How To Come Up With Business Idea From The Scratch

Suppose you are a young enthusiastic, Entrepreneurship driven person. In that case, you want to own your own business and see it grow to its potential, Ability, and strength, but you look about; there are tons of businesses already in the market. You fear you might fail to go the same lane as when you engage in the same business due to competitors you meet. You try to come up with your unique business idea, but you need help to come up with an idea; you become frustrated as a result. You can also become a top business people genius Like Elon Musk, Bill Gates, and Steven Jobs have this kind of fear, but they overcome them. In this article, we are here to help you and see you come up with a Genius Business Idea that will help your business to l strive and Grow; we will drop relevant tips and information to guide you in coming up with a business idea.

Gladly tell you that your business can be the giant corporation that will make waves in the world with the excellent business Idea you got from exploring these articles, practicing, and adhering to this information.

How to Come Up with Your First Business Idea from Scratch

1.Look at Problems in the Market

These are the things top businessman looks for, which makes most of them succeed. Elon Musk wanted a faster payment method compared to the olden bank system. He Created Paypal; that is the problem. He noticed people got frustrated by the low speed the commercial bank offers compared to Paypal. You can apply these to yourselves; you can start analyzing the problem starting from yourself, which kind of problem you encounter every day, have these problems have been solved, have your complaints have been solved, and what are your unsolved needs; these are the problem you encounter look at this problem, you can come up with ideas from it.

Apart from looking at your situation, you can consider the problem your neighbours, family, or friends encounter in their day-to-day transactions and dealings. For example, in some parts of Africa where people do experience Low electricity, making them go blackout for days or months, you can come up with setting a place where you can charge phones for an amount fee or is the Area you live far from Retail store making you and your neighbours frustrated and making them go kilometres to get supplies, these are problems. The best way to get ideas is by looking at the problems in the market as a whole.

2.Analyze Your Skills and Interests

Analyzing your skills and interest is another way to get ideas, skills you have acquired through your formal education, Vocational skills, seminar, your hobbies, or your interest. You can be a vivid lover of painting, Photography, animation, and much more. These are great ideas. You don’t limit your skills and interest. These can be translated into a business. For example, if you love Gardening, you can set up a business that sells Gardening Tools and takes care of your Garden; if you love Photography, you can set up your photography shop for wedding shots, modeling, and a lot more. You can generate tons of ideas for setting up new businesses.

3.Research Profitable Niches and Model

One of the people I do look up to says your passion or interest won’t feed you or put food on your table. Business is set up to make a profit, and it goes beyond letting your interest win, as these might shut your business in the long run or go bankrupt.

One of the ways to get ideas is to research, and when I say research, you research profitable niches you can succeed in. They are upcoming profitable niches that are making waves in the industry. They include Pets, Foods, and environmentally friendly products as people are getting mindful of the environment we live in and be sure to protect it. With this niche, you can niche down and find the best ideas for your business, it can be a pet shop, Food caterer, or food consultant for those who are specialized in Nutrition, and you can set up a shop that sells Eco -friendly products. They are tons of ideas to generate and gather up.

4.Find Ways to Improve Existing Products

They are tons and hundreds of products that will use yearly, and some of these products have loopholes and limitations in them, making them not satisfy our problems; you can come up with ideas to develop these products, and you can make them better by improving the quality, reducing its cost, it is its services you can make it faster and more convenient, you can generate a ton of ideas from these.

5.Tap into Creativity

Creativity begat master. Many business ideas are generated from Creativity, Setting aside a day for thinking, brainstorming business ideas that come into your mind, Mind mapping connections, not down the words, thinking deep into the reality you can take a walk, sit beside a sleep, go for a workout your brain has been in a relaxed moment will bring a lot of ideas you can explore and use.

6.Look for Inspiration From Others

You might have an interest in one particular line of Trade or business; these are ideas you can explore how the business came to be, how it is solving problems, and other areas to explore in the business. We, humans, love to derive positive energy from each other this comes from inspiration and motivation. You can get inspiration and ideas from mentors and business people already in the market, attending seminars and entrepreneur shows, listening to podcasts, and attending gatherings, thereby birthing many ideas you have for a particular idea or business for a startup.

7.Identify Market Gaps

Identifying Market Gaps can birth new ideas; studying Insight trends and forecasts based on your interest or business you might love to venture into can birth a lot of ideas. The supply and demand of a consumer for a particular product or service can birth a lot of ideas; considering that a consumer and the supply-demand for a particular product or service is low, these can be businesses you can bridge the gap between these and deliver the goods to the final consumer, for example, facilities Fitness for older people, you can solve these by establishing new facilities.

8.Combine Ideas or Pivot

Sometimes we feel entangled with many ideas without knowing the right one to implement. It is good to implement those ideas together, develop a hypothesis around these ideas, take 2 or 3 ideas together, and see the one that will work; during this period, be flexible to changes; if you feel one Idea is not working, drop it and focus on the best one proven by hypothesis.

Conclusion

There are many ways to get ideas which is what I mentioned above, to choose the one that is best for you. Don’t jump into big ideas your hand won’t be able to handle; start from somewhere, consider selling online, study your customer, build a solid relationship, and secure pre-orders, Helping minimize risk.

Coming up with ideas is never easy, but using the strategies I mentioned above will go a long way to help you achieve your objective, carefully study the problems around you, consider the Form of ownership you will use, study the trends, talk to customers, have a survey, and talk to your mentor and the top players in the industry, stay motivated, Curious and empathetic as always. There are a lot of problems and businesses that still need to be solved, untapped, or undiscovered that are waiting for someone like you. Read more about business ideas on Entrepreneur