Business Formation Begins with Idea(s) – State How an Entrepreneur Can Obtain Very Useful Ideas to Start a Business
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The first step to uncovering useful enterprise ideas begins with you. But before we get started, lets clear up one point. People always wonder if this is a good time to start their business idea. The fact is, theres really never a bad time to launch a business. Its obvious why its smart to launch in strong economic times. People have money and are looking for ways to spend it. But launching in tough or uncertain economic times can be just as smart. If you do your homework, presumably theres a need for the business youre starting. Because many people are reluctant to launch in tough times, your new business has a better chance of getting noticed. And, depending on your idea, in a down economy there is often equipment (or even entire businesses!) for sale at bargain prices.
This means you dont have to wait for a flash of creative inspiration before setting up a business. Instead you can generate business ideas by asking yourself a series of questions – and producing positive answers.
Start the process now by answering the following questions in as many of the headings as you can. Be as unorthodox with your answers as you wish. After all, what do you have to lose? You may be surprised at how many ideas you actually have for setting up a new business or improving your current one.
Your Current Occupation
There are few people who have not thought of ways in which they could make their current job better. For the purpose of generating business ideas, however, think specifically not about you but about the product or service your company supplies to the public or to another business.
How would you improve this product or service for the benefit of the customer?
How would you improve the efficiency of the business processes that create the product or service?
Hobbies
Many people dream about turning their hobby or special interest into a full-time occupation. To generate useful business ideas, though, you need to distance yourself from your hobby and ask:
What aspect of the hobby would other people pay for?
How can I market the specialist skills Ive developed thanks to this hobby?
Shortcomings
We all complain about the shortcomings of various products and services we encounter every day. Turn these complaints into ideas for a business.
How could I, as an entrepreneur, make this product or service better?
New Life In Old Ideas
There are plenty of established business ideas that have been running successfully for years. The commercial world moves forward at a brisk pace, however, especially technology, and theres often scope for giving an old idea a new twist. Think of some existing businesses, and ask:
What fresh perspective can I bring to this?
Fulfilling a Need
Gaps in the market arent easy to find unless you come across them by chance or through your existing work. Nonetheless, its possible to find such gaps by establishing what people need. To do this, consider the references people make to their needs. Think about conversations youve had, and review discussions youve listened to on the television and radio, or read in newspapers and magazines. Then say to yourself:
How can I meet this need?
Shouldnt There Be a _____ for _____?
Another way of developing ideas for products and services is to maintain a questioning attitude to everything. In other words, when you encounter a problem, or simply anything that interests you, speculate