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What are some ways entrepreneurs choose business ideas ?
What is some common methodology successful business people use to find and come up with ideas?
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Robert’s Answer
Hi Cihan, For ideas, try this: Look around you in your daily activities and ask, “What things can be done better than they are now?” Ask other people the same question. This can apply to both new and improved products and services you could provide. And as Mr. Montelongo says, “Find the idea that gets you excited.” This will help you to stay dedicated to your new business.
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Rafael’s Answer
Hi Cihan! I've seen that when entrepreneurs are looking for business ideas, they use different methods. Some solve problems they see, others follow their passions, and some do market research to spot trends. I truly believe, thet networking and personal experiences also inspire ideas. Successful business people nowadays mix these approaches by staying open to new ideas and taking risks. In your case, explore different methods and find the idea that gets you excited! Good luck!
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Michaela’s Answer
Entrepreneurs use various methods to choose business ideas, and successful business people often employ a combination of approaches to find and develop viable concepts. Here are some common methodologies:
Identify Market Needs: Successful entrepreneurs often start by identifying gaps or unmet needs in the market. They observe trends, conduct market research, and listen to feedback from potential customers to understand what products or services are in demand.
Solve Personal Pain Points: Many entrepreneurs come up with business ideas by solving problems they personally experience. By addressing their own pain points, they can create solutions that resonate with others facing similar challenges.
Follow Passion and Expertise: Some entrepreneurs choose business ideas based on their passions, interests, or areas of expertise. They leverage their knowledge and skills to create businesses in industries they're passionate about, increasing their chances of success and fulfillment.
Evaluate Trends and Opportunities: Keeping an eye on industry trends, technological advancements, and emerging markets can uncover new business opportunities. Successful entrepreneurs analyze market dynamics and consumer behavior to identify trends they can capitalize on.
Brainstorming and Idea Generation: Entrepreneurs often use brainstorming sessions or idea generation techniques to come up with business ideas. This could involve freestyle brainstorming, mind mapping, or structured ideation exercises with a team.
Validate Ideas Through Prototyping and Testing: Before fully committing to a business idea, entrepreneurs may create prototypes or minimum viable products (MVPs) to test their concept with potential customers. This iterative approach allows them to gather feedback, refine their idea, and validate its market potential.
Network and Collaborate: Networking with other entrepreneurs, industry professionals, mentors, and advisors can spark new ideas and provide valuable insights. Collaborating with others can also lead to innovative business concepts through shared knowledge and expertise.
Evaluate Business Models and Scalability: Successful entrepreneurs assess the scalability and revenue potential of business ideas. They consider factors such as the market size, competition, monetization strategies, and growth opportunities to determine the viability of their concepts.
Consider Social and Environmental Impact: Increasingly, entrepreneurs are focusing on businesses that have a positive social or environmental impact. They seek opportunities to address pressing societal issues while building profitable and sustainable ventures.
Stay Flexible and Open-Minded: Successful entrepreneurs remain flexible and open-minded throughout the idea generation process. They're willing to pivot, adapt, and explore new opportunities based on changing market conditions and feedback from stakeholders.
By employing these methodologies and approaches, entrepreneurs can effectively identify, evaluate, and develop business ideas that have the potential to succeed in the marketplace.
Identify Market Needs: Successful entrepreneurs often start by identifying gaps or unmet needs in the market. They observe trends, conduct market research, and listen to feedback from potential customers to understand what products or services are in demand.
Solve Personal Pain Points: Many entrepreneurs come up with business ideas by solving problems they personally experience. By addressing their own pain points, they can create solutions that resonate with others facing similar challenges.
Follow Passion and Expertise: Some entrepreneurs choose business ideas based on their passions, interests, or areas of expertise. They leverage their knowledge and skills to create businesses in industries they're passionate about, increasing their chances of success and fulfillment.
Evaluate Trends and Opportunities: Keeping an eye on industry trends, technological advancements, and emerging markets can uncover new business opportunities. Successful entrepreneurs analyze market dynamics and consumer behavior to identify trends they can capitalize on.
Brainstorming and Idea Generation: Entrepreneurs often use brainstorming sessions or idea generation techniques to come up with business ideas. This could involve freestyle brainstorming, mind mapping, or structured ideation exercises with a team.
Validate Ideas Through Prototyping and Testing: Before fully committing to a business idea, entrepreneurs may create prototypes or minimum viable products (MVPs) to test their concept with potential customers. This iterative approach allows them to gather feedback, refine their idea, and validate its market potential.
Network and Collaborate: Networking with other entrepreneurs, industry professionals, mentors, and advisors can spark new ideas and provide valuable insights. Collaborating with others can also lead to innovative business concepts through shared knowledge and expertise.
Evaluate Business Models and Scalability: Successful entrepreneurs assess the scalability and revenue potential of business ideas. They consider factors such as the market size, competition, monetization strategies, and growth opportunities to determine the viability of their concepts.
Consider Social and Environmental Impact: Increasingly, entrepreneurs are focusing on businesses that have a positive social or environmental impact. They seek opportunities to address pressing societal issues while building profitable and sustainable ventures.
Stay Flexible and Open-Minded: Successful entrepreneurs remain flexible and open-minded throughout the idea generation process. They're willing to pivot, adapt, and explore new opportunities based on changing market conditions and feedback from stakeholders.
By employing these methodologies and approaches, entrepreneurs can effectively identify, evaluate, and develop business ideas that have the potential to succeed in the marketplace.
Updated
Bob’s Answer
There are many ways to research ideas for a business. The personal approach is the driving force for many young entrepreneurs. The business idea is often founded upon frustration. For example, why do I need to go across the city to buy a cake? Why isn't there a bakery close by? Or, same rationale, where can I find someone to wash the windows in my home? Can I find enough people who will pay me to do this? Or, why can't I find an computer geek to come to my neighborhood? Will people trust me to do this for them? How many?
Another approach is to see a problem (why aren't we able to find a local donut shop?) and convince family to pool resources to buy a franchise.
Further, there are folks who work for a company that does not service its equipment. These folks start a separate business handling the service requirements for the company they had worked for.
At the company level, a team of employees may ask why do I have a pager, a cell phone, an address book, a camera, etcetera. Why can't we combine these? This is how the applications software team and the technical team responded to develop and expand the smart phone business.
As a global venture capitalist, I have seen thousands of business plans and ideas for a business. All it takes is a curious mind, some knowledge and skills to solve a problem, a focus upon a practical solution(s) and the ability to convince someone(s) to help you finance it.
Following your educational completion, seek out working for a fast growing business in an area you have a passion for.
Be curious about problems you see around you and think about how you would solve them. Also, could this be a business?
Another approach is to see a problem (why aren't we able to find a local donut shop?) and convince family to pool resources to buy a franchise.
Further, there are folks who work for a company that does not service its equipment. These folks start a separate business handling the service requirements for the company they had worked for.
At the company level, a team of employees may ask why do I have a pager, a cell phone, an address book, a camera, etcetera. Why can't we combine these? This is how the applications software team and the technical team responded to develop and expand the smart phone business.
As a global venture capitalist, I have seen thousands of business plans and ideas for a business. All it takes is a curious mind, some knowledge and skills to solve a problem, a focus upon a practical solution(s) and the ability to convince someone(s) to help you finance it.
Bob recommends the following next steps: