Getting the light bulb
Once you decided to go out on your own and pursue your business venture, the next most important step is to look for that jaw-dropping idea that's going to set the world on fire. Certainly not an easy task and by no means one that you can delegate. It requires careful out-of-the-box thinking and observation to come up with your light bulb - the business idea that's going to transform and shape up your dream.
Here are 5 key places where you can kick start your search for the compelling business idea that will revolutionise your world:
1. Consider what interest you most
In trying to come up with the 'perfect' business idea, people very often tend to forget what matters most to them. There is no better place to start your quest for business ideas than digging through your own areas of interests. With this approach, you are sure to come up with a business idea that will be highly appealing and motivating to you. By doing what you enjoy, you’ll flourish and so will your business. There are thousands of clever people that have taken up hobbies and actually turned them into a successful business. As Confucius right said, "Choose a job you love, and you will never have to work a day in your life”.
2. Look at all the things that bug you
Another great pitch for getting the light bulb is through observation and analysis of matters that aren't up to your liking. There have always been instances where we were exasperated with the quality or performance of a particular product or service and hoped that a better version or alternative solution set was in place. As a matter of fact, the greatest business ideas are born out of solving problems. Someone confronts a problem, comes up with the solution, and sells it. The problems that you can solve are your most brilliant and profitable business ideas. So next time you're bogged down by the quality or function of a product, think how you can translate that into a business opportunity.
3. Tap on the ingenuity and creative minds of your inner circle
Tapping your family members or close friends for business ideas might be a wise decision, especially at times when your creative juices run dry. It would be foolish not to consider valuable input from your family and close peers. Taking a step back approach, your family and close friends should help you come up with out-of-the-box ideas that you might not have discovered on your own wearing your entrepreneurship hat! So key is to keep your antenna up at all times so you can spot incredible business ideas when you come across them.
4. Observe trends in shopping behaviours and patterns
Without doubt, observation is a powerful generator of new business ideas. But how do you go about? Traditionally, it will mean walking down the aisles of supermarkets and shopping centres and observing buyers' behaviours. More akin to the new generation, very good opportunities can be niched out through web surfing too. Whether you are browsing through the 'What's New' or 'What's Hot' section of search engines or scouring your smartphone's app store searching for a particular mobile app, there are always cues on new trends or news tidbits that will emerge. Regularly browsing through these sites may trigger an idea or concept you never thought of.
5. Leverage on power of social media and e-commerce
If there's one thing people like to do on social media, it's air their grievances about everyday life. Most of the time, these types of updates are mundane (and probably a little annoying), but if you pay close enough attention to those hashtags and status updates, you might start to see some patterns emerging. Look for phrases like, "Why isn't there a ... " or, "I wish there was a ..." — you may be able to offer a solution.
As with social media, people love to talk about the products they've purchased and places they've visited on sites like ebay, Amazon or Google. Most consumers will read and use negative reviews to determine if they should avoid the product or establishment, and that company's loss could be your gain. See what people are complaining about, and try to come up with a business idea that would fix the problem.
Conclusion
One of the toughest but yet most important phase in your entrepreneurship journey is to decide and agree on the one (or more) business idea that will change your world. Great ideas aren’t the exclusive realm of smart and successful people. They are available to everyone who believe in their dreams.
