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How do you find a good business idea?

How do you find a good business idea?

  Innovative Business Ideas vs Classical Business Ideas At the heart of launching a business, we always find an idea that was generated either by creative thinking or by a competition of circumstances or by the entrepreneur’s own experience. We will not insist very much in this article on innovative ideas, which, although they are

 

Innovative Business Ideas vs Classical Business Ideas

At the heart of launching a business, we always find an idea that was generated either by creative thinking or by a competition of circumstances or by the entrepreneur’s own experience.

We will not insist very much in this article on innovative ideas, which, although they are often extremely profitable, are quite rare. As I said earlier, such ideas go through “visionaries,” but unfortunately their share in society is extremely small, and when it comes to business with these visionaries there is still a problem: the vast majority of them are spiritless practically and incapable of putting a “business on the wheel”. That’s why visionaries who come up with revolutionary ideas and turn them into super-business are the exceptions to the rule, the vast majority of successful business people being ordinary, very ambitious people who have managed to make their dreams come true. They implement established business models that optimize them and turn them into profitable businesses. Very often they appeal to innovative solutions, but not necessarily solutions invented by them. They are generally open to new people, able to quickly and accurately assess technological developments and implement them in an extremely efficient way.

The question I’m asking is: If these successful business people are not real visionaries, how do they find the business ideas that bring them so much money? The answer is simple: around them.

To help you better understand this trivial response, we’ll try to outline the main sources that people are inspired to generate business ideas.

The Internet and the written press

It is a good source of documentation to find business ideas for those who have not done business in their lives and are not employed in a management position in a company.

For those with business experience, this option is not very attractive because the information on the net is generally truncated, and often even in a distorted way. There are thousands of articles on the internet that explain how you can get a few thousand euros a month with an initial investment of € 400-500. It’s not impossible, but such recordings do 1 out of 10,000 startups! Those who already have business experience prefer to extract their business ideas from the “spinning environment”, but when you are in the beginning and do not have too many choices if you have a lot of patience and you can read the rows the internet can be a good documentary source.

Specialty Magazines

Much more useful than hundreds of sites that briefly present business ideas are specialized magazines, printed or online. 10-15 years ago, you found this only in the western part of Europe, but for a few years, there are also good publications in various fields: agriculture, animal husbandry, meat industry, construction, tourism, printing industry, automotive sector etc. In these journals, you can find various opinions of specialists related to the problems in the respective sector, about the needs of the population, the emerging new technologies as well as about the existing trends.

If you read these articles very carefully and know how to extract the relevant information, it is impossible not to come up with a series of business ideas related to the topic.

Examining The Existing

Businesses An established company’s business analysis can be a source of ideas even for those who want to start a business. Although those in the start-up phase will not have the resources to reproduce the company’s business, some will be able to understand the mechanism of the business and reproduce it on a much smaller scale. Even if we are talking about copying an existing business in the first place, for someone at the beginning of the road, one can say that he has found a business idea.

Adopting a known idea is a common business method and used by a number of entrepreneurs who find that “they can do that too”.

Company Clients and Employees

If you have a business, you probably already met with dissatisfied clients. You always find among your clients’ people who want a better product or service. Many want to get rid of these customers, but if you’re a good manager, you have to look at the problem differently: these unhappy customers are people who have unsatisfied needs and desires. Is not there a much larger number of people who are in the same situation, but who do not tell us this? If so, you could develop a new product or service to meet these customers  … and so it was a business idea.

If you have a bigger business, you probably only talk to some of your clients, and you are likely to miss the suggestions of dissatisfied clients. In this case, it is good to talk to your employees who are constantly interacting with the company’s clients. If you have the patience to listen to them, it’s possible that some business ideas come from them.

Engineers from a specific field

Engineers, technology, or team coordinators are always confronted with technical issues in a company. Sometimes these problems are caused by poor organization and listening to them you realize what you can improve, but in other cases, they can lead you to innovative technical solutions that lead to a new business idea.

Specialists who can provide you with information on which to develop a business are not only those in the technical field but also those in the field of sales. They can provide information about non-conformances between product performance and consumer expectations, or information about changes in customer structure over time, information on which new business ideas can be developed.

Competitor

Knowing permanently what your competitors are doing is one of the basic business rules. By studying competition, you will find out what your products/services are on the market and you will know how to fix your prices for goods and services delivered by you. By carefully watching what your competitors are doing, you will also learn about their attempts to bring something new to the market, which often do not lead to good results. Analyzing, however, “cold” what your competitors did, you will be able to figure out where your competitors were wrong and what they should have in order for that idea to be successful. If you find solutions to those issues, what for others was a losing idea for you might become an excellent business idea.

Other Businesspeople

If you are a businessman, and you are sociable, surer that you also meet other business people. Discussions with other business people, especially with some of the other business sectors, can sometimes lead to interesting business ideas.

Research institutes

As I said at the beginning, some of the richest business people in the world are those “visionaries” who have transformed some revolutionary ideas into successful businesses. But there are many highly intelligent people who are also visionary, but who do not have the skills of entrepreneurs. In principle, you meet them in research institutes, institutes that try to harness the intelligence of researchers, and who under certain conditions are willing to cede the rights to research or innovation to private companies. Often, based on these, new and extremely profitable businesses can be developed.

The State Office for Inventions and Trademarks

OSIM publishes periodically a catalog in which appear a series of ideas that are registered with the title of invention or innovation. Being clearly registered is forbidden to use them without the owner’s consent, but if you have the patience to analyze OSIM’s publications, it’s more likely that many business ideas will be born in your mind.

The last source of business ideas we’ve presented, but perhaps the most important you are even YOU!

Everyday life is a source of business ideas because in your life you have dissatisfactions, failures, and difficulties that you could get through if there were any good products or services. Think about something you need and no one offers you, or what you did not like as a client, and you will see that each of the problems find solutions and some of them can be applied on a scale wide and can bring satisfaction to a large number of people, which in fact means you have found a business idea.

Good luck!

 

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