How to generate a business idea

Ideas rule the world. It was someone’s idea that manifested as the electric bulb, the computer, the automobile etc., all came from an idea.

So you need ideas; but right ideas “because you decide what ideas are right or wrong? For example, someone decides to sew and sell head pants, everyone laughs and say this is a wrong idea. Guess what, he goes ahead, and suddenly, head pants hit the fashion scene and he makes his millions.

So, it’s not getting the right idea but getting your idea right. It is one thing to get an idea and another to get it right. In order to generate ideas, you must open yourself up to the process of getting ideas. There are two methods of generating a business idea: Creative methods and Systematic methods.

Creative Methods: Creative methods often involve doing what feels right to you subconsciously, we each have likes and dislikes. We are attracted to certain things that don’t attract other people. For example, you may like to clean and anytime you go into people’s homes, you spot the dirt and want to clean. Perhaps there is a business in it for you.

Also each of us has things we do well and other things we don’t struggle to do at all. You can start your creative method by listing those things you do well; those things that bring out your smile. Take note of what friends tell you they have seen you do well. These may include: speaking, writing, organising, building, teaching, supporting people, gardening, selling, connecting people, and disciplining others.

After creating a list of things you do well, decide which ones you prefer above others, and pursue it.

Systematic methods: Once you have an idea of what you would like to do, try it. So you believe you write well, try selling a piece of your poetry or prose. If it works, you might have the beginning of a lucrative business. Don’t stop at trying only one of your ideas; try them all because people often establish many businesses in a lifetime. Also you might find that it is better to combine two or three ideas than just one. The following questions would help you generate business ideas: What talent do you have? What is your educational qualification? What are your hobbies? What are your character traits? How well do you relate with people? What do you like to read about? What do you dream of doing with your life?

Read also: CBN approves N3m loan for budding youth entrepreneurs

If you choose not to use the creative method to generate business ideas, you can use any systematic method. Any of these methods would help you to identify the kind of business you can start: Find a need and fill it: While brainstorming ideas on starting a business, one can look around and find something people need but difficult to get and plan to meet the need. If you make a habit of finding and meeting needs, there will be no limit to your business. Improve existing goods and services:

In many developing countries, most government owned organisation have collapsed due to lack of maintenance, but these services can be rendered to the masses through creative individuals ready to make money. Take the case of water supply, where government water board no longer functions to supply water; you can start a business of drilling boreholes for the communities. What about other sectors? What business could you build out of power shortage; lack of adequate sanitation etc. let your mind wander. Identify future trends in an economic sector: If you can identify a future trend in an economic sector, you can create wealth. For example, if you can figure out what goods and services would need to be delivered to banks, telecommunications, oil companies and private companies, you can be a preferred supplier. Surf the internet: The internet is another way of generating business ideas to embark on.

 

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