All entrepreneurs want to create a business that will revolutionize the market and become a profitable enterprise.
But this dream does not always become a reality. In fact, more than 50% of small businesses fail in the first four years!
So how can you start a business that will have long-term success?
There are two main things that factor into the success of a business; a great business idea, and the drive to make your business succeed.
I can’t help you a whole lot with the drive to succeed, but I can help you know how to think of a great business idea!
That’s why I’ve compiled some of the best tips and techniques to help you think of that next market-changing idea on your way to starting your own business. There are many common themes among these top ideas, but the idea is to use several of them in order to find the best idea possible!
1. Ideas from theguardian.com:
- What skills have you developed?
- What's going to work
- Think long-term
These three ideas play on your strengths and on the strength of your prospective markets. Chris Garden and Catherine Blackburn explain the need to create a business concept relevant in today’s market in order to meet customers’ needs. This three-stage approach allows for a quick synopsis of your skills and the fit they may have into the business market. Follow the link to read the rest of the article to find that great idea for your next business!
2. Ideas from Neil Patel:
- Identify your biggest source of satisfaction.
- Identify your biggest frustration.
- Think about the world’s biggest challenge — fifteen years from now.
- Start doing anything.
- Unplug, and do something different.
Neil Patel is a renowned entrepreneur and marketing specialist, and his suggestions show his take on what is needed to find a great business idea. He focuses on the formulation of ideas that will change the market, and looking at problems and opportunities from a different angle. Using ideas like thinking about the world’s biggest challenge 15 years from now may be difficult, but if implemented, you could be on the brink of a game-changing idea. Follow the link to read the rest of the article to find that great idea for your next business!
3. Ideas from Business Insider:
- What do you already pay for?
- What skills do you have?
- What do your friends say you're great at?
- What do you do on a Saturday morning?
In this article, Libby Kane discusses these four quick ways to brainstorm and get thinking about specialties or business niches you may naturally fit into. These ideas will likely spur your interest to move in the direction of an idea well suited to your skill-set. Follow the link to read the rest of the article to find that great idea for your next business!
4. Ideas from Mark Zwilling:
- Pick something you really enjoy doing.
- The idea or technology was easy for you to learn.
- You look forward to learning and contributing more.
- When engrossed with this idea, the hours fly by.
- Working on this idea gives you renewed energy.
- You continually strive to sell and communicate the value.
- You love to associate with the top people in the business area.
Another top entrepreneurship expert, Mark Zwilling focuses on picking something you genuinely enjoy doing, something that you are passionate enough about to make a difference in the field. As I mentioned earlier, just having a good idea doesn’t cut it, you must have the drive to see your idea through to success, which is a huge reason why Zwilling’s advice is so important. Follow the link to read the rest of the article to find that great idea for your next business!
5. Ideas from FitSmallBusiness.com
- Train Your Mind to Identify Areas of Opportunity
- Start Making Lists of Problems that Need Solving
- Come Up with Possible Solutions
- Filter by What You’re Passionate About
- Narrow Your Ideas Down to One
In this article, Maggie Aland uses an interesting idea finding strategy, in which she uses five steps to first brainstorm many ideas, and then winnow those ideas to a single more polished business idea. This is a more time intensive method, but may produce a better final idea. Follow the link to read the rest of the article to find that great idea for your next business!
6. Ideas from codeable.io:
- Widen your perspective
- Be self-aware
- Research and find the right inspiration
- Write about it and collect emails from day 0
- Think about how much this idea will change your life
- Business ideas aren't enough (importance of execution)
In his article, Matteo Duò takes a broader approach in thinking of business ideas, referencing how you can always be on the search for business ideas. While these ideas may be more vague than the others, the principles are important to understand. Follow the link to read the rest of the article to find that great idea for your next business!
I hope that these strategies will help you on your quest to find your next business idea! With a great idea and a lot of hard work, you could be well on your way to having the next super successful startup.