Blog

5 steps to find a business idea💡📒

Of course, creating a business idea is easier said than done. You don’t know where to begin, whether it will work or not, and what actually a good idea is. However, there are certain rules that can help you sort it out.

1.Decide on the criteria
In order to generate a good business idea, it’s necessary to understand what ‘good’ means for you. Start with choosing criteria in accordance with your interests, abilities, ambitions, needs, and aims. Business takes much time, so it is worth devoting time to what you are good at.

As for market criteria, the key ones for a startup are a large market and managed scalability with the constant increase of business value.

2.Keep an idea diary
Start to regularly write your ideas down and revise them from time to time. In order to find a good idea, you need to find many different ones and transform your mind into the constant search of opportunities.

3.Look for an idea purposefully
You can face a problem and find the solution. Frequently a business idea crosses your mind when encountering a problem. The more relevant is the problem, the more willing are people to pay for its solution. Interviews can be very helpful here.

Besides, one can copy and adapt an idea. You can find an already existing business model and introduce it to the market. The idea can be borrowed from another geographic market or industry. Analyze the markets of Western Europe and America. It’s important to select dozens or even hundreds of examples. Read Idea Factory, see where funds invest in, follow the ratings of successful startups.

Think of what you enjoy doing and what you are competent at. It’s possible to turn your hobby or competence into business.

It’s crucial to be up to date with all the tendencies developing in the world. You may realize an important tendency that can be a business project.

4.Focus on your communication environment
Probably, there are people with worthy business ideas. Find a partner with a good idea in order to do business together. That’s how many business stories began.

5.Commercialize your drafts
A business idea can be found by making your drafts commercial. It’s necessary to mind that you can find different scopes of application for any technology. Any need can be satisfied through different technologies. Hence, try to look for something combining a great demand and new technologies.

Do you have a business idea? How did you come up with it? Share in comments 💬


t.me/ideafactory1/387
#BusinessEducation