Having difficulty coming up with business ideas? This article will teach you how to generate hundreds of good business ideas on a regular basis.
For a lot of people, generating good business ideas is so difficult. No matter how hard or long they think, nothing comes to mind. That’s because you are going about it wrong. There are simple, fun techniques to generating good business ideas on a regular basis and the best part is you don’t have to think too hard. Here are a few of them;
- Keep your brain active and open to new experiences.
Learn new things, acquire new skills, read books, watch documentaries, be curious about other cultures, travel, play board games, solve puzzles, be physically active, visit museums and historical sites, solve arithmetic problems, and so on. These activities are beneficial to your overall health and especially for your brain. The more active, curious and engaged you keep your brain, the easier you will come up with brilliant ideas.
- Make a conscious effort to notice problems and identify needs.
This will significantly increase your ability to come up with good business ideas. Identify the problems you have, and the problems others have and then proffer solutions to those problems. You should also look at the solutions available. Can those solutions be improved upon? Think of all the products and services you know, most, if not all, were invented to solve a problem. You have to learn to see all your frustrations and problems in a whole new light because each and every one of them is a business idea and money-making opportunity in the making. Look at our dear country, Nigeria, for instance. She is a land full of huge money-making opportunities because she has so many pressing problems.
- Have foresight and look into things that might potentially be a problem in the future.
There are problems that don’t exist now but will exist in the future. Problems created by the astronomical growth of population, globalization, technology, social media, global warming etc. For example, many countries/businesses are moving away from fossil fuels because of the foreseen shortage in the future, and looking into renewable energy sources.
- Generate business ideas from causes you care about and pain points you are passionate about.
Great business ideas are often born from painful, traumatic experiences that you or someone around you has gone through. West Africa’s first indigenous air ambulance service, Flying Doctors, by Ola Orekunrin Brown, was founded after the tragic loss of her younger sister because she couldn’t get to the hospital on time. Most, if not all, NGOs were established from pain points or causes that someone cared about. Have you had a painful experience or is there a cause you care about, turn it into a business venture by providing a solution for it. That solution would be of help to others too who have been in a situation similar to yours or have suffered a similar experience to yours.
- Turn your hobby into a business.
Need a business idea? Turn that thing which you enjoy doing into a profitable business venture. Look around you; most great businesses are built from raw passion. Do you enjoy travelling? Social Prefect Tours, founded by Chiamaka Obuekwe and Aniefiok Ntia, was born from their love for travelling and tourism.
- Improve on an old idea.
The idea could be yours or someone else’s idea. There is no shame in that at all. As they say, ‘there is nothing new under the sun.’ You will be surprised that the best business ideas are recycled ones, that have been made better. Improve on what other people have done and sell it as a fresh business idea. Good ideas are built upon some-one else’s idea. Just tweak it here and there and make better an old idea and you will be surprised how far it would go.
- Fulfill the basic needs of humans
Such as our need for love/belonging, social connection, respect, pleasure and so on. Facebook fulfills our need for connection and belonging. Many businesses are built from our need for pleasure – Cinema houses, alcoholic beverages companies , tobacco companies, even the sex industry is striving due to these basic needs of humans.
- Turn things that will save people money or make their lives easier into solid business ideas
If you can figure out how to save people money and make their lives easier, you’ll have a good business idea. In our fast-paced world, businesses are always looking for ways to make our lives simpler and more convenient. Hence the striving “instant” everything industry such as instant coffee, instant noodles, oats, even cash transfers. Start actively looking at the things around you and asking, how could this be easier, cheaper, more intuitive, more pleasant and more convenient? You may find that even the tiniest change will create something incredibly popular.
In conclusion …
There are so many more different ways to generate good and great business ideas and at our free Mentor Nigeria Academy for young and aspiring entrepreneurs, our in-house business development consultants will look at the viability of your business ideas and help you turn those ideas into a profitable business venture.
Start the process of joining our mentorship academy by registering for our free business training program tagged “Opportunity Discovery Day.” Visit the Program page or the Registration page for more information.