How Do We Generate Business Ideas?
- Many people in this world want to innovate, create something unique and revolutionise the market.
- Many people want to upgrade the existing product in the market and remove its flaws.
- Many potential entrepreneurs and innovators want to develop new products and services.
- There are various ideas one can be inspired from.
- You don't need to come up with something mind-blowing, you have to come with a good idea.
- There are many sources from where you can find business ideas, have a look at the following list to get some ideas:
Identifying A Problem That Needs To Be Solved
- Each of us experiences problems in our day to day lives.
- We often ignore those problems either because we are too busy with our lives or because we have accepted them as status quo, i.e. an unchangeable reality.
- However, as a potential entrepreneur, we need to realise that these problems can be solved through innovation and change.
- There are various examples where entrepreneurs have changed the entire industry in their quest to solve the problem:
- Uber solved the problem of inefficient and overpriced taxis
- Zomato and Swiggy streamlined food delivery.
- Amazon solved the problem of the lack of variety of goods and services in a single place.
- Apple disrupted the many limitations associated with technology.
- Netflix has revolutionised content consumption.
There are many such examples. Most of the entrepreneurs we know today were users. As users, they were frustrated with the limitations present in the existing products and services. They wanted to change something which they felt was inadequate.
This is one of the best sources of ideas as you have to look around you and think.
Improve An Existing Product
- This is one of the most common sources of innovation.
- There are various products available in the market which need to be changed.
- Some may have flaws, or you want to make it better.
- Consumers are never completely satisfied with the options available, and we always want more and better.
- There can be various faults in the products, and you as an entrepreneur can make several changes which can improve the quality of the product as well as increase its popularity in the market.
Inspiration From Nature
- Nature can also serve as a great source of inspiration for your new ideas.
- In fact, in recent years, various businesses have been influenced by nature.
- Nature is a great source of inspiration because it's beautiful, all-encompassing, and eternal.
- Your ideas, if inspired by them, can take on these qualities.
- You can get inspired by nature in ways, such as eco-friendly utensils, promote veganism, environment-friendly products, and so on.
- Once you start taking nature seriously, you will discover that various ideas can be found in it which can inspire you to make your next product, depending upon which industry you are in and what kind of products you want to offer.
- Even the first aircraft was created that way.
- The inventors wanted to fly like birds.
- Our generation is also leading towards organic culture and has been adopting trends such as recycling, environmentally friendly packaging, vegan eating, and organic farming.
Inspiration From History And Culture
- Innovation is not merely looking forward.
- You can also look back in time to get inspiration.
- For example, you can launch a new clothing line which is inspired by ancient cultures.
- You can be inspired by tribal culture and develop tribal designs.
- Same influence can also be used for furniture, decor, culinary and many other products.
- The fusion of modern and traditional can give you great ideas and products.
- For example, we can get influenced by the ancient Indian and Rajput style of architecture.
- We can also use foreign cultures and style and create a fusion.
Feedback From Customers
- A successful entrepreneur understands the importance of listening to their customers.
- Their feedback and wants can be the next idea that can improve the quality of the existing product.
- There are many ways by which you can collect information about the needs, desires, expectations, and feedback of the consumers.
- You can directly contact them through call, email, and social media.
- You can also conduct online surveys by distributing questionnaires.
- All you need to do is to listen to your consumers.
- It is especially helpful for bigger corporations, who will benefit from the input of the consumers during brainstorming and designing of new products and services or up-gradation of existing products and services.
Imitation Of A Business Idea
- Imitation of a business idea can help in creating a successful business.
- Many businesses copy the ideas of the original creator and convert them into sellable products.
- For example, many competitors such as Samsung and Lenovo used the concept of the Tablet, which was first introduced by Apple.
- They made a few changes from the original concept and created a product of their own.
- At times, the original idea doesn't work, but another person or the company makes some tweaks, and then it becomes a successful product.
- One such example is the iPhone.
- Touchscreen phones were there in the market before the iPhone.
- But they were a niche product and inefficient.
- However, when Apple launched the iPhone, it was marketed in a better manner and had many improvements over the previous models.
- Plus, it was launched when the internet was growing in popularity.
- Hence, the iPhone made using the internet and apps even more seamless.
- One should realise that there is a difference between imitation and stealing.
- Stealing is blatantly copying the idea and claiming it as your own, while imitation means getting inspired by it and making it your own.
Passion As Your Business Idea
Their passion drives many entrepreneurs. They want to excel at what they love doing. There are many examples, such as:
- A sculptor working on his skill and creating a new style of sculpture making.
- A passionate chef making a new recipe or a different variation of the existing recipe.
- A musician coming up with a new technique or style of playing the instruments.
- However, one must understand that passion will help you in your business, but not assure you success.
- If you want to make your passion a successful business, you need to have that skill, and there should be a demand for your skills to make your passion a great business.
Brainstorming Of Ideas
- Many great business ideas can come from brainstorming.
- You can use this source for coming up with new products and services or improving the existing line of products and services.
- If applied well, the quality of ideas will be great.
- Many people fail at this because they don't work to determine whether their idea will work in real life or not.
- Teamwork is also crucial if you want to get the best ideas.
- Even for executing existing ideas, you need teamwork and team coordination.
- Through these sources, you can get ideas for your next business, and you can innovate and improvise on existing products.
- Inspiration can come from various places and sources.
- If you have the resources and creativity to use their ideas to create a successful business, then nothing can stop you from achieving your goals.
- All the best for your new endeavour!
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Q. Do I need to do an MBA program to learn the business?
Ans. No, MBA is merely a business administration degree. If you have a great business idea and have the resources and knowledge of handling a business, then your education qualification doesn't matter.
Q. Can I take inspiration from nature?
Ans. Of course, you can! There is a lot to learn from nature, such as eco-friendly packaging, biomimicry, decor and design style and many more.
Q. What is the difference between imitation and stealing?
Ans. Imitation is taking inspiration from the original idea, improving it, modifying it to come up with something unique. Stealing, on the other hand, is blatantly copying the idea and claiming the idea of someone else as your own.
Imitation is a legitimate source of creativity, while stealing is unethical and illegal.
Q. Will passion assure me success?
Ans. No, passion may help you in your business but will not assure you success. You will need other factors such as talent, skill and resources.