Where do Most Entrepreneurs Get the Idea for Their Businesses?
Have you ever wondered how most entrepreneurs get the idea for their business? Here I have explained where new business ideas come from.
Most entrepreneurs get the idea for their business from personal experience and problems in daily life. Besides, their working experience, skills, study, and research help them to get new business ideas.
Coming up with a business idea is not a difficult task but it is difficult to come up with a unique and competitive business.
I have experience in the digital printing business and have been running my blogging business successfully for more than 6 years. From my experience, I’ll be sharing how most entrepreneurs get their business ideas.
If you are a beginner entrepreneur and just trying to find new business ideas, this post may help you.
Business ideas are many, it’s not always too difficult to find out. Let’s know some common ways how you can get unique business ideas to start.
How Entrepreneurs Get New Business Ideas
1. Problems
Business starts wherever there is a problem. Most entrepreneurs can start different businesses because they observe different problems in society and think about their solutions.
No great business is ever launched without a solution to a problem.
William Hesketh Lever and his brother, James Darcy Lever‘s father owned a soap shop. There were no soap wrappers then. People used to hesitate to hold soap after buying it.
Then 2 brothers collected the leaves of the tree and wrapped them in soap and started selling them. As a result, people used to buy soap from their shops instead of buying soap from other shops.
Thus their sales started increasing day by day. That business is Lever Brothers Limited and now Unilever.
Similarly, today’s Meta or Facebook did not start with business intentions. Mark Zuckerberg created a platform to facilitate communication with students on their university campuses. You may read how Mark Zuckerberg got the idea of Facebook.
2. Personal and Working Experience
There is no substitute for experience. Experience is the real learning of our life. From personal and work experience we learn about various problems, their solutions, and their needs.
Only business-minded people will come up with business ideas. But if you and I get hundreds of experience with secure government jobs without thinking about business, we will not have any business ideas.
Those who are already running a business or have worked in a business before can find new business opportunities from their experience.
As you work in an organization, you realize that your employer is not getting a reliable supplier. You can start a business as that supplier.
Also, by working in a business, you know better about clients, product sources, market needs, and competition which will help you start that business.
3. Study and Research
Most entrepreneurs do adequate study and research before launching a new business or product. In this case, they invent new products or businesses by doing a lot of research about people’s preferences, tastes, and current product problems.
Moreover, after researching any other existing successful products, they also research their associates and alternative products.
As we know the iPhone is very popular, why are there 10 other more popular mobile companies? Although the iPhone is popular, it has some limitations and separate markets. So Xiaomi has started making mobiles for the price-conscious buyer at a lower price than the iPhone.
You can research what products are needed in your area, what popular products are not available in your area, and what are the needs of people.
You can also make a list of successful businesses in your field and find out what they have done to be successful. Ask yourself, “Can I do that what they could?” Also, find some unsuccessful businesses and the exact reasons why they failed. This type of research will help you find a new business idea.
Researching a new business like this is much easier now in the Internet age.
You may read: Profitable Village Business Ideas in 2023
4. Skills
It is found that some skills-based successful business owners started their business from the only hobby or professional skill they have.
If you have English language skills and enjoy teaching English, you can start a business to sell courses on websites or make YouTube videos.
You can start a restaurant when you have cooking skills and can make tasty dishes.
Many of us have different skills and hobbies such as writing, cooking, music, drawing, gardening, graphic design, marketing, etc. With every hobby and skill, we can start a new business.
5. Trend
Current trends are another great way to get a new business idea. Entrepreneurs keep eye on online channels to know what people are talking and discussing about.
But trends are not permanent, so to get a new business idea you have to be careful and smart to analyze everything. You have to think about how long the trend will continue and when will go down.
You may read: Difference between Small Scale Industry and Cottage Industry
6. Ideas Suggested by Others
Sometimes entrepreneurs start a business by getting ideas from others. There are many experienced business people who are always looking for new business opportunities. They may have some good business ideas but they won’t start the business for any reason.
You just take the idea and make it true.
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