When I was wishing to quit my job and start my own startup with a unique idea, I was struggling to find the business idea because I was not getting a guide about which business I should start.
Because, the business is not like a job where if we make a mistake, then we get the warning first, then we are pleased to conduct the refreshment training, etc…
If we make a mistake in business, we have to pay a lot for it, and choosing the wrong business idea is the biggest mistake in the business journey.
So, here I want to suggest to you that never start any business without fetching a great business idea.
But the question is what are the sources of business ideas? How to find the best business ideas? From where we can fetch the ideas to start the business?
Well, relax, all the questions are going to be answered in this article.
Sources of Business Ideas
Remember one thing, those business ideas are not sold in the market where you can buy them by paying some amount.
The legendary ideas for the great business models are supposed to be discovered. Eventually, it happens occasionally.
For example, Paytm is introduced to solve the money transaction problem, Dmart was introduced to make all home appliances commonplace.
So, business ideas are born by the mindfulness activities, if two people would not pay attention to the problems of people for booking the rides by standing in the long queues, redbus would not have been found yet.
Moreover, there is not a single source to find the business ideas, there are multiple sources of new ideas in entrepreneurship by which you can have legendary business ideas.
In this article, you will come to find the sources of business ideas.
1. Your Current or Past Job(s)
Your industry in which you are doing the job is your best mentor to find great business ideas. Because you are aware of almost all aspects of that field.
For example, if you are a supervisor in the vegetable superstore, then you have experience with the rates, services, how to choose vegetables for selling, what should be the quantity, etc…
You have the up to the end detail about how to store the vegetables when the rates of vegetables are at the peak, and when they are minimum, so you can manage an inventory in a very smart manner.
If you don’t want to start a vegetable business in a typical way, you can add your ideas, and make the whole business plan very different.
Like, you can start the business of vegetable home delivery, or you can supply the chopped vegetables and foods to your customers, right?
So, your previous experience matters a lot to discover new business ideas.
2. Market and Problem Observation
Do you know that most of the entrepreneur ideas have been generated by observing and experiencing the market and problems around the entrepreneurs?
The best example is Redbus. The birth of the Redbus travel service is very interesting.
Two friends were returning after completing the meeting, and suddenly the environment changed, and the storming got started.
So, it was a long queue where they were standing and waiting for their turn, and it took around 3 hours to get the ticket for the bus.
And this incident changed their mind and they thought, can we skip the waiting time for every person and build up a system by which people can book the ticket from their home?
The challenge was next to impossible, but they did after multiple efforts, and then after many copies of this business model had been launched in the market.
Now, there were more than 100 people standing in a queue waiting their turn, but no one thought like this, because they were not used to doing so.
So, if you are constantly observing the world, and focusing on problems which people are facing in their daily life, after a certain time you definitely get a great business idea.
3. Joining a Particular Community
You might not have come to know about this source of business ideas, but if you are part of a certain community, later on, your mind will blink with different kinds of business ideas.
For example, let’s suppose that you are fond of wearing different types of shirts, jeans, T-shirts, and shoes. In short, you are a dressing, conscious person.
And the current time is the digital era, so it is very natural that you would have joined some telegram groups and WhatsApp groups of sellers and all that.
Now, it is understood that sellers are supposed to send you the daily notifications, updates, and catalog details for the new and upcoming stocks.
In the beginning of joining those communities, you just see the details, and ignore them, and close the app.
But with the passage of time and by coming into the interaction of that thing on a daily basis, your subconscious mind gets activated and suggests new ideas.
Unknowingly you start finding the drawbacks and loopholes of all the vendors, and your mind thinks that if I accomplish this gap, I can have a big opportunity to build up a great business model.
I am suggesting this source for business ideas because this is my own experience. I am fond of reading books.
In 2016, I joined one telegram group and a Facebook group where the members were sharing knowledgeable books, where the members were promoting and recommending some significant books to purchase.
In the beginning, I was normally purchasing the books by the links, but once I thought about why these people are wasting their time finding and researching the books for us.
After some research, I came to know that they were promoting their affiliate links by which they were getting a commission if I purchased any book from that link.
Then I thought I would also do this and earn lots of money, but the way they were using it I didn’t like it.
