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How to find a good business idea?

During times of economic distress, unemployment or underemployment, a good business idea may provide you with a means to augment your income or even escalate your finances beyond your imagination. Get business ideas from our community of entrepreneurs.
 

Latch on to any small bit of inspiration

A good business idea may pop up at the most unforeseen times. Write your ideas in a small notebook. Make it a point to carry this small notebook with you Ė always. Sometimes, looking at the ideas youíve written in your notebook will help you build further and find a good business idea.

Explore diverse environments lying beyond your comfort zone

Spend more time pursuing your most passionate hobbies. Expertise in any one of these hobbies will lead to a good business idea. Never force an idea to take birth. This is a proven method of coming up with poor business ideas. Instead, you should focus your creative energy, take your time, and find a good business idea thatíll create the perfect product.

Identify a problem

Sometimes, identifying a problem and thinking about making the world a better place can lead to finding a good business idea. This business idea should revolutionize our lives, even if the change is only minor. For instance, if your interest lies in cooking, maybe youíre keen on finding a solution for drying out chicken while itís cooking. Now, youíve identified a problem. The next thing that you should do is brainstorm and come up with as many innovative solutions as possible to resolve this problem. Think of all kinds of irrational or crazy ideas that come to your mind and write them down. Check your list of ideas for drying chicken and see if any of your ideas can be implemented practically and marketed successfully. This doesnít mean that youíll need to develop this idea overnight.

Once you find a good business idea, develop it

Any feasible business idea you come up with will not be perfect. On the contrary, you should develop your business idea, refine it, mold it, and perfect it to match a product or concept that people will be willing to buy in the market. This is a gradual process. However, this is the right method to come up with an original creative business idea. Sometimes, this way of coming up with a good business idea may lead you into traveling a path thatís entirely different from your field of specialization. Whenever this occurs, itís prudent to pursue your innovative business idea to its logical completion.

Research the suitability of your business idea

A business concept, product, or idea usually appeals to a particular set of demographics before becoming viral. Hence, before beginning your pursuit for finding a good business idea, you should research the feasibility of your business idea with respect to the demographics. Determine whether your business idea has the possibility of becoming viral among a specific group of people.

Do not expect miracles right from the outset

Donít expect miracles instantaneously after you begin your pursuit to find a good business idea. Be patient. If necessary, take a break.

Focus your creative power on one specific area

You can achieve this task in many diverse ways. Read a book, play a game, play a sport, paint a picture, etc. Whatever you do, concentrate on doing something that helps you in thinking dynamically. Then, focus this creative energy into fashioning a good business idea, concept, or product.

Work on something you are passionate about

It will be more fun, and you will have a higher chance of achieving something.

To find a good business idea, know your limits

Knowing your limits will help you in focusing your thought process better. For instance, if youíre enthusiastic about computers, but have little experience or education in computers beyond playing games and surfing the internet, itíll be extremely difficult to come up with a business idea for computer software peripherals. Hence, itís important to keep your expectations within reasonable limits.

Travel to other countries

See what they have and if you could do the same at home. Make sure you don't infringe any patents.

Make a list of products or services that you need

... but which are unavailable in your city/country. Ask your friends and family if they would be interested in them.

Read a book with business ideas

There are plenty of those in the market. Like scottsmith said, make sure you pick something you know you will enjoy doing.
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