Don’t just come up with an idea that you think is a promising business opportunity; look for a problem that needs solving and set to work solving it
It is easier to look for a solution to a problem for a source of a new business idea than it is to set wracking your brain and forcing artificial ideas. You are likely to be more successful with your start-up if the idea is based in a rock-solid problem that someone or yourself is experiencing.
The other evening we went to a local restaurant and were shocked when we saw that the prices of all meals had been jacked up. It was disappointing because this restaurant for a number of years has been known for its reasonably good food and reasonable prices.
A student completing her law degree and her fellow student studying Spanish and finance have started a venture to sell dance shoes.
There is a new trend among the generation of millennials who say they don’t want to limit themselves and aren’t afraid to take risks as they start their own businesses different from their formal studies, according to a recent report.
Many have watched their parents lose their jobs during economic downturns and don’t dream of climbing the one-track corporate path. They have discovered the reality that job security is a lie, said a coach who helps students to start up their own businesses. “Millennials are really looking for meaning and purpose,” she said.
The other day I came across some business advice from a an enterprise organisation for a city that encourages new business start-ups. But the problem with this guide was that it assumed that you had already come up with the right business idea. There was no advice or tools on how to come up with or identify a right business.
Coming up with the right business idea proceeds a business plan. How can you start a business plan if you don’t have a business idea for a product or service that you’ve tested by doing basic market research or at least validating your idea in the marketplace? I found it a bit strange that the business adviser suggested that you should survey customers either through interviews or questionnaires (mail or email) before you’ve even had a chance to develop your business idea into a prototype or test service. The advice given was that you should start your market research by interviewing about 100 people if it’s a consumer business such as a restaurant or hairdressing salon but if it was a business product such as building materials you should talk to at least 20 builders. Continue reading “How do you find an idea for a business?”
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