Monday, 23 November, 2020

Top 7 sources of business ideas & opportunities for entrepreneurs

Coming up with new and feasible business ideas is a crucial initial step to becoming a great entrepreneur. For this reason, there are several multi-billion entrepreneurs across the world with testimonies and proof that they started off with an idea and developed gradually into a thriving business. The real-life scenarios have grown to become the some of the greatest sources of business ideas and opportunities for both young and established entrepreneurs and can work for anyone with the desire to join the entrepreneurship world.

What are the various sources of business ideas that can help you start a prosperous business? Well, business ideas are crucial as they determine the potential energy of the company at start-up levels to the time when it begins to flourish while achieving set objectives. Here are the top 7 sources of business ideas and opportunities for entrepreneurship that can lead you to a successful business.

1. Interests and hobbies A hobby is an activity that you enjoy doing during your leisure-time and is one of the primary sources of business ideas. In fact, most people have founded great successful businesses while pursuing their interests or hobbies. For instance, if you enjoy traveling, playing with computers, music, sports, performing or cooking, you can seamlessly develop it into a business. You can join the tourism, entertainment or hospitality industry by venturing deeper into your favorite activity. These are just a few suggestions since there are lots of leisure activities that can lead you to the world of successful entrepreneurship. Just consider what you are good at, and you are ready to go.

2. Customer surveys The starting point of any new business should be the clients because their needs and wants justify the service or product that you can offer to them. The wants and needs of the customers are, therefore, the sources of business ideas generation and you can ascertain them by carrying out a thorough survey. You can conduct such a survey, whether formally or informally, through questionnaires, interviews or observation as you list the sources of business ideas that work best for you. While carrying out the surveys, you can talk with your friends and family to discover what the potential customers need, yet it is not readily available to them. They may not be contented with the existing service or product and need improvement. In this case, you can step in and talk with the people in the distribution chain including wholesalers, retailers, manufacturers, agents, and distributors. It is essential to prepare the questions in advance that you can use in interviews or put on the questionnaires. Sources: Source: UGC The relationship you build with your potential customers during the survey leads you to new sources of business ideas as they freely share their challenges with you. Thus, ensure that you talk to several existing and potential customers to familiarize with them and understand their needs. Be a good listener and observer as you show them that you care by sharing with them the possible solutions. The more information they are willing to give you, the higher your chances of founding a successful business.

3. Brainstorming and dreams Brainstorming is a method of problem-solving and qualifies as one of the seven sources of business ideas since every company focuses on offering solutions to the problems facing the customers. The secret behind brainstorming is to come up with as many ideas and options as possible. This process usually starts with a problem statement or question. For instance, you may ask the question “what are the services or products necessary in the home that are hard to get?” In this way, each design will result in one or more ideas and lead to several opportunities for becoming an entrepreneur. Dreams are also part of the sources of developing business ideas though most people tend to ignore them. However, it pays to consider and follow them up as they can lead to a booming business even if they may seem unintelligible and strange. Do not hesitate to wake up in the middle of the night and jot down the ideas before they disappear at the crack of dawn. While you can get ideas during the deep sleep in the form of dreams, you can also discover the germ of a wonderful business idea as you meditate during the night when you lose sleep. The rules of brainstorming Here are the rules that will help you when brainstorming for different sources of business ideas: Never judge or criticize the ideas and suggestions of others Encourage freewheeling and invite crazy or wild ideas Quantity is paramount where the more the number of ideas, the better Combine and develop the ideas that friends and colleagues give you Never procrastinate

4. Franchises A franchise is a situation where a sole trademark distributor or manufacturer of a product gives exclusive rights to independent retailers for local distribution. This is done in return for the consistency of the retailers to the set operating procedures and payment of royalties. As one of the sources of business ideas for entrepreneurs, franchising can take different forms but the most common and preferred one is where you are offered the image, operating procedures and the name of an established business. Besides buying a franchise, you can also build on and sell its concept at a profit.

5. Mass media Source: Source: UGC The mass media; including television, newspapers, Internet, radio, and magazines are a great source of ideas, information, and opportunities. One way to become a successful entrepreneur is taking a careful look at the advertisements and commercials in these media. By reading a magazine or newspaper, you can easily come across a business for sale that interests you. These media can also report on the trending fashion, and pressing customer needs that you can jump on and start a business. If, for example, you find out that there is a high demand for physical fitness and healthy eating practices, you can start a fitness and healthy eating centre. While traditional media including television, radio, and newspapers have been great sources of ideas to run new business, the Internet has emerged as the latest information technology with instant millions of ideas. With just a click of a button on your computer or phone, you can get the best idea that will work perfectly according to your interests and locality. Starting a successful business has never been this easy!

6. Personal experience and talents Most of the ideas and opportunities for successful businesses are a result of the experiences in the place of work. For example, an experienced manager working for a leading restaurant can eventually decide to start a business related to hospitality even before he retires. As a potential entrepreneur, therefore, you can make the most use of your skills and experiences as crucial sources of business ideas generation. They also determine the type of venture that you start as you capitalize on them. If you are gifted or have experience in a specific field, then it is time to analyze just talent or skills. You can start off with the following self-examination questions: What am I passionate about? What talents or skills do I possess? Are people willing to pay me for my skills? What do I need to build on my skills?

7. Trade fairs and exhibitions Trade fairs and exhibitions are among the top sources of developing business ideas. They are usually advertised on the Internet, radio, and newspapers, and by attending such events regularly, you will discover new services and products. You will also meet with manufacturers, sales representatives, distributors, wholesalers, and franchisers who will answer all your questions and inspire you to start a business that will thrive. In fact, some of them may be in need of someone like you to partner with, and this will be an exceptional opportunity to partner with renowned entrepreneurs and franchisers. Sound business ideas from reliable sources of new ideas for business become good investments when implemented. Hence, business visionaries and potential entrepreneurs must brainstorm on the ideas that can lead them to a well-organized and successful business that meets the needs of the clients and promote the economy of the society. Business idea generation, therefore, helps you identify the opportunities, the people or companies to partner with and your competitors. As you compare the different sources of business ideas and the available opportunities, you can easily go for an idea that involves insignificant risks and no possible failure at the starting stage. You also get to know the latest technology that will be appropriate for your communications with clients, suppliers, distributors, and partners. When all is said and done, you get to know how to respond to the ever-changing needs and fashions.

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