Business Ideas

How to Generate Business Ideas

Generating, identifying and evaluating opportunities are the key factors for every business/enterprise. Businesses we see today, are a result of one’s idea who saw the need for certain goods or services and developed into a business idea.

Business Ideas often start from imaginations, so, practice a healthy thought and be creative to help you develop good business ideas.

How To Generate Business Ideas

A Business Idea is the ability to come up with creative solutions to needs/problems and to market them, it is also the response of a person/persons or an organization to solving an identified problem or to meet perceived needs in the environment.

Finding a good business idea is the first step in transforming your desires and creativity into a business opportunity. Your creativity here means your ability to create or do something in a new or different way.

Your success/failure simply lies in your hands because your creativity has to be made known which simply means that you need to market yourself.

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To be creative you need to keep your mind and eyes open as you work through the principles of generating and assessing business ideas and opportunities.

NOTE:

An idea is only a tool that needs to be developed and transformed into a viable business opportunity and it is, therefore, a short and precise description of the basic operations of your business.

Tips for a better and outstanding Business Ideas

Your big idea should be able to tell you the following.

  • WHAT product or service your business will sell.
  • WHO your business is going to sell to.
  • HOW your business is going to sell its products or services.
  • WHICH need your business will fulfill to the customers.
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WHAT: Your business idea should be based on what you are good at or an experience in a specific line of business or have been trained in a skill. The big idea will help you focus on what you could do.

WHO: Be sure of who your target market/target audience is. They may all be within a small area or they can be spread over a large area, maybe the whole country. [Remember, social media (like Facebook) is also a good platform to help you get started]

HOW: There are many different ways to sell, and it solely depends on what your enterprise is all about. If it requires a shop/physical place, then be sure of a better location that will suit your enterprise. If it is grouped to be an outline based shop, then learn more about marketing and advertisement.

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WHICH: Ensure your business always have the customers need in mind. It is important to find out what your customers want and to listen to your future customers when you work out your business idea.