How to come up with Business Idea?

The population of wannapreneurs is growing by leaps and bounds across the globe. The first and foremost challenge in front of wannapreneurs is coming up with a business idea. It is an art as well as science. We have tried to put some structure around it by listing some of the methods for coming up with the perfect business idea.

Methods to Pursue Perfect Business Ideas

o Find a problem and fix it rightly

In case something is bothering you continuously fix the issue at the fastest. Many of the big businesses originated from real problems faced by the founder e.g. UBER founders could not find a cab and decided to do something about it. Best way to do this is by keeping a “problem log” – whenever you come across any problem, just jot it down. Having experienced the problem first hand is a solid validation of the concept.

Go up the technology/innovation curve

You should look for the specific niches as part of the market. These are points which are preferably ignored by the big business houses. The successful business idea will be in advance of the curve. It is best to concentrate on the technicalities and the trends on the surface, and you should know how smoothly to enter into those areas.

For instance, Artificial Intelligence, Machine Learning & Big Data are hot these days. Think of how these technologies can be used to disrupt an existing industry which has been slow adopter of technology.

o Apply your skill in a new area

Applying your skill in the new areas can be another source of innovation.  It is always required to try things in different and new genres. You should think about your potentials, and you should be able to make the right use of the capabilities in the original and the innovative styles. In fact, it all lies in your skill to find the best ideas and turn them applicable.

o Innovating a Cheaper Version

You see a product in the market, and you try out the same face at the least cost. The cheap version of the same one will make you accessible in business. In the process, you can cite the example of Warby Parker. This is the eyeglass company, and it was launched in the year 2010. The initiative was taken by the leading four school associates. These are the New York-based industry sells prescription glasses and the typical price of the same is $300 or more. However, the cheap version is sold for $95. From the time of launching the product has gathered more than 100 employees. This has made the second innovation entirely successful.

o Make You Passion Your Business

In case, you like to do something, or you can even turn your hobby into a business in near future. In fact, you prefer putting your thoughts into papers you can start by collaborating with a write-up company. Then you can start your blog or magazine and make it a massive success by employing like people. It may be so that you are passionate about cooking. You can turn your gastronomic talent into something lucrative. The cooking ideas and the recipes can be used in running a successful restaurant.

o Experiencing Life is Important

You should always have the initiative to experience more things in life. The more you will do the better you will experience in life. When you have the right material in possession, you can experience with better confidence. These are the materials to help you create new and exciting ideas. This helps you with the ability to connect the ideas and create something big and workable. It is essential that you go through innumerable things in life. Experience will make you grow with time, and now you can put together the ideas to create something big and important.

o Exploit geographical / regional disparity

Getting inspired from something innovative in other region or geography can be another source of innovation. For instance, you see a cab service getting popular in some state; you can follow the same idea and try to create a similar vehicle service in your state. This is how the concept of OLA became popular in India as a replica of UBER. Following the same norm,  Flipkart started as a replica of Amazon.

But, is idea everything? Below quote answers this question pretty well:

“Everyone who has ever taken a shower has had an idea. It’s the person who gets out of the shower, dries off, and does something about it that makes a difference.” ― Nolan Bushnell

It is of utmost importance to validate it and analyze its feasibility by creating a MVP. To learn more about MVP, you must check out http://planthybusiness.com/2017/10/30/all- you-wanted-to-know-about-minimum-viable-product/

Reach us at [email protected] for any help with respect to Business Plan, Pitch Deck, Financial Projections or Investor Connect.

References:

https://www.entrepreneur.com/article/225513# https://www.wsj.com/articles/SB10001424127887324445904578283792526004684 http://articles.bplans.com/business-ideas/create-hundred-of-business-ideas/ https://www.theguardian.com/small-business-network/2015/jul/31/six-ways-become- entreprenuer-business-idea

https://www.thebalance.com/how-to-come-up-with-a-great-business-idea-1200813



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