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How to generate start up business ideas

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How to generate start up business ideas

I meet a lot of people who say to me: "I want to start a business, but I have no ideas". If you are one of those, then you are not alone. Trust me, that happens to a lot of us. The good news is that as long as there are people, then there will always be business opportunities.

In this article I will take you through the process of coming up with business ideas. P.S~ I've also included a free gift for you at the end.

Wants VS. Needs

Human beings have wants and needs. Wants are items that we would like to have but can do without. Needs are things that we can not do without. Examples of needs are food, shelter and clothing, while wants include things like a phone, perfume and make up.

As we evolve however, we find ourselves with increasingly more needs that do not necessarily have a bearing on our survival. However, because we have become so accustomed to them, they are now a key part of our lives. A great example is wifi. I'm sure you know a lot of people who would fall into depression if they went for a prolonged period without any internet connectivity.

With that in mind, you can start identifying key human needs and finding clever ways to satisfy them. The key is to find those needs which affect anyone regardless of location, gender, race, ethnicity or social standing and then build a business around satisfying those. Think of Facebook- we all need to connect and the platform helps us do that. Think of Uber- wherever you live in the world, at some point you'll need to travel from one point to another or to hail a taxi. 


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While there may be an abundance of good ideas, not all of them are worth pursuing. So it's important to find what works for you. But how do you do that? Let's get into it.

Which type and field of business is suitable for you?

Start by looking inward. Start by being brutally honest with yourself. What do you like and dislike? What are your strengths and weaknesses? What are you passionate about and what's important to you?

For example, I know I'm not a fan of "selling". I would rather be somewhere writing articles like this one instead of out there making cold calls.

That understanding helps me when making decisions on what business to start. I might start a selling business, but I would rather have another person deal with that aspect.


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Identifying your own list of business ideas

The second thing is to look at your own situation. 

• What are your interests

• What do you enjoy doing?

• What skills do you have?

• What expertise do you have?

• Do you have friends or relatives that are already in business? Is there anything that they can assist you with?

Given your own way, what would you rather spend your time doing?

Write the answers to these questions and come up with possible business ideas for each of these areas.


Draw from your experiences

Draw from your experiences and other people's experiences. Think about the goods and services that you have wanted at different times and that you have had a difficulty finding. Then write down the related business idea that would provide customers with the goods or services they need and want. An example of a comment that would help your search for a business idea is a statement like “There's not enough entertainment in this town and the weekends are so boring”


Survey your local business area

Another way of discovering Business ideas is to look around your local community. Find out what type of businesses are already operating and see if you can identify any gaps in the market. Follow the steps below to collect information about existing businesses and potential new businesses in your area where you want to start your own.


Scanning your environment

Take time to look around your own community and make notes for each of the following.

• What natural resources are freely and abundantly available?

• What waste materials do people produce in your area?

• What items do people import? Could these be produced locally?

• What events and activities happen around you? Are there any trade expos, fairs, weekly markets or conventions?

• What publications are popular and what content do they focus on? Any possible opportunities there? 


Brainstorming

This is whereby you come up with a lost of as many ideas as you can think of. Once you have a list, you can then start eliminating until you are left with the best. 

You start with a word or a topic then. Write down everything that comes to mind relating to that subject. Continue writing for as long as possible putting down things that you think of regardless whether they seem relevant or odd. This works best when done as a group, so involve friends or family.

The best business ideas are those which satisfy a need. The easiest way to find out these needs is by observing and talking to people.


Here's a free gift

If you need help coming up with ideas, I have the perfect gift for you. It's my startup ideas workbook. It's a workbook that provides a structured framework to help you identify and analyse business ideas. All you have to do is fill in the blanks as you go.


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You can download the Free Start up Ideas Workbook here


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