What do you need to find the next hot business idea – chances are that you already have everything that you really need but don’t know it yet.
Lets take a look at how most people find business ideas
- Do what you are doing now – most people start out as employees of large corporations and like the business a lot and decide to start off out on there own –
this is a case of doing what your doing now. It is a very good idea for a start up since you already have all the necessary expertise required and can build a large customer portfolio quite quickly
- Hobby or sport – some people have a passion for a certain interest that start to take up so much time that it turns into a career of its own. Here the art of monetization is important. How can you convert your passion into cash? Start with a business plan will help you identify what needed and help focus attention on the money aspects of the business.
- Solving a problem – the innovative entrepreneurs of out time find problems and create solutions to solve those problems profitably – these are some of the most profitable companies around. Take a look at the shopping channels or “Shark Tank” these are the persons who want to make it to the big leagues quickly.
- Creating a vision – some entrepreneurs are visionaries that can see a future that others do not even imagine exists these are the likes of Apple Co-founder Steve Jobs. If you have a vision of perfection or can see a better future and have a burning desire for success. Then go ahead and create the future in your own terms.
- Brainstorming – is another method that is used to develop a lot of ideas quickly and get them to market fast we see this happening a lot in the gaming industry, board games, apparel industry, software and mobile device apps. The advantage in brainstorming is that you have a lot of ideas from which you can select the most promising idea.
- Social Media – has spawned so many business models and created so many opportunities it makes it difficult to make a comprehensive list of ways you can make money from social media. As a marketing channel too it is unparalleled in providing social proof of the success of your business.
- Experimenting – with business models that work in one industry with another industry such as what is Uber for the plumbing industry or what is the equivalent of the Iphone in the banking industry, Value of podcasting for the advertising industry.
- Business Theory – has created many new business models as the nature of economics changes as business becomes even more competitive. This provides an opportunity to remove the middle man or broker and make markets more efficient in setting prices and reaching equilibrium. Alternatively this also provides opportunities for arbitrage for those who can stay ahead of the curve making profits from future trends.