How to find a business idea?

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Successful businesses are built on brilliant ideas. So how do you find a business idea? Well, it’s not as easy as it sounds. Read our article and find out where to look for great business concepts and how to check them out.
How to find a business idea? – index:
Sources of business ideas
Do successful business ideas have to be completely original?
How do you know if a business idea is worth pursuing?
How to validate your business idea?
Summary
Sources of business ideas
Innovative ideas are often associated with startups. There are more and more young companies operating in the international market. In 2021, global investments in startups exceeded $643 billion and were ten times higher than a decade earlier. They also increased by 92% compared to 2020 .

However, to find investors, you need to present them with a specific business idea, for example, an unusual product or a unique service that is not yet available on the market .

Where to look for business ideas? The short answer is: anywhere. They are belarus whatsapp number database around us, and there are several places to start looking for them.

Try to meet new people and understand their problems and dreams. This way, you will identify gaps in the market . Traveling and exploring new places, as well as reading magazines, blogs and books on various subjects, can also be a good stimulus. In addition, analyzing existing solutions will allow you to find a niche that can be developed later.

how to find a business idea
Sources of business ideas:

Developing a product strategy. It’s worth considering what products you’ve always felt you lacked. Maybe there are other people like you, and they could help you figure out what specific ideas you could bring to the table.
Solving a problem. You can often find a business idea by identifying a problem. Ideally, it should be an annoying issue that affects a lot of people. They’ll be more likely to pay a lot to get rid of it (for example, Uber responded to transportation problems).
Observing trends. It is useful to observe the market and social behavior. You should also observe emerging trends, as your competitors will be doing exactly the same thing.
Cloning other businesses. When starting your own business, it often turns out that tweaking an existing idea is easier and more profitable than creating something from scratch. While not very creative, copycat businesses can work and be extremely successful, for example, LPP (owner of Reserved) was inspired by Inditex (owner of Zara).
Do successful business ideas have to be completely original?
It seems that the answer to the above question is obvious. But are you sure? Why does a business idea need to be original? As mentioned before, several examples show that ideas that refer to existing businesses can be successful. Of course, it is not just about copying solutions, but about approaching them in a creative way.

Take a look at modern tech giants: before Google, there was Yahoo (who remembers it today?), before Facebook, there was Classmate, etc. The fact that a product with a similar concept already exists does not mean that you should give up on the idea . However, competing solutions should be processed in such a way that unique concepts can emerge.

How do you know if a business idea is worth pursuing?
Once you’ve come up with a brilliant business idea, you need to check if it’s really worth it . You should start by estimating its value. How do you do that? First of all, keep in mind that ideas are worthless unless they’re executed. A chart created by Derek Sivers, a musician, programmer and business motivator, can be used to assess how much your idea could generate.

how to find a business idea
How to use this table? Let's say you have a great idea, but you don't pursue it. According to the table, such an idea is worth only $20 (20 x $1). Even a weak idea is worth more if it is implemented (1,000 $). Of course, you can't rely solely on this table, but it can at least give you an overview.