How many times has it happened that you spend days thinking about getting a business idea, and once identified you yourself get confused on how good it is?
Either it is the age of entrepreneurship or something is in air, I find a lot of people inclined to start something of their own. They are either too frustrated with the kind of work their employers offer or they are looking for some financial stability or it is just that they cannot digest it when anyone boss them. Whatever be the reason, startups are the new culture and everyone wants to build their own billion dollar unicorn.
Many people are extremely confused when it comes to identifying a business idea. But if people with multiple startups are to be believed they say wherever you see there is a business opportunity. But the question still lies, how do i identify them?
Here is a five point approach to identify the correct business idea.
1. Passion is the Key
Identify what you love to do. Business owners should focus on creating sustainable business not just in terms of financial sustainability but also in terms of interest sustainability. Whether you talk of Sachin and Binny Bansal of Flipkart or Jeff from Amazon or Larry and Sergey from Google, one trait is common. They are in complete love with their core business. If you love to code, you’d better be coding for your livelihood and if you love to travel it is better to make it your business area.
2. Become an Opportunist
Develop a mindset to identify gaps in services/products you see. It wound not just give you a lot of probable business opportunities but also an eye to gauge the business idea and its demand. So when I say opportunist, it is in good sense and means to look for an business opportunity wherever you go. If you keep doing this, you definitely have better chances of hitting the right business idea very soon.
3. Look for the Next Wave
To develop a successful business, you’ve got to be ahead of the market and in line with what is the future. As an entrepreneur, it is very important to understand what trends are coming up next and what could be the future. Ii does not mean you should become completely futurist and create something so futuristic that it becomes completely useless in this age but it means creating something which can be useful now by using a technology or vision which is futuristic.
4. Attend Entrepreneurship Conferences and Meetups
Attending entrepreneur meetups and conferences for business models and showcases can give you your next big idea. The idea might come as a result of a derivation of existing product/service or it might be a completely new idea from what you’ve learnt in such conference. Such conferences would also foster your relations with other businesses and give your business the initial tie-ups or leads you require.
5. Keep an Eye on Other Geographies
This might seem using someone else’s idea but if it bridges the demand supply gap in your geography or country, what could be better than this. Often businesses in other geographies can give you a great insight and a broad view on what people in other geographies use as a product or service and is not available in your area. You can do a quick research if such business model can be equally successful in your geography as well. And ta-da, you’ve your business idea to work on!