Coming up with Great Business ideas

Coming up with Great Business ideas

Some of the most common things around people are businesses. Everywhere you go, you encounter entrepreneurs who have ventured into different kinds of businesses. It’s always a great feeling watching what people are doing with their businesses.
However, the greatest joy lies in listening to the way they project and speak about their businesses and how they were conceived. Usually, it is with such passion, vigor and clarity that it seems as if these businesses were their natural calling.

For many of us, however, the big question remains:

  • How do we come up with a great business?
  • More specifically, how do we come up with great business ideas?

There are three primary ways to come up with business ideas that have the potential to become truly great.

Identify Needs

Many great businesses address the real needs of consumers at large and as such, offer immense value to the marketplace. With this understanding, in forming your business ideas you can spend some time critically considering what is actually needed by the consumers.
Under this process, we critically survey and examine:
- What is lacking in the marketplace,
- Difficulties faced by consumers and other unaddressed consumer needs.

By doing so, we can begin to identify a valuable business idea and its operational characteristics. Such an analysis would also allow us to formulate core strategies for its execution and development. Unfortunately, a lot of entrepreneurs tend to overlook this process.

Identify Your Skills

Starting a great business requires serious introspection. What is meant by this, is that you should reflect on your own skills, experiences and the core competencies that you have developed through the years.
This involves asking yourself questions such as:
“What skills do you have?”
“Do you have an immense wealth of experience in certain things?”
“What am I good at?”
Having a firm grasp of your own core competencies is very important because they could very well become the basis of a great business. The logic is very simple, we can create much more value by doing what we are good at.

Identify Your Passion

One often overlooked aspect of business ideation is passion. Passion is that compelling emotion that underlies the personal drive which naturally motivates us to do our best. Indeed, many great startups are helmed by passionate entrepreneurs, who live and breathe their business idea and philosophy. Passion itself can and should be an active component in one’s thinking process when they are considering businesses ideas. With this in mind, when coming up with a business idea, you could examine your own passions as the fundamental starting point. This involves asking ourselves, what we really love and what interests us the most.

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