You have an idea of starting your own business. But in what sphere it will be? What is the purpose of your business? If you can’t answer these questions there are some advices to find good business ideas.
Your business must have a certain idea and solve a problem. Begin your search by listing the problems in your own life. “Look for problems that no one has addressed yet,” said Boris Wertz, founder of Version One Ventures. “These could be problems that you are having yourself, such as ‘I wish this kind of product or service existed,'” Wertz said. You can look for problems that other people and/or companies are having. “This approach tends to work best when you have experience with a certain company or industry, and can understand what their needs are,” Wertz said. “You can build a better idea off of this experience.”
Sometimes your pet side project or hobby can engender good ideas for business. “Simply sitting down and trying to brainstorm ideas for a new business doesn’t normally work well for most,” Wertz said. “Instead, choose an area that interests you for your side project, and look for problems and issues that arise while you are working,” he said. “Spend time figuring out viable solutions to the issues and problems you have found during work on your side project…This is where you’ll find the foundation for a great business idea, the solution to an identified problem.”
Some of the best business ideas appear when you work with others. People can help you. “Two heads are better than one”. “I’ve seen great people waste years on terrible business ideas, and if there were one characteristic that separates them from the great ideas it’s this: No ideas in isolation!” said international business coach Jacob Aldridge.
A source that may inspire new business ideas is LinkedIn. Look for industry-specific LinkedIn groups. “Familiarize yourself (with the topics) first by reading some of the articles and discussions,” Aldridge said.
“Many innovators, especially young tech startups, are surprised to learn how easy it is to open doors and have conversations in industry,” Aldridge said. “There are very few successful business people who won’t take a meeting when someone asks, “Can you spare 30 minutes to help me understand what works well, and what doesn’t, in your industry today?” Your own local community is a good source of business ideas.
But sometimes you should just stop looking for great business idea. “One cannot find a great business idea, a great business idea finds you,” said Greg Isenberg, a 25-year-old award-winning serial entrepreneur, founder of Wall Street Survivor and CEO of mobile video app 5by.com. “Usually the best ideas are conceived with a pad of paper and pen while in a calm, isolated area, like the countryside or the beach,” he said. “The best ideas flow when you’re out of your usual physical spaces like your local coffee shop or your home.”