Lack of inspiration? Here’s how to come up with a great business idea
The start of the next year is a great time to consider starting your own business. But, at first, you need to come up with a winning concept, right?
Coming up with a killer business idea is the first step into opening your own business. But who would have thought that finding something to invest your money in is so difficult? From scribbling your idea on a cocktail napkin to actually starting a business, there’s a long process you need to carry on. However, it all starts with a viable business idea that will essentially determine whether you will be successful or fail in business.
Yet, while for others finding great ideas is as easy as walking on the street, for others it seems nearly impossible to generate new ideas. Yet, fear not! It’s not like you lack creativity or innovative thinking, it’s just that you didn’t practice this skill long enough to find it easy to generate ideas often without even trying.
Coming up with winning new ideas takes a perfect combination of understanding the science of your brain and your entrepreneurial spirit. Here’s how to find killer concepts that will help you climb the ladder in the startup landscape:
Have the perfect state of mind for idea creation
First things first, let’s explore a few basics of how the human brain generates new ideas. It all starts with, what scientists call, “the plasticity of the brain” which is the term that defines the connections that happen in the human brain when we come up with ideas.
Why is that relevant when looking for business ideas? Because the property of the brain to be or not to be “plastic” is very similar to the habit of coming up with good ideas easily. Simply put, the better plasticity of our brain, the more capable it is of making or rewiring connections. Similarly, the more you practice how to find winning business ideas, the easier it will be for you to generate new ones without any effort.
But what is the best state of mind for creating ideas? According to Steve Johnson, who has spent years doing research and write about the generation of new ideas, great ideas are more likely to develop in our brains when we have the perfect state of mind.
From taking the time to develop the idea to looking for innovative uses for old products or making mistakes, these are all factors that can lead to the creation of good business ideas.
Think of problem-solving solutions
If you succeed in identifying problems and needs, there is just one step until you come up with a solution too. One of the easiest ways to generate business ideas is to identify the problems that exist among consumers and solve them with your concept.
Let’s take a few examples into consideration: there are huge innovative solutions such as Google search or Amazon that not only reshaped our world but have also been created to solve the problems consumers had like the lack of information or connectivity and the need to order products online. Yet, you can first start small and look for smaller solutions.
Think of yourself as a consumer and identify the challenges you deal with within different areas of your life. Let’s imagine, for example, that you would like to listen to music to focus better in a busy and noisy office. Wouldn’t a pair of noise-canceling headphones solve your problem? It most likely would. So, you must use this example to understand how to generate problem-solving solutions that will make winning business concepts.
Look into the future
Once you get better at finding solutions for existing problems, why don’t you start looking for ways to solve problems that don’t exist just yet. Looking into the future in such a fast-changing world as it is today can be really difficult. However, most extremely successful businesses we see today have been all developed based on futuristic concepts that seemed crazy at the time they were developed.
Take, for example, Tesla Motors, a company that predicts that, in the near future, lack of fossil fuels will become a major problem so, it is currently taking steps to fix this before it happens and to look for innovative solutions to deal with the future needs.
And, similar to this example, every industry is going to experience certain challenges in the future. So, the trick is to be one step ahead of everybody else and identify them and find the best solutions.
Next, in order to be able to come up with futuristic business concepts, you must learn how to identify the evolving needs of the consumers. From the basic needs of Maslow’s hierarchy of needs such as alimentation and water, shelter, or emotional needs to the more complex ones, all tend to stay the same with only a few changes involved over time. However, what changes, in fact, are the products and services that satisfy these needs of the consumers. So, a winning business idea could be a product or service that will fulfill a similar need that exists now but in a more innovative way.
Now, if you succeed to find that winning futuristic concept, be aware of the dangers of telling others your great idea and make sure you protect your intellectual property.
Think of your hobby as a business idea
What can be better than making money out of what you love to do? If fact, the more passionate you are about what you do, the bigger the chances to do it better and earn higher returns than if you would do business just for money.
Today’s consumers love authenticity in a business. So, whether you like to paint, draw, make music, or craft jewelry and decorations, the hand-made approach of your business will definitely be a winning business concept.
Finding a killer business idea might not sound easy at all when there is your capital involved and there is a lot of emotional pressure. However, it all comes to learning how to generate great ideas and business success will follow.