4 Ways To Discover Your First Business Idea
Updated: Jan 21, 2021
Set on starting your own business but short on ideas? It's sometimes a challenge finding an idea that you’re not only passionate about, but feasible to pursue. Here are four easy ways to discover your first venture.
1. Problem Solve
Have you ever asked yourself (or with a group of friends) why a product or service doesn't exist? While at the time you may think it's a bit of a wacky idea, you don't know how many people experience the same problem. Do a bit of research to see if a reasonable, cost-effective solution exists, and if not, you may have a potential new business idea.
2. Do it better
While it may be frustrating interacting with businesses with poor products and/or service, it opens the door for potential competition who can do better. Especially successful in dormant/mature industries where players get complacent, challenging the status quo creates new and exciting options for customers. Uber transforming the passenger transport industry is a great example of this. Uber simply gave customers a better, cheaper and more reliable service. Both will get you from A to B, but Uber does it better.
3. Offer your strengths
Everyone has something of value to give to others. If knitting is your thing, why not start an online beanie store? If you're skill set is in social media, create a digital agency. Offering your strengths is a great way to not only master them, but also capitalise on them.
4. Partner up
There are thousands (if not hundreds of thousands) of people that have an amazing idea. Network and find people with an amazing vision that you can elevate and assist to fruition. Kevin Systrom was granted $50,000 from an investor for his new app. However, a condition to receive the funding was to get a like-minded and motivated co-founder. That person was Mike Krieger, whom he met in college. The business they created - Instagram (which sold for 1 billion dollars to Facebook after only 2 years from its inception).