You can not underestimate the importance of a solid business idea when you are starting out in the world of enterprise. The core business concept is the building blocks upon which all else stands, and as such must be solid and carefully constructed. Sometimes incredible ideas just arrive, seemingly by accident; what many people don’t realize is that effective ideas can actually be manufactured by anybody who knows how.
One way to find an excellent business idea is simply to adapt one that is already out there. There are countless products out there that are selling relatively well and yet can still be improved upon in a number ways. Taking this approach to the idea creation process has an inherent advantage in the fact that you already know there is a demand for this sort of product… it takes a large proportion of the guess work out of starting your business.
By overcoming the weaknesses of an existing product (for example, by making it faster or smaller) you are not only coming up with a viable idea for your enterprise, but you are also guaranteeing it a competitive advantage. This is how people create business ideas that are not only coherent but also incredibly profitable.
A different, but equally effective approach to developing your ideas, is to start by researching problems faced by the everyday consumer. If you take a problem-oriented approach to crafting your business idea, you not only increase your scope of creativity but you also improve the chances that your idea will actually be saleable. This is because when customer buy a product or service from you, what they are really buying is the perceived benefit of having that product or service. For example, when someone buys a haircut they are buying the feeling of being attractive; when someone buys an office computer, they are buying increased productivity.
If you begin the process by brainstorming problems, an interesting thing occurs – by solving any of these problems you will be providing a massive benefit. The problem with land telephones is that have to remain stationary… when this problem was solved with the invention of the cellular phone, a benefit was created simultaneously. Everyone knew that the cell phone would sell because the benefit of NOT having to remain stationary was so apparent. If you start with by finding a problem you think you can solve, your business idea could emulate the success of the cellular phone.
Another approach to generating business ideas is to start by listing your areas of interest. You hobbies are a great source of inspiration – if you take the problem-first approach discussed earlier, then you can identify situations that would make your area of interest more fun or easier. For example, if you are a keen swimmer, you may find chlorine in your eyes to be annoying… an excellent idea to pursue would be the development of contact lens that protect the eyes from chlorine.
If you develop ideas that are closely linked to your personal interests, you are automatically meeting two of the requirements of a successful business concept. For starters, it is something that you are probably quite knowledgeable about. This means that you can make intuitive decisions with far less chance of being mistaken. Secondly, it will probably be something that you are passionate about. The passion of the entrepreneur is the number one factor that separates successful enterprises from failures.
The inspiration behind your business is the foundations upon which it is built and the fuel that will propel it to the forefront of your industry. Put on your creativity hat and generate some wealth-building business ideas today!