Home » Starting out! » Finding a viable business idea!

Finding a viable business idea!

Many people including me look for the right opportunities to start a “successful” business. A lot of the websites such as Quora have various users asking the similar questions “what business should I undertake as my very first or what business should I move on to next or in which direction should I take my current business”.

There is no simple answer to any of these questions but two things can steer us in the right direction; research and connection with people. There has never been an idea that wasn’t improved upon or didn’t evolve from something elementry. Even while doing research, we are interacting with other people and trying to perceive things from their point of views.

But where do we start your research!

Well once again it depends on the industry, the financial situation, risk taking ability and above all your connections with people. But in a general sense, the best way to find an idea is by looking at something that is evolving. Allow me to elaborate.

Most opportunities exist in an industry that is either in a state of change (about to change) or is in the early stages of evolving into something bigger. For example, dot com bubble was a time when the people who were aware of the internet made fortunes and same thing happened in and around 2005-2007, when ipods and iphones came into play and so did ebay.

Two industries namely the e-commerce and logistics evolved so swiftly that people made millions. This was further supported by a massive change in the whole mobile phone industry. People then got into the business of creating custom design cases and other accessories for new products such as iphones and ipads and made big bucks.

In a nut shell there are few ways of finding ideas when we are not as gifted as steve jobs;

(1) Look at industry that is changing (like right now both “Apps” and “social media marketing” businesses are very hot)

(2) Look at newer products in the market that are successful or are gaining popularity, this would help to find other similar things that might sell

(3) look at businesses that are upcoming or have caught people’s eyes, we might be able to imitate them as long as we can add some distinctive value to that industry/product/customers.

(4) If we already have an existing skill set (that people are ready to pay for), try and integrate or utilise that skill within an evolving industry. Like if I want to start an online website, it might be worthwhile having an app to support it, so it grows grows quicker.

These are just some generalised ways of coming up with ideas. However, ideas can come from anywhere and at anytime. So always be switched on and keep asking “how”.

 

 

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