I found a way by which I can have a permanent audience who visit my source and buy the products from my link and I earn a commission.
I researched more and more, and I found that blogging is the best way to establish the long-term online business model, and I started Blogging in 2017 along with my own business.
So, you can understand that being a part of an active community can change your life by addressing awesome business ideas.
4. Your Strength, Hobbies, and Abilities
Sometimes (almost every time) we ignore our strengths, specialties, and abilities, and always like to be mediocre and average people.
You should identify your skills, it doesn’t matter what you are doing right now, whether you are doing the job for 8 hours, or doing dual work.
If you are good at typing, you can start the business of content writing. If you are a lady, an expert, and fond of making different recipes, you can start your food recipe YouTube channel or food blog.
Moreover, if you are interested in research and public facts and knowledge, you can start writing ebooks.
The most benefit of writing an Ebook is getting potential customers from western countries.
The people of western countries are knowledge conscious, not money conscious. So if you have sharted the premium knowledge, you can sell your ebooks at a very high price.
There are many skills that you could have on which you need to focus and search whether you can start any business by using them or not.
Again, I would present the great example of establishing the redbus bus service which was established as a result of problems faced during the traveling to the owners of the rebus service.
When you are traveling, you are not just moving your body from one place to another place, in fact, you are exploring the world, and coming to touch the new facts and factors of the world.
Somewhere you find a quite new thing which you might not have seen in your life ever in your territory, your group, your network, even in your country as well.
For example, you went to New Newzealand, and you found that people are wearing shoes of decimal size.
It means, in India, we are wearing shoes of number 7,8,9, and in Newzealand, people are wearing the shoe numbers of 7.2, 8.4, etc…
While researching you found that those manufacturers are making the customized shoes according to the size of the person, and that is a very good solution to the size problem of shoes.
When you return to India, you are having the greatest business idea, and it is very new here so you are supposed to dominate the market in the beginning as well, right?
So, whenever you travel, don’t just travel and move your body from one place to another place, keep your mind active, and observe everything around you, you will get many new business ideas.
6. Blogs and YouTube Videos
Blogs and YouTube are essential parts of today’s world because these both are not just doing advertising, they are generating revenue by providing near accurate and useful information.
Because Google and other search engines are not supposed to pay the bloggers and YouTubers who are sharing non-useful information.
So, if you are referring to business ideas and business strategies blogs and YouTube channels, you can have amazing business ideas to start.
You should not miss any updated articles or new videos from the blogs and Youtube channels you have subscribed to.
There are many experienced people over the world who are sharing their knowledge and experience via blogs and YouTube videos for start-ups. So you can take advantage of it there also.
Most likely, masterbusinessideas.com is a fully business-oriented website where I publish only business ideas, business strategies, business marketing-related information. So, if you subscribe for masterbusinessideas, you will get a new business idea daily.
7. Reading Books
If you analyze the life and the core reason behind the success of the world’s biggest businessmen and entrepreneurs, there is one common habit in each of them.
Yes, and it is reading books regularly. By reading the books regularly you don’t explore just the business ideas, but your personality and thought pattern also gets upgraded.
As a result of this, you can fetch many distributed business ideas from one broad business idea.
6. Taking Advice From The Expert
The above-listed sources for business ideas are the core sources, following them you can make a list of the business ideas which are good for you.
But you need to pick only one, and that is a very crucial point to choose, and it can not be done by you without experience.
So, in that case, you can take the consultation from the expert of a particular business, make a summary for each one, and then decide whatever business model is good for you.
7. Analyzing The Future
We can not judge the future, but we are limited to predicting future trends and requirements.
Like, we passed through the corona pandemic, so we realized that the mask and sensitizers are too useful for every person.
After a couple of years, electric vehicles will be on the boom. Gautam Adani thought to start the gas pipeline in 2008 because they tried to predict the future and conclude that such kind of requirements was going to occur in the future.
Conclusion on Sources of Business Ideas
As I mentioned at the beginning of the blog that business ideas are not sold in the market where you can purchase by paying money or any other thing.
You have to produce great business ideas with your creativity, experience, knowledge enhancement, and consultation.
Explore yourself with the different objects, online communities, and offline communities and generate brilliant business ideas whenever you come in touch with new things.
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