Looking For Brilliant Business Ideas? Do This 1 Thing First
Growing both a profitable and innovative business is the dream of many entrepreneurs. Each hopes to build a business that’d not just grow exponentially, but may someday attain international accolades or awards for their sheer tenacity, innovation, and team spirit.
While there’s no one way to come up with good business ideas in Nigeria, Africa, or anywhere else in the world, following the steps of many entrepreneurs that have previously grown successful businesses can help set you in the right direction.
The heart of every successful business is a great business idea, and knowing this, here are 5 ways to come up with good business ideas for your next venture or product line:
1). Start Paying Attention To Your Buggy Problems:
The best place to find good business ideas is usually from self observation. What do you find problematic in your life? What bugs you so much that you wish there was an easier way to just fix it? Would you drop the current product you’re using if you could find one that has what you want?
These type of problems usually show up whenever you’re trying hard to do something, and not just by mere thinking. You could start by taking a note anytime you experience one of them, and then do a fact check to see how many people really do experience these same problems, and if you could sacrifice some time and resources to fix them.
By focusing on problems you or a sizeable number of people experience and so dearly need a solution to, you could easier start a business that has some chance of succeeding.
2) Listen To Other People:
A great way to find good business ideas is to listen to the people around you. You could get feedback from your customers, your frontline employees, or even through reverse assumptions.
Your customers would naturally tell you their pain points and how you can solve it for them with an improved product or an entirely new product. Your front-line employees also know the pains of the customers with respect to your products because, they’re always interfacing with them directly.
You could also use reverse assumptions to come up with a new business idea. An example is previously, everyone always knew that paying with cash in a store was the common way to buy an item. But the cashless assumption came up with a question: What if we could pay for everything without holding cash, and in the process, reduce our chances of losing our money?
By reversing the process, a new idea was formed, and now, billions of people all over the world make cashless transactions daily, making the likes of Mastercard and Visa multi-millions of dollars everyday.
3). Study The Past:
Good business ideas can sometimes be a re-modification of the past. Most new technologies or ideas that make the mainstream media and affect people’s lives were inspired from past events.
Some great examples can be found in the real estate industry. In Nigeria for instance, windows that open outwards (casement windows) used to be a thing in the 70s, 80s, and even early 90s. Then window louvers took over, given that it was better looking and more affordable at the time. After this, sliding windows became the norm for the upper middle class and rich. Then suddenly, casement windows came back all over again in better designs, class, and higher costs.
By looking to the past for inspiration for your current or future projects, you’d come up with brilliant business ideas a lot easier.
4). Hire The Right People:
When hiring, lookout for people who are passionate about your business’ missions and goals. This is always difficult to spot during the hiring process, as many individuals tend to fake their personalities just so they can secure a job.
But by being extra observant, studying their track record, what they do in their leisures, and if they’ve ever helped an organisation like yours succeed in some critical endeavours, you may just be able to hire people who are a perfect fit for your business.
5). Give People The Freedom To Bring Their Passion & Creativity To Work:
Many companies fail woefully at this. They try to force every single member of their staffs to dress in a certain way, work in a certain way, and even deliver in a certain way. While many organisations will argue that this provides results, they fail to realise that their businesses keep running in the cycle of their current model, with little to no new brilliant inclusions.
AD agencies on the other hand understand the importance of bringing one’s passion and creativity to their workplace, and so, encourage their employees to always get to work in what they find most comfortable. As for their business development unit, these are required to be in corporate outfits.
Giving people the freedom to express themselves makes them know they’re cared for and are a part of something bigger. With this, it becomes easier for them to give your business their all, since the organisation or individual they work for has reciprocated the same measure.
What are your thoughts on these 5 ways to come up with brilliant or good business ideas in Nigeria, Africa, or anywhere else around the world? Let me know by leaving a comment below.
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