Yahoo Finance How to come up with a winning business idea
With the pandemic shaking things up and most of us still working from home, there has never been a better time to start a business.
The idea of starting a business might sound exciting (and it certainly is) but before you start to think about a website, marketing, hiring employees etc, you will need a great idea to begin with.
Every great business starts with an idea so your’s shouldn’t be any different.
Here are three ways you can not only find a great idea but to also ensure it’s one that will work.
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Solve a problem
Every business solves some sort of problem.
Reed Hastings started Netflix to solve video rental late fees, Steve Jobs started Apple to make computers more accessible and Travis Kalanick started Uber to make transportation cheaper.
Practically, pay attention to day to day things that bug you. Next, put some thought into how you can solve this problem and there you go, there is your business idea.
Don’t try and build the next Facebook
If you have never started a successful business before, don’t reinvent the wheel, just make it slightly better.
You need to be realistic in what you can achieve. Take into account your experience level and money available to fund the business.
A business like Facebook took decades and billions of dollars to put together but the original idea was just a simple website to connect college students. It was put together in a dorm room - it didn’t start out as the fully-fledged platform it is today.
Just because an idea might be simple, doesn’t make it any less viable.
Source the information you need
It’s great to have a business idea, but the most important step is to ensure the idea has legs.
The best way is to speak to your ideal customer and ask “if I was to make this idea a reality, would you buy this product/service from me?” If the answer is an immediate yes, then you are onto something. If the response is mixed, that’s okay. Ask for constructive feedback so you can refine the idea and make it even better. Remember, the first iteration of your idea shouldn’t be the one you bring into reality so it’s okay if it changes slightly to make it better.
Put it into action
Any idea is worthless if you don’t put it into action. Unfortunately, this is where most budding entrepreneurs get stuck.
Whether it’s the fear of the idea not working or your friend making fun of you, push past it!
The difference between this idea becoming a success is not how much money you have, what school you went to or even what country you live in, it’s how willing you are to work hard and put it into action.
So get going!
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