5 extremely simple ways to come up with a business idea !!
Look into your passions: The best way to find your business idea is to see what you can do with your passion. If you are really passionate about something, then turning your passion into business should not be very difficult for you. Because when you have deep passion you have greater commitment level. All you need to do is to think from business perspective and operate on a professional level. Whether you are a writer, painter or love cooking – you’ll find plenty of mediums to leverage it as a business.
Find the next new idea: Just think for a moment. Many of the businesses you see today were not existing say some 10 years ago. 10 years down the line, you will see many new businesses which don’t exist today. It is quite evident that new businesses are blossoming because someone is able to think out of box with new ideas. It might be a product for consumption or some new services. Google was a great new idea to help people find most relevant information in one place.
Offer something different or more: Another simple idea of finding new business idea is think what you can do something different in an already existing industry. If you look at many industries or businesses how they evolved while the fundamentals remain the same. For example: Mobile phones have evolved into smartphones opening the floodgates of apps and other services. Because a smartphone is able to deliver much more different various services than a traditional mobile phone.
See if you can fill a gap: I am telling this one from my personal experience. Take any industry or business. Study it closely. There will be a gap somewhere that you can fill up or supply a missing link. For example, I studied the Goa Travel Industry and discovered that there is a billion dollar opportunity if we can develop Nautical Tourism in Goa. That led me to open Champions Yacht Club to fill that gap.
Solve a social problem: This one is my personal favourite and something which I am very passionate about these days. The process is very simple. Find a social problem and think of a solution to solve that problem. For example, when Bangladeshis Noble Laureate Prof. Muhammad Yunus saw the problem of malnutrition in his country, he came up with a solution to solve it. He tied up with DANONE and started Grameen DANONE which makes delicious yogurt fortified with minerals at a very cheap price. Beggars were involved as house-to-house seller to keep the prices down and it also help the beggars to earn a commission out of it. Malnourished children who have two cups of Grameen DANONE in a week for over a year will regain his/her full health. For beggars, it was another job opportunity.