It takes an idea to make your dream of having a business a reality. Big businesses all started from someone having an idea. An idea is the first milestone in your entrepreneurial journey. Your business idea should centre on 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?
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Consider your passion
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.
2. New trends and technology
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.
3. Be creative
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.
4. Problem solving
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.
5. Do your research
Make adequate research on feasible and profitable business ventures. Not every idea is potential money making venture. Venturing into a business with a declining market will only result into loss of funds and liquidation after sometime.
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.
*By Oluwakemi Afolabi.
Afolabi is a Microsoft intern at FATE Foundation.