Every enterprise in the world, global or local, thriving or winning, irrespective of its status starts with an idea.
The power of a new idea is the driving force that transforms the way we live and think. As Victor Hugo said, “There is nothing in the world as powerful as an idea whose time has come”.
How to Come Up With a Business Idea
Well then, if it all begins with an idea, where in the world do ideas come from? Inspiration for ideas can be found anywhere. The simplest way to get an idea is to look around, observe and find a problem that can be solved or a gap that can be filled or an opportunity that can be seized.
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Some ideas seem so obvious you wonder why you did not think of them before. Others are so ground-breaking you wonder how anybody could have thought of them at all. And don’t overlook the tried and tested ideas.
You can take any idea and customise it to the times and your market place. You just have to add your own creativity to any existing idea to come up with a much-better version of an existing idea.
In fact, customising a concept is not a choice; it is a necessity if you want your business to be successful. You can’t just take an idea and say, “OK, this is it”. Great ideas don’t come easily. And that leaves lots of would-be entrepreneurs asking the same question: How did everybody else get inspiration to strike—and how can we work the same magic?
Below are few axioms that trigger how to find ideas for business.
Find a niche
While big players are fighting for the big pie of a big market, there are many opportunities that are lucrative enough but simply ignored by the giants. Just take a look at what some of the big players in an industry are missing and explore if you can fill the gaps. For example, while Alibaba and Amazon have captured the online e-commerce market becoming the giants of that industry, portals like Bluestone and Caratlane created a niche for themselves by emerging as online jewellery stores.
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Solve a problem
We face different challenges or problems on daily basis. And if you dig dipper, you may find many ways to come up with the right solution. There is your business idea right there. For example, booking a movie ticket used to be a challenge. Not anymore! Thanks to portals like bookmyshow.com, you can now book a movie ticket with the click of a button. Elderly people often find it difficult to step out of their home for healthcare. But now they have geriatric home healthcare service providers like Portea.
Cheaper is better
There are always cheaper solutions to existing problems. Many companies use this penetration strategy effectively to enter the market and position themselves as low-cost player to capture the market share. For example, Balaji Wafers offers a pack of potato wafers at just INR 5, much less compared to the category leader Lays. In a price-sensitive country like India, low-cost product can be a winning entry strategy.
What customers want
You can feel the pulse of the market only by talking to the customers. Just find out what their needs are and what motivates them to buy a particular product or service. You have to keep track of changing customer needs by gathering customers’ insights on regular basis. If you are interested in fitness products, then hang out at gyms, parks and other places where you can talk to fitness conscious customers, and ask them what they wish they could find in the marketplace.
Ask yourself, “What’s next?”
Innovative ideas are often ahead of their time. You may study latest trends and upcoming technologies to find out how you can leverage that to come up with a truly revolutionary idea and launch it at the right time. You should be curious enough to know more & more and should be bold enough to ask “what’s next?”
Mix and match
What if two products could be brought together for the first time to create a new one? You can simply combine or merge two products or just few features of different products to come up with a completely new product or service with a unique value proposition. Many breakthroughs in the history of mankind are based oncombining information from different and unrelated domains. You may explore many “what if” scenarios to come up with an idea that can solve the problem you are trying to solve.
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