Top 3 Ways You Can Generate Ideas for a New Business

Top 3 Ways You Can Generate Ideas for a New Business

1. Start a Business that evolves around your innate ability. Innate abilities help you do things with ease. Often times I hear people say, “what do you have flair for?” Innate abilities help you do things better, quickly and ‘naturally’ than others. It helps you do things effortlessly!

While I was in my tender age, I knew I was going to do well as a writer! It was so convincing that my mum would call me “akowe-kowura”. I never got tired of writing – not totally junks though. But I loved it! I loved to write good, convincing copies that I soon fell in love with advert copywriting.

One great thing about your innate ability is that it pushes you, not the other way round. With all humility to all my Afripreneur friends reading this post, I write with ease and get lots of commendations for my write ups. Little wonder, Peak came up with a tagline, “it’s in you!”

Looking for business ideas? It’s in you!

Now, take this as your assignment!

From my story so far, highlight 10 possible businesses I could venture, putting into considering my innate ability. Answering this question might do you and our afripreneur friends some good!

2. Turn Your Experience or knowledge into a Profitable Venture.

Instead of asking, “Which business can I start that will bring quick profit?”, turn your hands-on experience or knowledge into a profitable venture!

An entrepreneur is one who is able to make commerce of his ideas, experience, knowledge and ability and make good profit.

What do you know? Which skill have you acquired recently? What education have you gained? What experience have you acquired? Do you know that there are people out there waiting to be served what you have?

Like I tell seminar audience, there is money hanging in the air – lots of it! Offer a certain kind of business that people need, and the money will come. It’s called service! Money answers to service!

Why spend 15 quality years in an airline company and you say you don’t have business ideas? If you can’t afford to own a commercial plane, why not own an agency? For all I know, there are ancillary businesses in the Airline/Hospitality Industry – executive car hire business is only one.

Do you want to know why you are likely to do well when you start a business from your past experience? You were once the Store Keeper, the Production Supervisor, the Accountant, the Brand Executive, the Marketing Officer – you were there, everywhere! You knew what, when, where, how and to whom. You have a sure advantage over your competitors to do it better.

Don’t go looking for business ideas anywhere – look inwards.

Now my friend. What do you have? It could be a sort of knowledge or an experience that you have had somewhere, somehow. Your answer could just be a seed that is waiting to blossom. Sit down with some friends and or your family to brainstorm over it. This in the long run will bring you several options to choose from. Then, do a feasibility study on your fantastic 3 choices to see which one is the choicest.

3. Take Advantage of Technology, Situations & Opportunities.

Have you heard about the story of two guys who travelled to a certain country where those who lived there wore no shoes? One of them saw an opportunity in this situation, got back to his home country, ordered a large consignment of different sizes of shoes, and exported them to the country where the people there wore no shoes. He sold more shoes than he bargained for! This is a typical example of taking advantage of situations.

There are several situations around that you need to shine your eyes at!

The 21st century business terrain has seen business operations move from manual- to technology-based. If you are tech-savvy, you could consider starting a business that evolves around helping businesses transform their operations and marketing. Taking up some information technology short courses or training may be of help also.

In Nigeria today, for example, we see the Central Bank implementing the cashless policy. This is an opportunity you may want to cash in on with several Mobile Money operators and dealers everywhere. There are a number of policies of this kind that directly create business opportunities. Take advantage of them.

In generating business ideas, you need to be very sensitive and alert to your immediate environment. Walk with your minds open. Be conscious of the fact that anything and everything is possible.

Entrepreneurs are opportunist! They take advantage of opportunities. While others bemoan a situation, entrepreneurs celebrate it. It’s high time you stopped being an arm-chair critic – take a step further to turn-around challenges.

Do you need a business idea? I guess you know now what to do!

Source by Ayokunle Bankole
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