Updated: October 31, 2020
The problem for most people who wants to become an entrepreneur is coming up with that winning business idea. And more often than not, when looking for such opportunities – “business fads” are all we see.
Pearl shakes, internet cafe, squid balls, laundry shop – these are just a few of the trending businesses that we’ve seen come and go over the years.
These businesses usually go “out of fashion” within a couple of years, and only those who have truly established themselves in their niche will survive.
After that, those rookie entrepreneurs who tried to catch the wave will close shop, betrayed by their own market, defeated by competition, and left wondering what the “next big thing” would be.
So what’s the best way to come up with a good business idea? How do you exactly spot a profitable business opportunity before anybody else?
Big Business Ideas 101
It’s a fact that business opportunities are everywhere, but it’s also a fact that not all of them are meant for you. Never jump on a business opportunity just because it’s there.
Before you even consider a business idea, ask yourself first:
- What am I good at?
- What do I love to do?
- What resources are available for me?
It’s advice as old as time – always follow your passion.
But beyond that, evaluate yourself and see how much time can you commit to the business, how much start-up capital can you raise, and who among your network can help you in this venture.
Raise your awareness
Once you’ve determined the niche you’d want to go into. It’s time to open your eyes and look for opportunities that are in line with your skills and passion.
If you’re good at cooking, then seek out business opportunities in the food industry. If you love sports, then your big business idea might be in the health and fitness industry.
Again, focus on what you’re good at, and what interests you most. Forget and sort out business ideas that are not compatible with your lifestyle and personality.
Solve a problem
Now that you’re looking in the right direction, it’s time to find that big business opportunity. And when it comes to this stage, the first question you should ask yourself is, “What problem can I solve?”
Provide services, fix problems, remove obstacles, create new products, innovate, and improve on existing ones – these are just some of the things you can do as an entrepreneur.
For example, what business can a stay-at-home mom build? What problem can her knowledge, lifestyle, skills, personality, and resources solve?
Well, she can produce and sell healthy baby food to other moms. She can innovate and create a line of educational products for children. She can put up a store for her home-baked goodies.
There are countless possibilities – and all you need is creativity, focus, and commitment. Take it from Dorothy Gerber, who sold ready-to-eat healthy baby food to moms who didn’t have time to make their own.
Or from Julie Aigner-Clark, who created Baby Einstein and innovated on children’s home education. And from Debbi Fields, who gave us Mrs. Fields and the comforting joy of her cookies.
All of them are stay-at-home moms who built a business empire inspired by their love for their children.
A business idea is worthless unless it’s put into action. A lot of us can actually spot good business opportunities every day, but choose to remain passive and simply daydream of the possibilities.
Challenge yourself, get out of your comfort zone, and follow through on your entrepreneurial dreams. You’ve already got that winning business idea, it’s now time to make it real.
Need some more help? Follow my step by step guide to starting a business here.