HOW TO DEVELOP A NEW BUSINESS IDEA

Entrepreneurship is good but, when driving by ideas, it becomes even better. Successful entrepreneurs thrive on ideas, very creative ideas. Many people want to go into entrepreneurship, but they are usually faced with the strong issue of ideas, which throws up the question; what business can I do? If they succeed in answering that question, another one comes to heart; how can I grow the business?

In this article, we would be looking at how to generate and grow beautiful business ideas.

1          Meet new people

Meeting new people can help you to generate more ideas for a business. Whenever you meet new people, bear in mind that you are meeting people who don’t think the way you do, and don’t know how you think. If you have this at the back of your mind it would make it easier for you to interact with them and get new ideas from them.

Seminars, workshop, conferences are good places for you to meet new people. When you attend seminars, don’t just attend for the sake of the speakers, attend too to meet new people and network with them. As you continue to network with new people, you will also be building ideas from them. Over time, these ideas when put together, give birth to a solution for a pressing societal/environmental problem.

2          walk into your interest.

We all have our individual interest. If you wrap your business ideas around your interest(passion), it pays you more. Example, if you love cooking, and you discover that anytime you cook for an individual or a group of individuals without any fee attached, you feel very happy, then consider starting up a restaurant. If you do, you will not only be happy because of the money you make, you will be happy because you are working around your passion.

I have a friend who is so passionate about taking photographs of natural and beautiful environments. After some time, she learned professional photography. Today, she is a big-time photographer. The beautiful thing is that she is making money out of her passion.

3          Avail yourself of a pain point journal

Every human being has a pain point. We all have what we wish we could have had so easy. Oh, I wish these pair of shoes can leave my legs effortlessly. Oh, I wish I could touch somewhere and bathing soap would be on my hands while the water is pouring on me. We all have our individual pain point.

You could sit down and ask yourself, what realistic pain point do I have? What realistic pain point do I observe people lament about in my environment?

These questions could help you to come up with an idea that can provide a solution to a particular problem and you will find yourself being in business big time.

4          Travel

Traveling helps you to build new ideas. There are ideas out there in other parts of the world that have not been implemented in your environment. It is only when you travel that you can discover these ideas.

Mr. Nnamdi Ezeigbo, the chief executive officer of slot holding, introduced techno phones to the Nigeria market. He got the idea through an overseas trip. Before techno, the big players in the sector were Samsung, Nokia, Motorola, and Sagem. Their phones were very expensive.

Mr. Ezeigbo went to China and discovered that the Chinese produce phones for low-income earners. He made a deal with one of the telecom companies, to produce phones that are suited for the Nigeria market but affordable to low-income earners.

Techno was born. The Chinese company produced the phone, while Mr. Ezeigbo imported and marketed it in Nigeria. Initially, it was so challenging for him. The only people buying were the poor. The middle class found it extremely difficult to accept it

Today, techno has a brand of phones for every class of the society. He has even introduced another brand, Infinix.

Travelling affords you the opportunity to see products or services that are not in your country or environment. All you need to do is, study the idea, work on it to suit your environment.

 

5          Online search

Do you have an idea that you don’t know how to develop? I recommend you go online to see what people are talking about that idea.

Don’t waste your time watching only videos about that particular idea. If you do, then be sure of having only a section of ideas which has the capability of limiting you. Go on twitter and type a hashtag that is related to that idea, then you can be sure that plethora of ideas from thousands of people will spring up.

Example, if you want to start up a poultry business, but you don’t know how to start, go on twitter and type #poultry, #bird and be sure that you will have a roll of ideas from different people all over the world talking about them. You can easily form your ideas through the ideas of others.

6          Market research

You have an idea but you are not sure if that idea would fly? I recommend you make your market research. Walk around the environment, sample people’s opinion on the idea or product you want to introduce. Sample their opinion to know if it is what they would like to have close to them. Make extensive internet research to know how large the market for that product is, read books about it and be sure of molding the best opinion around that idea.

Big businesses all over the world are molded around ideas. I advise that you don’t just start up a business. It is highly recommended that you know your passion, sample people’s opinion about it to see if it is something that people would be glad to have around. Avail yourself of a pain point journal to discover how deep the problem is and how a solution would do everyone good. Research extensively about it, make your market survey to fit the business into your market and then see yourself develop a brand that would grow to an enviable height.

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