original business ideas
- Other people’s business ideas
1. Business Ideas from Your Own Originality & Creativity
A major facet of entrepreneurial and business life is innovation. You can get business ideas from your own innovative original ideas, using your own experiences and interests. There are several problems around the world, and in a variety of industries, that you can help solve through inventing your own product or business model.
Some entrepreneurs have discovered very frustrating everyday problems that they have helped solve through building a business. Often, these problems are discovered when the entrepreneur experiences the problem themself. The entrepreneur may have been doing their everyday tasks, or partaking in a hobby, or may have discovered unsolved problems in an industry while working for another company or studying at a university.
In other cases, you can also do market research on a particular industry or niche to discover the pain points of the relevant consumers. Usually you can use tools such as surveys, questionnaires, polls, or even government or indsutry-specific statistics to understand a market. What you’ll be looking for are the major problems that are frustrating the market, and what the market is demanding in terms of adequate solutions.
2. Ideas from Other People’s Businesses
Another source of business ideas is to actually get inspired from other successful businesses. You can examine the most successful businesses in your niche, and learn the reasons why they are successful, and then mimic the key success factors of their business model. You can improve on their idea so that you can get a share of the market too if you examine their weaknesses too, and then find better solutions, so that you actually provide goods and service at a more superior standard than the competition.
A related source of business ideas can actually come from businesses in other niches altogether. You can learn about the trends and business techniques that other successful businesses are using in a different industry, and then use those business concepts in yoru own industry.