Business Inspiration for Entrepreneurs
A lot of people want to have their own business and make it as an entrepreneur. Yet, most of them don’t know where to begin. They lack a great concept or an innovative way to do something already available.
If you are looking for the next great idea, here are three options you should consider.
Valuable Life Lessons
Some of the biggest life lessons are learned after experiencing pain. Perhaps you were a bit lazy in high school and couldn’t get into the university of your choice. Through the disappointment, you became more disciplined and resilient, and you learned the value of hard work.
Maybe one of your friends or relatives struggled with a substance abuse problem that almost wrecked his family. But in the end, it didn’t beat him. Instead, he made up his mind, joined a drug or alcohol detox program, and got better. As a result, he now prioritizes his health and the well-being of his wife and kids.
If you are running out of ideas for your new business, then look at yourself and what you have had to experience in your own life. None of us are without blemishes. Life isn’t a journey filled with only happiness and moments of joy.
If you overcame an eating disorder like anorexia or bulimia, you could work as a public speaker, sharing your knowledge with others on the importance of finding a balance between self-love and nutrition. Whoever you are and whatever has happened to you have given you all the tools you need to succeed. All you need is a little introspection, and you’ll come up with something special.
A Market or Personal Need
Amazon founder Jeff Bezos has loved reading for the entirety of his life. But he was also a bit of a couch potato who didn’t enjoy having to go to a bookstore, wait in line, pay, and then go back home. So one day, he decided the best way for him to stay at home but still keep his hobby was to start an online business.
In the beginning, he sold his books and allowed others to do the same. Over the years, Amazon’s product line expanded to include toys and music. This was soon followed by everything else you can imagine. As they say, the rest is history, and Jeff Bezos is now the richest man in the world with a fortune of close to 200 billion dollars.
If you love pizza but can’t find a good place to eat it, why don’t you start your own joint? Even if you don’t know how to cook and have never been anywhere near Italy, you still know what a good slice of pepperoni pizza tastes like.
So, start there and continue by researching ingredients, food business permits, market opportunities, and restaurant management. With enough passion and commitment, you will soon have everything you need to begin.
A business idea can also be something others need. Look at those around you, be it your spouse, boyfriend, grandmother, or colleagues, and ask yourself, what do they need that I could provide? What could I do to make their lives better?
Incremental Innovation
One of the biggest mistakes most starting entrepreneurs make is thinking they have to reinvent the wheel. They believe that if they don’t create something exceptionally unique, they will not succeed.
This couldn’t be further from the truth. The key to business success doesn’t entail the introduction of something radical. Sure, there are examples of businessmen and women who completely changed the game with their products or services. One of them is Steve Jobs and the introduction of the iPhone. Another is Alexander Graham Bell and his telephone or the Wright Brothers and their plane.
But there are other ways to make it as well, other products that can be just as useful and innovative without having to be very different. For instance, making a phone a bit smaller or increasing its battery duration would be great ideas for the current technology-driven market. A restaurant that offers high-end food at reasonable prices would probably succeed even if high-end food already exists. There are more eateries in every city than one could imagine.
The important thing is to understand that a good idea is more about execution than substance. Also, a 1% increase in quality, reliability, speed, or customer satisfaction is enough to entice a wide range of potential clients.
As we have seen, there are different ways in which aspiring entrepreneurs can come up with ideas for a new business. One of them is to take a painful personal experience and turn it into a meaningful source of aid for others. Another is to look at the current market conditions and meet an individual or global need. Finally, one can take an existing product or service and either change it slightly or make it better.
