How to Generate a Business Idea?

Quick tips to generate a business idea.

A start-up usually requires fresh and out-of-the-box ideas to be successful. Idea generation seems to be the toughest part of every start-up venture and most aspiring entrepreneurs’ waste months trying to think of an idea to start a business. Studies have revealed that only 6% of the aspiring entrepreneurs kick-start a venture after generating a feasible business idea. Experts opine that business ideas can be around you; an aspiring entrepreneur just needs to keep the eyes and ears open. Here is a step by step procedure to help you generate a successful business idea.

·        Let your mind run wild

Step 1: Take a piece of paper and write a heading “Things about me”. Start jotting every meek quality or habit that you appreciate in yourself. Don’t analyse your thoughts, anything that props up in mind should be written on paper. Many of your thoughts need not have any sense at all or can be totally irrelevant to the purpose in hand.

It can be as simple as “I am good at social networking”, “I am good at face reading”, “Reading is my hobby” or “I love home gardening”. Count the list of good things and keep it aside.

Step 2: On the opposite side of the paper, write “Things I am not good at” or “Qualities I dread”. This list can include anything as ‘I cannot make friends’, ‘I avoid taking decisions’ or ‘I don’t like public speaking’.

Step 3: Now the third question that you pose to yourself is to choose two or three things that can make life easier, less stressful and provide for more leisure time. You can make two separate lists of personal life and business life.

Step 4: Finally, ask yourself why you wish to start a business or the trigger that made you an aspiring entrepreneur.

When you complete the four stages of self-introspection, close the paper and relax. Have a look at it on the alternate day and you can visualize a specific pattern on paper.

·        Look for opportunities around

The opportunities exist all around you; just identify them. Your own problems, issues and frustrations can be a potential source for a business prospect. When you face a certain problem at home, office or anywhere outside, you can be sure that others might also be going through similar problems. If you can tap this opportunity to start a business, then you can be sure of triumph. Tap your mind power positively. Your mind can work wonders in identifying the right business opportunity for you. When you get into the idea phase of business, your mind will automatically start looking for opportunities.

·        Tap the technology

Another key to success of any business idea lies in customizing an idea according to the need and tastes of the society. The world has made leaps and bounds in technological advancements. The implementation of technology can drastically reduce human time and effort. The advent of online platforms, e-book readers and mobile banking has been the result of tapping the right opportunities at the right time. You can add creativity and technology into any business concept to be branded as an innovative entrepreneur.

·        Assess the competition

The foundation of every business venture lies in the strength of the idea, but its success is determined by several market factors as consumer demands, expectations and competitor surveys. Discuss your business proposal with people across various facets of life and notice their instant reaction. Some of your discussions can also bring value-additions to your venture idea. Assess the strength and profile of your target customers, and list three reasons why the existing consumers of the competitors will be enthused to shift to your business. If you receive a positive feedback from even 40% of the survey population, you can be sure of capturing a chunk of the market share.

Once you have formulated the idea, take action to formulate a business plan, arrange for capital and plan your marketing strategy.