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How To Find A New Business Idea – When I first thought about becoming an entrepreneur six years ago, I had a different idea about business.
However, none of them felt quite right and I wasn’t sure if they were good enough to let me jump.
How To Find A New Business Idea
And I’m not alone. Most entrepreneurs who want to meet with me have heard that 11 out of 12 startups fail and they want to make sure the advice they get is right before they take the plunge and become entrepreneurs.
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Like any other project, getting started is often the most emotional part of the journey, but sticking with the idea long enough to succeed is key.
However, even though the right business idea is more important than most people think, it is very important to get an idea that you want to stand for years, in one way or another. or else.
In addition, you need to be confident in your ideas so that you can convince others to trust you, which you will have to do many times in your business journey.
In the past five years since we’ve been running Viima, we’ve helped several organizations better manage their ideas and turn them into something new, which has taught me quite a bit about working with ideas.
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I will share a simple step-by-step process for finding a business development strategy that you can use to find the right strategy for your business.
The first step is to recognize that all good ideas have a few things in common:
Now, that doesn’t mean you can’t build a business if you’re not diligent or strategic, it’s just that it’s much harder to do it and stay in the game for a long time. .
The same principle applies to all sole traders, team building teams, and existing organizations looking for new business ideas. In these cases, you just want to look at things from the perspective of the team or organization you represent, not yourself.
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For example, I have a background in software engineering, I love creating new software products and services, and I’m always interested in innovation and new technology in general, as well as system design and implementation. However, working in an innovation management software service was a good fit for me.
Now the third bullet is the most important. If you want to have a real business, you need to find people who are willing to pay for whatever you do, but we will discuss this in more detail later.
Don’t get too distracted at this point, just write down what comes to mind and move on to the next section.
When you’re close to these areas, you’re ready to start making ideas, which is pretty straightforward at this point: you combine everything you’ve written into two.
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By combining each of them with everything from the other columns, I get nine possible ideas, such as
Some of these may be absurd and some are certainly funny, but they are still a good way to generate a lot of relevant ideas quickly.
These ideas don’t have to be so literal. For example, “Gym cuisine” should not mean that you have to build a small restaurant in the gym.
It can also mean a company that aims to help gym goers achieve their goals (usually weight loss or muscle building) by helping them with their diet.
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This can be done, for example, by selling delicious, healthy and affordable ready-made meals that suit the dietary needs of the person in question, or by creating online courses that teach consumers how to how to prepare this food in a short time. . complete cooking as possible, as well as combined with a strong library of sample recipes.
You can’t exactly follow them, so the next step is to analyze and prioritize your ideas to see which ones work best for you right now.
To do this, you simply measure the idea against a few different criteria and compare them to each other.
The first step is to find things that pay money. Let’s take two examples from the previous table.
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A quick search for “gardening software” reveals that there are several options out there, many of which are free and some of which are paid, often costing $10. The rest seems to be mainly for tourists. So, on the face of it, it seems that independent farmers are not used to paying a lot for software.
On the other hand, “innovation software” is another matter. Companies invest tons of money in the production of technology and if there is software that can help them do this job better, they really want to use a small part of it for the same thing.
The downside of an obvious choice, like “innovation software”, is that there will also be competition and you have to figure out how to beat them, which we’ll get back to later.
Next, how do you go about making it happen? The better you are at what you do, especially compared to others, the easier it will be for you to execute the idea and the more the idea will resonate with you.
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If you plan to become a sole trader, you may not want to take on a business idea, such as B2B software, which often requires a team with various skills, such as sales, marketing and engineering.
On the other hand, if you have a strong construction team with all these skills, it might be a good fit.
Finally, we need to look at the problems we are trying to solve and the current implementation conditions in this area. This is the part that separates the original business idea from the rest.
If you’re just trying to solve a problem that’s already been solved and do it the same way everyone else does it for a little less, or by doing it better, you’re not innovating.
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There is nothing wrong with that at all. Creating a company that can do better than the competition is obviously a good thing.
New business ideas, on the other hand, often provide a reliable source of competitive advantage, and sometimes it can also be easier to sell and sell, as long as you have a clear value proposition.
The most important thing is to find problems and issues that have not been completely solved, such as stopping climate change, or those that have been solved but where work has stopped for a long time.
For many people and organizations, it will be easy to find the last example where you have a real chance to implement the idea.
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Before the events of the Deepwater Horizon, the industry was at a standstill, but thanks to the attention received by the spill and the X-Prize given to progress in this field, many innovations were created to speed up the cleanup. , even to people with no experience in the startup industry.
To find significant performance improvement opportunities, you need to look for areas where technological progress is (or is) possible, or where there are obvious incentives.
If we use the earlier example of oil spill cleanup, the industry clearly had a strong incentive not to move forward.
The oil company has met the legal requirements given by the government department and also has the appropriate insurance to cover the costs of events, such as oil spills, which are very expensive but in that case it is unlikely.
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Since the incident is rare, there is no “water cleaning expert”, usually fishermen who are assigned to do the job and work hourly. Therefore, it is not in their interest to clean up the finish as soon as possible, but to work for a long time.
To make matters worse, the government has decided that since they have already established local laws and there have been no major local events recently, they do not see the need to spend tax money and time. , which can be used to advance a more urgent agenda, to establish stronger policies.
Finally, once you give your thoughts and score, which can only be done on a scale of 1-10 to make things easier for you, you can add three steps to calculate the total “score” in your thoughts and. then order them according to these numbers.
This is easy to do by simply using your favorite spreadsheet software. However, if you are a
Will It Fly? How To Know If Your New Business Idea Has Wings…before You Take The Leap: Will It Fly? _c1: Mcknight, Thomas: 0076092018872: Books
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