If you’re struggling with getting business ideas, you came to the right place.
In this article, I’ll describe 5 approaches to come up with business ideas.
Approach #1: Play To Your Strengths
In general, you’ll maximize your chances of success by continually learning topics and skills that are most related to your core strengths and abilities. That is how you become a well-known expert in your field which would then open more opportunities for yourself. And just as important, identify the opportunities where you can put those strengths to maximum use.
As Tom Rath author of Strengths Finder said, “If you spend your life trying to be good at everything, you will never be great at anything.”
Approach #2: Monetize Your Passions, Interests, & Hobbies
To follow through with a business idea, you’ll want to feel enthusiastic about the process of pursuing it and the effect it will have on the world. This is best achieved by targeting a cause, solution, industry, business process, or technology that is personally interesting to you. Pursue a business that aligns closely with your present motivations and hobbies.
As Steve Jobs said, “You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out.”
Approach #3: Find And Solve Your Own Problems
What do Facebook, Apple, Evernote, Pinterest, and WordPress have in common? They were all built by founders who had a need or want which they decided to resolve for themselves. In fact, this is one of the most common ways that founders conceive their business ideas. If you create a solution for yourself that gives you an advantage and makes your life less complicated, chances are there are many other people who would benefit from it too.
As Paul Graham, Co-Founder of Y-Combinator , said “Why is it so important to work on a problem you have? Among other things, it ensures the problem really exists.”
Approach #4: Introduce Something New To An Established Industry
If you’re going to enter an industry with existing incumbents, you’ll increase your chances of success if you bring something new and original to this industry. Don’t fall into the trap of starting a generic business that is indistinguishable from its competitors. Think of ways you can introduce a new business model, a new technology, a new market strategy, and more to the industry that you’re targeting.
As Seth Godin said, “In a crowded marketplace, fitting in is a failure. In a busy marketplace, not standing out is the same as being invisible.”
Approach #5: Find Your Entrepreneurial Sweet Spot
Aspiring entrepreneurs often reach their business ideas as a result of their interests, frustrations, knowledge areas, skill sets, and past experiences. Narrow down your top strengths, your top passions, business types you’re most capable of pursuing, and market needs that you’re most capable of fulfilling. Assessing yourself in this way will greatly increase your likelihood of getting multiple business ideas that are the best fit for you.
The diagram above displays the main factors that I just mentioned that you should consider when finding your entrepreneurial sweet spot.
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