No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
Are you aware that new businesses are been created every single day with the objective of succeeding in this competitive world but only a hand full of those businesses scale through or survive their first year. This shows you that while it’s fairly easy to come up with a business idea, finding a sustainable, lucrative idea is not as simple. In this article, we’ll go through the steps of how to come up with a business idea that will actually work. We included top tips from entrepreneurs who have been in your shoes and know a thing or two about coming up with a business idea that takes off.
Step 1: Train Your Mind to Identify Areas of Opportunity There is no real formula to coming up with the next great business idea. The key is knowing how and when to look for good ideas. Your eureka moment can strike at any moment, so you need to be able to recognize it when it comes. Not every idea that you come up with is going to be a good one. The point is to train your brain to notice a potential opportunity when you see one. The first step is simply learning how to identify a gap in the market.
Step 2: Start Making Lists of Problems that Need Solving Once you are tuned into looking for areas that can be improved upon, you will want to start writing down the problems that need solving. The process of making lists will keep you focused on finding areas of opportunity.
Step 3: Come Up with Possible Solutions You should now have plenty of problems listed, so the next step is to start going through and coming up with solutions to those problems. If you have one or more people whose opinions you respect, then it may be good to bring them into the room with you for this step. Collaboration often helps the brainstorming process. Don’t let the problems you can’t think of a solution to slow you down, when you hit a wall with a particular problem just move on to the next. Also, like with any brainstorming session, there are no bad ideas just throw everything you think of out and filter out the good ones later.
Step 4: Filter by What You’re Passionate About Starting a successful business takes a lot of drive and persistence, and is likely to take at least a few years. This is why people who choose to start businesses that they are not passionate about, generally give up after hitting the stumbling blocks and challenges that come with getting any new business off the ground. No entrepreneur is able to be good at everything, know the areas you are good in and find people to help you with your weak areas. If you have an idea and are passionate about something – you can look to others to handle the parts that you’re not good at. For example, if you are passionate about cooking, you may be tempted to open up a restaurant.
However, there are a lot of things that go into creating a successful restaurant besides just the food. If you love to cook but you’re not passionate about the business side of things, partner up with someone who you trust and can help your food get the business it deserves.
Step 5: Narrow Your Ideas Down to One You now have a shortlist of solutions to common problems that you are passionate about. Now it’s time to find out which business ideas will actually work in the real world. The key to narrowing down your list to just one idea is by testing out the market in a risk-free way. You want to find out if people would buy the product or service before you spend the money to actually start your business. Coming up with a business idea can be a fun – but not always an easy process. It’s important to get all of your ideas on the table first and then filter down based on what makes you happy and what will actually work as a business.
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Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
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