Great business ideas rarely just fall into your lap or simply pop into your head. So, how are they created? Many entrepreneurs might start by thinking about cool products that they could make or how to put their existing talent and passion to good use to provide specific services. However, an even better place to start is by taking a long, hard look at your community.
A great business idea isn’t actually all that great unless it can be implemented practically within a community. It also needs to generate an ongoing demand. This can only happen if the business idea is developed around solving problems that potential customers are currently experiencing. It could also be a solution to problems that they are likely to experience in the near future.
A wounded economy means that fewer people can afford to spend money on luxuries. However, it also means that more and more issues are coming to the fore. While this is a negative consequence for individuals, it can offer you, as an in-tune entrepreneur, a host of exciting opportunities.
When people experience a problem or a challenge, their initial reaction is to find ways to help them solve or overcome it. Stay ahead of the curve and be there to provide that solution and those people will come to you for assistance.
So, how do you get started? Simply jot down a few common issues that your community is currently facing.
Next, document your existing skills, strengths, and passions – along with a list of the skills and strengths that you hope to develop in the future.
Finally, brainstorm to see if you can find any link between your community’s everyday issues and your personal strengths. Is it possible to use these strengths to solve these issues? If so, you’ve got yourself a pretty solid business idea just waiting to be brought to life!
Looking for more guidance when it comes to business idea generation? Sign up to take part in our idea generation workshop now! In just a few hours, it will help you to build a solid foundation on which to start a business and continue to support its growth.