How to create a great Business Idea – Hello guys, Today I’m Gonna share with you how to create a great Business Idea. Many Business and startups being are started across the world and many of them getting fail.
The improper execution of Ideas and strategies leads to the failure of the business. If I talk about Business ideas and how to create a great Business Idea, the business idea generates from the incidence.
Most of the entrepreneurs faced the problem from the incidence and thought that many people are facing the same problems, then they have just created a solution to those problems. The business ideas are all around us, You just have to keep open our eyes, to see the opportunities and grab it.
With that said, let’s see How to create a great Business Idea.
How to create a great Business Idea
1) Keep your eyes open
“When you see something that piques your interest, ask yourself, What is it about this situation that’s special?” says Ries. “Then narrow your focus so you home in on the idea.” The process of zeroing in on the idea often spawns important niche markets. “Blockbuster Video’s niche is renting videos, and Bulbs Unlimited’s niche is selling light bulbs,” says Ries. Get it?
Traveling opens your eyes to a plethora of potential business ideas. Ries cites Leopoldo Fernandez Pujals’ discovery of Domino’s Pizza on a trip to the United States from his native Spain. Pujals was so impressed with the fast-food operation, he went back to Spain and launched his own version, called TelePizza, in 1986. His company now registers $260 million in sales and employs 13,000 people in eight countries.
3) Take it to the streets
There’s no better place to lock into up-and-coming trends than city streets, Lowe contends. Street culture spawned punk, hip-hop, grunge and a number of other fads that rapidly evolved into multimillion-dollar businesses. “Great ideas can often be found by just browsing happening inner-city neighborhoods in virtually any big city in the United States,” says Lowe
4) Sleep on it
Many people ignore their dreams, and some don’t remember them at all. But sometimes it pays to listen to those inner messages, no matter how strange or unintelligible they are. “You never know, you might just find the germ of a great idea,” says Lowe. The tough part is crawling out of bed in the dead of night to jot down those great ideas before they’re forgotten.
5) Look at all the things that bug you
It may not sound profound, but Ries says this is fertile ground for great business ideas. He cites how upset Kemmons Wilson was in the 1950s when a motel owner wanted to charge him an additional price for each of his five children. He was so ticked off, he launched Memphis, Tennessee-based Holiday Inn, today one of the world’s largest hotel chains.
If King C. Gillette hadn’t been fed up with the tedious process of sharpening his straight-edge razor, he wouldn’t have found the massive disposable razor industry. When he took his idea for a portable razor with a blade that could be used several times to a research university for assistance, engineers questioned his sanity. Gillette followed his instincts and the rest is history.
6) Get a little help from your friends
Ries says you are severely limiting yourself if you rely solely on your own ideas–especially when your creative juices run dry. “This is reason enough to listen to ideas others may have,” he says. “If you have 15 or 20 friends, chances are a couple of them have some incredible business ideas.”
If it weren’t for Steve Jobs’ good friend Steve Wozniak, there would be no Apple Computer today, Ries points out. “Jobs didn’t know anything about computers,” he says. “Wozniak, on the other hand, was the computer genius who developed the first Apple.” Jobs had an eye for great business ideas and saw the marketing potential for developing a new type of computer. The important lesson is to keep your antenna up at all times so you can retrieve good ideas when you stumble across them. Ries insists you can make more money recognizing someone else’s idea than creating one yourself.
7) Examine old mousetraps–then build a better one
“If a product doesn’t meet your own high standards, create a better one,” advises business trendwatcher, Perry Lowe. “That’s what put Ben & Jerry’s on the map.” Ice cream fanatics Ben Cohen and Jerry Greenfield felt popular ice creams weren’t rich and tasty enough for their cultivated palates, so they created their own super-premium line of ice cream, which is a bestseller nationwide. Just think: If these ice cream gurus weren’t such picky eaters, there would be no Cherry Garcia, Chubby Hubby or Phish Food to enjoy.
8) Check out the Net
Finally, Lowe endorses Web surfing as a fun way to log on to potential business ideas. “Virtually every search engine has a ‘What’s New’ or ‘What’s Hot’ section, where it lists new trends, news tidbits, and hot new Web sites,” says Lowe. “Make it a point to check out various sites daily. It may trigger an idea or concept you never thought of.”
9) Meet new people
Seriously. Go out and meet new people to get out of your idea rut. Talking to new people who not only don’t think like you but who don’t know how you think can help freshen up your brainstorming process. Go to networking and learning events, talk to people outside your industry and/or strike up a conversation with your existing customers.
10) Tap into your interests
The famous restaurant and travel guide Zagat is an often cited example of finding a business in something you love. The founders of Zagat, Tim, and Nina Zagat were lawyers who loved to eat out at restaurants. In 1979, they started a newsletter asking their friends to rate restaurants. As the newsletter got bigger every year, they began charging money for their work. In 2011, the company was bought by Google. Not bad for a newsletter. Take an inventory of your hobbies and interests. What are the business opportunities you could create from something you love to do anyway?
So finally guys, we are ending of this Article, and I hope guys You have you gain beneficial information. I have covered the topic of How to create a great Business Idea in this article.
If I summarise the whole article, I have just focused on the same topic, like become an opportunist person. And explore the place and travels a lot to understand the market scenario, and after finds the bug, you can launch your product as a solution in the Market.
I hope guys, you have enjoyed this article and learned “How to create a great Business Idea”
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