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Finding a business idea is easy: One should look at the facts.

25 July 2017, 09:07

A business idea that is sustainable in the long-run is the one that adds value to people's lives, it's the one that plays a role in solving people's everyday problems. If you are an aspiring entrepreneur that is struggling to come up with that one idea that will play a role in making our lives easier this article is for you.

The human fraternity is surrounded by problems that need your intervention as an aspiring entrepreneur, all you have to do is to scan and rigorously analyze the surrounding environment and identify the one problem that you can excellently solve by providing an efficient solution that people are willing to pay for.

We often limit our imagination to what has proved to work before and that contributes to impediments in making our businesses successful in the long-run. Such obstacles include competition, capital, experience, network etc. The one mistake most aspiring entrepreneurs make is to be narrow-minded when looking for businesses opportunities. This is not only time and resource wastefulness but also contributes to failure because we look at what other entrepreneurs has created and that comes with requirements. An entrepreneur is not someone who seeks for templates in adding value to people's lives, an entrepreneur is creative enough to come up with a unique selling proposition in business. Business ideas can be found using brainstorming, innovative thinking, looking at trends and analyzing the basics of our everyday living. 

Brainstorming  

The best way to find and create your own market and define your industry is to write down various business ideas without thinking about their implications. By implications, I mean that you don't have to judge them just write the list of them as many as you can. After listing them down analyze them, this includes the process of judging them such as their feasibility of existence, their substitutes, potential customers (the people affected by the problem you are attempting to solve), potential competitors, the industry they are likely to operate in, etc. On completion, of your analysis process, the second step is the important one which is researching your chosen idea that met your criteria in terms of your capacity and capability of executing them. The process of brainstorming has proved to give birth to innovation in the business environment. All you need to do to come up with a valuable idea is to think of all the options.

Innovative thinking

When looking at the progress and success of Apple business in the technological industry one can conclude that the founders have clearly applied innovative thinking. Apple did not invent the wheel they identified that computers need to be improved so that they are user-friendly. They saw that smartphones need to be improved in order to be extraordinary. There are many products/services that the novice entrepreneur can apply innovative thinking to improve them so as make people's lives easier. When applying innovative thinking to products that come with problems the entrepreneur gets the opportunity to solve problems that directly affect the users of that product/service. This ultimately ensures that you as an entrepreneur is successful in creating a valuable and sustainable business idea. Innovative thinking requires insight of how things work particularly in the business environment.                           

Looking at trends

Many values adding business ideas are relevant because of keeping up with trends. With the aid of technological development, the aspiring entrepreneur can come up with a business idea that serves many people. Facebook, for example, was created as a network that allows young people to connect and meet with each other online. Facebook saw that the internet was becoming one of the most used forms of communication that optimize time and resources.

By studying this kind of trend and its future direction as well as its implications Mr. Zuckerberg created one form of advertising that is excellent in today's business environment that is driven by technological development by simultaneously a window of advertising and allowing people to meet with their friends and share their stories. These trends are found in many various places such as technology, food, fashion, etc. Another trend that is emerging that is created by technology is the problem of excessively using social media many people are trying to deviate from such a habit, an entrepreneur can come with a solution to that problem such as promoting book reading clubs.    

Analyzing the basics of our everyday living.

Usually, we wake up with a breakfast as our first meal in the day, we watch the TV or use the internet as an escape to our boredom. We go to the gym to keep our bodies healthy, we buy beauty products to look good in the mirror so as feel about ourselves, we listen to music to entertain ourselves and so on and so on the cycle of life continues with cause and effect. It is therefore crucial that the aspiring entrepreneur analyses those factors and come up with an idea that will radically improve them, or in some instance create new products that will play a role in people's lives.

To understand solve the problems that affect people the entrepreneur needs to analyze the fundamentals of everyday living, in that way a value-adding business idea is born and the numbers will grow exponentially when many people understand what they are paying for.

Real entrepreneurs are optimistic people who find ways to hurdle with obstacles in every angle. We often hear people whine with excuses that hinder their progress in executing their plans, and one of the excuses I was trying to address in this article is coming up with a business idea. It is advisable that the aspiring thinks of one business idea daily and spend most of their time finding ways on how to solve them.

By applying brainstorming innovations are born, by using innovative thinking the improvements of products is accelerated, identifying trends will open your mind to a host problems that need your solution as an entrepreneur. Analyzing the basics of living will help you define the value you are adding to our lives in that way a business idea is found.     

     


Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

 

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