HOW TO FIND A GOOD BUSINESS IDEA

HOW TO FIND A GOOD BUSINESS IDEA

BY | MAHMOOD NAQVI

When I sit and ponder about how to generate a business idea it is never easy. Thinking of a new business idea has been never easy and requires a lot of passion and knowledge. The best place to start this journey is by having a look around the market and figuring out what demand there is in the market for which product. Once you have chosen a specific field or a product to work on the next step is coming up with a proper business plan. Without a proper business plan a person will not be able to stick to a specific vision and idea and most likely will get derailed from their path to success.

There are two type of people who want to do business:

1. People who have a job/employee mindset

2. People who have a self-made mindset

For those people who have a fixed job mindset they may find it harder to succeed in setting up their own business ideas as they usually have become more used to a work environment where they are assigned tasks and told what to do can do. These people must remove the mentality of working fixed times like 9 A.M to 5 P.M and must put the extra effort that is required in starting and running a business.

Those people that have a self-made attitude will find it easier to adapt to the different requirements that come with starting and running a business. These people must put this attitude of theirs to the best use and must not be complacent as starting a business is not like a regular job where you are told what to do. These people must take the responsibility upon themselves to make their own decisions and try and make their own paths.

To finding a good business idea one should try and do the following:

RESEARCH

One should do as much market research and product research as possible.

MARKET ANALYSIS

Market Analysis will show how much demand and supple there is for a particular product.

GROWTH RESEARCH

One should see market trends and predictions to see how a particular industry is projected to be in the future.

PROFIT MARGINS

One should see how much profit margin and risk is involved in a particular industry or product.

CAPITAL/INVESTMENT

One should correctly find out how much initial capital and investment is needed to start a business.

LEGAL REQUIREMENTS

One should find out what legal documentation and insurance is required so that their business is secured and covered.

BUSINESS RELATIONSHIPS

One should start approaching people in the market and industry to develop business relationships that will be vital for the future of their business.

My advice for people interested in finding a good business idea

The key thing to being successful in finding a business idea and running a business is that a person has to have the passion to work hard and succeed. One must not be afraid to go the extra mile, work long hours and take risks. Every business faces setbacks and runs into problems but one must remain steadfast and tackle these problems, One should be honest in self-assessing themselves and should learn from their mistakes. Never give up on your dreams and hope, because hard work and dedication will let you achieve everything you have ever dreamed of.