How to Come Up with Business Ideas

By Oluwakemi Afolabi | 1 min read
3rd June 2017
How to Come Up with Business Ideas

Ever wondered how big corporations and businesses you admire come into existence? Have you thought of starting a business that will provide jobs like the big businesses you admire? The answer is that with an idea you can make your dream of having a big business a reality. Big businesses like Unilever, Jumia, Konga etc all started from someone having an idea.

An idea is the first milestone in your entrepreneurial journey. Your business idea should center around producing a commodity or providing a service which can in turn be exchanged for money.

So how do you come up with a business idea?

  • Identify Problems and Solutions
  • Consider Your Passion
  • Consider new Trends and Technology

Make adequate research on feasible and profitable business ventures. Not every idea is a potential money making venture[1].

What are your likes? What are those things you enjoy doing without necessarily being paid for it? Your business idea should be something of interest to you. Your businesses should be something you enjoy doing and can do with ease. This is because your passion will give you the necessary patience to be able to wait for the big bucks to start rolling in.

When coming up with a business idea, make sure it is up to date with technology and trends. This is because technology is beginning to erase some businesses. Venturing into a business with a declining market will only result into loss of funds and liquidation after sometime.

  • Be Creative 
  • Problem Solving
  • Do your Research

Put a creative spin on existing business ideas. Your business idea should be geared towards creating something new or improving on a particular good/service/technology. It really does not make much sense for a business to produce the same product or render the same service as other businesses in the industry. This is because without something new or unique about your product/service consumers would rather stick with the product they know and this can drive you out of business in no time[2].

Seek to solve a particular problem in your community or society. Your product should be filling a particular vacuum. This guarantees a market for your product/service. No one wants to buy what will not be useful to them.

Think of something that can eventually be a money making venture. Profit is one of the motives of business. Your business idea should be an idea that can generate money overtime

 

[1] David, Waring, How to Come Up with a Business Idea in 5 Steps, July 2013, http://fitsmallbusiness.com/how-to-come-up-with-a-business-idea/Mar 6th 2017 assessed

[2] Ben, Baldwin and Brian Sparly, How Entrepreneurs Come Up with Great Ideas, Apr 2013 https://www.wsj.com/articles/SB10001424127887324445904578283792526004684Mar 6th 2017 assessed

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Oluwakemi Afolabi
Oluwakemi Afolabi started as a Microsoft Intern at FATE Foundation. She is a graduate of Economics from Bingham University, Nigeria. She is passionate about impacting lives positively.
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