Five Ways of Generating Good Business Ideas

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Starting a business is not as easy as it may seem. Most potential entrepreneurs have the notion that turning a hobby into a venture is the best way to succeed in business. However, business ideas should be generated after analysing existing problems in the society. Most business ideas books guide potential entrepreneurs on how they can offer solutions to existing problems. Examples of such books include The Business Book: Big Ideas Simply Explained and Mind Your Business: A Workbook to Grow Your Creative Passion Into a Full-time Gig. Good business ideas can be generated by looking into personal challenges, asking close family members and friends, engaging the community concerning their problems, taking part in commercial forums, and exploring different areas.

Five ways of generating good business ideas. Jpeg.
  • Looking into personal challenges. Everyone faces challenges from time-to-time. This fact means that it is important to explore the personal problems that one in facing in life, work, or school, and try to find solutions for them. The solution to such personal problems can turn out to be good business ideas since many other people might be facing them. Therefore, solving personal issues can be a good platform to get business ideas because the aim of any venture is to figure out a way through in specific situations.
  • Asking close family members and friends. Good ideas can come out of people close to an individual. The family, being a basic unit of the society, is the best starting point in getting business ideas. Friends also play an important role in everyone’s life, which means that they can also be a source of good business ideas. However, one does not have to ask their family and friends about business ideas directly because implementing them might be interpreted as theft. The ideas should come from daily discussions since the best ones might take some time to generate.
  • Engaging the community concerning their problems. Every society or community has its own challenges. Finding solutions to those challenges might turnout to be lucrative business ideas. The engagement can be done through observation, asking around, or attending community events. There are also existing businesses in any community, which means that one can easily know what is missing. The aim of the business ideas, in this case, is to solve community problems.
  • Taking part in commercial forums. Business ideas can also be generated from existing ventures. Besides, every business has the threat of new entrants and existing competition. Therefore, it is vital to attend commercial forums, such as expos and seminars, to know the state of the market. This way, one will be able to know the sector or exact business to venture in. In addition, successful businesses normally make presentations in such forums, which makes it easy for a potential entrepreneur to see existing gaps. These gaps can become good business ides.
  • Exploring different areas. People in different areas across the globe have their own challenges. They also have divergent tastes and preferences on various goods and services. This fact means that good business ideas can be generated through traveling since one gets to explore different cultures and ideologies. Besides, customers are normally attracted to something new, hence, the need to come up with unique ideas when starting a venture. Therefore, entrepreneurs should think outside the box in order to come up with incomparable business content.

Good business ideas can be generated using various methods. The best approach is exploring personal challenges, engaging family members and friends, and asking the community about their problems. It is also vital to participate in commercial forums and explore different places.

Joshua Omolo

Founder and Managing Director at Joshua Omolo & Associates Limited (JO&AL). JO&AL is a knowledge-based company whose clarion call is to “help people and businesses get out of the cubicle and create wealth.” The company has combined different methods of making money to create effective resources for beginners and experts. The focus is to conform to the global changes brought about by information technology. JO&AL’s commodity of trade is “Knowledge”. We are a reflection of a transformation that is taking place in our national and global society. Currently, learning is continuously being redefined for formal and lifelong learners in both public and private sectors. Consequently, we deal with affiliates, advertisers, agencies, and entrepreneurs. Our private fora coach individuals interested in leveraging their careers for business.

Joshua Omolo

Founder and Managing Director at Joshua Omolo & Associates Limited (JO&AL). JO&AL is a knowledge-based company whose clarion call is to “help people and businesses get out of the cubicle and create wealth.” The company has combined different methods of making money to create effective resources for beginners and experts. The focus is to conform to the global changes brought about by information technology. JO&AL’s commodity of trade is “Knowledge”. We are a reflection of a transformation that is taking place in our national and global society. Currently, learning is continuously being redefined for formal and lifelong learners in both public and private sectors. Consequently, we deal with affiliates, advertisers, agencies, and entrepreneurs. Our private fora coach individuals interested in leveraging their careers for business.

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