Adopted from THE CAPITALIST MAGAZINE
By Daniel Onyekachi
Contributor for THE CAPITALIST MAGAZINE
There are different ways to come up with ideas. For some people, coming up with ideas is as easy as spotting chewing gum on the sidewalk. For others, it’s nearly impossible.
The following are ways on how an individual can actually come up with business ideas.
SOLVE PROBLEMS
Resolving personal problems is an easy way of generating business ideas, solving the problems of others could also be another way. These ideas do not have to be big solutions like Google search engine or Amazon, they could be much smaller.
Products most people have become acquainted to were actually invented to solve problems, including thermo flask to keep coffee/food warm, sunglasses to protect from the glare, security alarms to alert you that someone has broken in, and the list goes on.
All you have to do is identify problems. As you go about your daily routine, have ` the mindset of noticing things that frustrates you. Once you get into the habit of finding problems, you will probably start enjoying it. Remember, every problem is an opportunity for a new product, service or company especially if it is a problem most people have.
SOLVE LIKELY POSSIBLE PROBLEMS
Solving problems that you currently have is not the only way to come up with brilliant ideas. Why not think of solving problems that will exist, but not yet?
If you think there’s not yet a market for your idea, you might just be able to create one by appealing to those like you that believe it will be a problem in future.
ADAPT FOR EVOLVING NEEDS
Physiological needs stay the same- the need for food, shelter and water. Emotional needs tend to stand the same- envy, greed, pride and others. What do not stay the same is the products and services it takes to fulfill these needs.
The easiest product to market is the product that fulfills a real or contemporary need. An example of a service that has quickly become popular is CLOUD STORAGE. It is a result of our very contemporary need to have access to our data, information, photos, music and so on, no matter whatdevice we are on. Google sells cloud storage, as does Dropbox, Amazon, Apple, Microsoft and a host of private companies that do as well.
SAVE PEOPLE MONEY
Another great way to come up with ideas is to think about saving people money. People buy 23watts energy saving light bulbs because they are affordable, consume less energy than the normal light bulbs and last longer than other bulbs which is an added advantage.
If you can figure out how to save people money, you will have a good business idea, new or not.
MAKE PEOPLE’S LIVES EASIER
A coffee machine with a timer that ensures there is a hot coffee when you wake, a central vacuum cleaning system that only the hose and brush can be carried around the house rather than the full unit, shopping baskets placed at convenient intervals in the store to ease carrying of purchased goods.
Remember, coming up with business ideas does not mean you have to focus on inventing new products or services. In fact, you could just as easily adapt an existing service or introduce a new benefit that makes life easier.
MAKE CHORES LESS UNPLEASANT
How would you like the possibility of making real chores fun? Ever heard of Japan’s high tech toilets? Well, they play music, have heated seats, blast warm air and clean with jets of water. That is a great example of how to make an unpleasant task pleasant. What do you hate doing? How could you make it more enjoyable? Like someone to make hanging your clothes less of a pain, and to take your bills and pay them for you.
TURN A HOBBY INTO A BUSINESS
For those already actively making or doing something, this may be an obvious next step. Or if you have been doing something on a regular basis and find yourself good at it but don’t think of it as a hobby, perhaps you should think about how it could be a business.
If you find the idea of starting a business intimidating, start with something you know. This way, it might not feel like a business and you will enjoy the process as you go. Be sure to think carefully about how you will feel if things do work out. You may find things suddenly become less enjoyable as you have got to start making them to meet customer demand or to pay the bills.
FULFILL A NEED
Take any of the human needs on Maslow’s hierarchy of needs and think of the products and services created to meet these needs. Then build on those.
As humans, we have a constant need to hydrate ourselves. If we do not drink water, we will probably die; at such we have plumbing systems built into our houses and into all of the buildings we work in and visit. Despite being able to pop in almost anywhere to drink water for free, companies have come up with additional ways to meet this need by providing solutions for clean water on the go. Move up to the love/belonging level on Maslow’s pyramid, and you get companies like Facebook that allow a user to feel a sense of connection to friends and family.
Finally I would say coming up with business ideas does not mean you have to focus on inventing new products or services .
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