Search for Business IDEA
Identifying consumer needs is the best way to generate new business ideas.
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Once you have come to the revelation that you are an entrepreneur that may not thrive in the 8 to 5 corporate arena, you might be at a loss regarding what to do about it. Even with the necessary drive, skills and abilities, many would-be business owners struggle with finding just the right idea to get behind. However, this shouldn’t discourage you. There are several really good techniques and resources to help you discover the business idea for you.
1. Start with a bit of self examination. Discover what your passions are, what educational background and any skills or expertise you have. Find out what you most enjoy doing or what you are most talented at; this might suggest what industry or industries you should focus on for your business idea. Jot down your results. Be general, ideas for a business might jump out at you or they may not at this stage. Remember what is important here is to identify a business industry that would fit your talents and interests.
2. Review your own personal needs or desires within the fields of interest or industries identified in Step 1. Identify a real need of your own and you may find a relevant need to be filled across the industry. An online outlet to design and order customized skateboards for you might just be something you could pioneer and deliver to the skateboard community for big profits. List anything you can think of that you would pay for within your areas of interest; these results will be the beginnings of concrete business ideas.
3. Ask your friends, family and co-workers who share the same interests what their needs or wants might be within the industries you are investigating. Find out what they think are the best ways those needs could be filled. Ask them how much they might be willing to pay to have those needs addressed. Make the research conversational and relaxed, and you’ll be surprised at how many ideas you can generate.
4. Go to the library and look through journals and magazines that cover the industries you want to focus on. Look for business trends that indicate where the industry is headed. Find out what the “next big thing” is and you could be the business leader to bring it to market.
5. Research online business sites, such as Inc.com or Entrepreneur.com, which and offer articles on new business ideas as well as forums to discuss any new ideas you might have. Review the information and interact with other forum participants. Use this opportunity to bounce ideas around, receive feedback and pick the brains of like-minded entrepreneurs.
6. Use the feedback you’ve gotten through the previous steps to refine your list. Drop ideas that don’t have a large enough market or that may be too costly to start up. Summarize each of your business ideas into a short phrase and research them on the internet. Find out if anyone else has tried to produce your business idea in the past or present. Research and study their successes and failures. Learn how you can improve on their efforts or if the idea is one that the market is ready for at all. This should help you identify the one or two ideas that are really ready to be pursued.