How Do I Create Business Ideas?
You can create new business ideas in any niche you are passionate about by asking yourself 10 questions. Each question forces you to think deep and look for hidden opportunities which others have overlooked (because they were not obvious). I know you have been itching to make yourself stand-out by offering something unique, here is the opportunity, pick a product or service and subject it to the following queries:
- Is there a better method of doing this? – Let your imagination run wild, you will be surprised at the kind of business ideas you will come up with. The less it conforms to the norm the better.
- Can I make it bigger or smaller? – Sometimes size does make a big difference, that is called creativity in business. Give it a trial.
- Can I add something to it, subtracts something from it, or rearrange the order of things? – Bloggers are good at this. They are always adding or subtracting something from their themes to make it stand-out! That is the way to go in tuning and fine tuning your business ideas, until you get the unique business idea that you are willing to execute.
- Can I combine this with something? – Instead of marketing just a component, why not market a package of the entire component required to satisfy an identified need. GoDaddy is not satisfy with just selling domain names, they have started offering hosting plans and guess what; they are giving the competition a tough time with their $1.99 domain package.
- What if I do the opposite of this? – Do the opposite of what is expected. Some have become famous using this method. While some Forums require people to pay subscriptions, few are actually paying money to subscribers! Don’t let people discourage you that this cannot be done. Some businesses that are thriving now were started with business ideas that people considered crazy!
- How can I make it better, faster, or cheaper? – People are naturally in haste. They want better service delivered with speed and will be happy if they get it for free!
- How can I give this a new twist? – Let you imagination run wild and wide. Get creative, don’t be afraid of failure.
- What else can I use this for? – I learned that the little Post-It sticky paper note you find in offices originated from a failed project. Instead of throwing the wrong result away, it was modified to serve another purpose. That is what I call creativity in formulating a business idea.
- Who else need this? – Do a little research on that product or serve the result may surprise you. For example, a Nigerian Entrepreneur, Olu Steve a.k.a “Oluiyan”, have a large factory in Germany where he manufactures Yam Flour. I thought it is only the Yorubas in Nigeria that love Pounded Yam (one of my favorite food), but I was wrong. Non-Nigerians love pounded yam. That business idea that doesn’t look feasible have made the guy a millionaire.
- How can I make this more marketable? – Maybe better packaging, better delivery method etc.
There you have my humble opinion on how you can create your own unique business ideas. Don’t bother when people tell you that your ideas are craze, not-feasible or mere wish. So many successful Entrepreneurs have experienced such unfounded criticism at one point or the other in their entrepreneurial adventure.
Do you think this tips are helpful? I know you have some ideas beside these ones and you want to share them, please tell us about them in the comment section. You can get future updates to this post 10 Tips For Creating Business Ideas, by subscribing to my RSS feed, subscription is free, Cheers.