Finding Business Ideas

 

A question many people have asked me since I began my entrepreneurial journey is, ‘How do you think of so many ideas’? While, I usually give people a common one line answer, there really is a lot of different ways business ideas can come forth.

 

 

With so many businesses out there, people often see a great idea and ask ‘Why didn’t I think of that’? There could be a number of reasons why someone else thought of a particular idea and you didn’t.

 

 

 

Many entrepreneurs looking to create million dollar businesses try to force an idea or two to pop out. This can be a costly mistake because great ideas usually don’t come through force. Instead they come through many other outlets, a few of which I’m going to discuss.

 

 

 

Everyday Life

 

 

Next time you have a problem, don’t run from it or throw a cussing fit. Instead, analyze the problem and ask yourself how many other people might be experiencing this same problem. A large number of business ideas originate because a problem exists.

 

 

 

Throughout my daily life, I can come up with at least 1 great idea each day because of problems I face in every day activities. Instead of being pissed off, I actually take time to note down the problem in my iPhone and try to find a solution for it.

 

 

 

Some of the greatest business ideas originated because someone experienced or dealt with a specific problem. Often times, you do not even have to reinvent the wheel. Most of the time, the problem is within the wheel itself and just needs a bit of fixing.

 

 

 

Instead of discounting the problems that you face throughout the day, take some time to analyze them. You will be surprised to see really how many business ideas can originate from your life alone. Take notes on the issue, find a creative solution that fixes the problem, and see if you can make it into a business.

 

 

 

Listen To Complainers

 

 

Another way to find great business ideas it to listen to people who complain a lot. While their complaining may give you a headache, you may actually find some problems that others normally do not express.

 

 

 

You can even look at forums online to see why people dislike a particular product or service. If you can analyze the problem, finding the solution becomes a lot easier. By searching for problems others are dealing with, you already know there is a need for your solution.

 

 

 

If you have a friend or co-worker who complains a lot, try to hear them out once in a while. You never know what ideas may come to fruition because of their complaining. Just remember, there are millions of problems that you do not know about.

 

 

 

There’s Nothing Wrong With Imitating

 

 

Entrepreneurs often feel they have to create something unique and never-seen before to be successful. However, that’s completely untrue. Some of the greatest business ideas have been imitations of others in different ways.

 

 

 

If a certain solution has a large market share and not enough competition, you can definitely create a successful business. You need to analyze a solution that is working well and see how much market share is left to be captured. If your numbers indicate that more than 50% of market share is available, feel free to imitate and initiate your business.

 

 

 

There are many ideas that work great in multiple industries. If you find a business with a solid business model, feel free to implement their model into other industries. Many ideas are so strong that they have the ability to work in different niches with just a bit of fine tuning.

 

 

 

Choose Creative Friends

 

 

If you have friends that are entrepreneurs who come up with great ideas, spend some more time with them. Very few people want to go into a venture all alone. Connect and share your willingness to go to business with friends, family, and other entrepreneurs.

 

 

 

If you know people who appreciate your skill set, spend some more time with them and you may find yourself around many more great business ideas. The person who thinks of a great business idea and the partner who brings value to the idea usually end up making the same amount of money in the end.

 

 

 

Don’t be afraid to join up with buddies or other people who have great ideas. Chances are they need help and you can bring some value to their business. It isn’t always about coming up with your own ideas in business.

 

 

 

Treasure Hunt

 

 

If none of these methods are working for you, try looking for businesses or ideas that are up for sale. You can look at websites like Flippa or New Idea Trade to connect with people who are looking to sell patents, websites, or ideas.

 

 

 

A lot of people have mentioned success stories where they bought a business for a small amount and turned it into a million dollar business. If you see a good idea with a large potential, go after it!

 

 

 

Conclusion

 

 

All of my business ideas past and present have come to fruition because of the methods above. I never went looking for a great idea, they just came to me. Every successful business begins with an idea and the methods above should help you find a great idea.

 

 

 

Do you have a specific method that has helped you discover great business ideas? Feel free to comment on the post above or share your own methods below.

 

 

photo credit: andymangold via photopin cc