In our previous article ‘When does a business idea become a business opportunity’? we said that without business idea no business opportunity’. In other words business idea is the starting point on the road to starting a profitable business. Now, where can you get business ideas? And from which viable sources? In this article we help you identifying the 5 sources of business ideas and which can form a real basis of inspiration for you to get started:
- Gaps identified between consumers’ requirements/needs and available goods and services: Business opportunity can be based on people’s needs, and therefore we urge you to consider the following to get an idea:
- Goods and services they want but are not available or are shortly out of supply or inadequately supplied;
- Goods and services are available but are of poor quality;
- Goods and services that they require but are presently expensive;
- Goods and services they require but are inconvenient to use;
- Goods and services they may require in future.
- Close observation: By observing the available raw materials in your location, you can think creatively and find out what can be produced from them. But make sure that it can be sold at a profit.
- Kind of human resources available: Know what kind of people are around you; know whether they are skilled enough to undertake the desirable business. Or what can be done with the available human resources to generate a profit? Let suppose that for example in your location they find many teachers. This would indicate opening school as one of the possible business opportunity or something else.
- Wastes and by-products: Most of the time wastes from factories, schools and farms are considered useless. However, as a determined entrepreneur you can find out what you can make of them. For example wastes from farms can be used to make composite manure that can be used to make fertilizers.
- Creative imagination and innovation. With your technical, creative and innovative skills you can imagine a business that do not exist in your community and figure out how to introduce it.
The present generation belief is ‘to challenge the impossible’. So be you and dare to deploy yourself by unlocking your potential.