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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 13 references cited in this article that you can view at the bottom of the page.
This article has been viewed 41,405 times.
Starting a business requires a lot: planning a business, finding investors, getting a loan, and finding people. However, first, you need to form your own business idea. It could be a new product, service or method. Whatever it is, it should be something the customer will pay for. That great idea requires reflection, creativity, and exploration. If you’re looking to start a business, keep these things in mind as you work toward finding your own business idea.
Steps
Develop the idea
- With a new product, you will have to develop or improve an existing product and then invest in production to create that product. Although it is expensive, a successful product can be extremely profitable.
- Providing the service eliminates the need to develop and manufacture new products. However, you may have to hire more people because it is difficult to grow your business when you are the only service provider.
- Both options require marketing and advertising. So expect to invest time and money in them, whatever your choice.
- For example, when Google was just born, there were countless online search engines. However, Google is still known for its extremely accurate algorithm, which improves search results. They took a good idea – an online search engine, and successfully expanded upon it.
- Do some research online and see what popular keywords or searches are. That way you’ll get to know what people are searching for most often, which might spark an idea in you. Read more articles on how to find your most searched keywords for simple ways to help you do just that.
- Alternatively, you can use a service like Google Adwords or Bing Ads. They also analyze search engines and determine popularity.
- Even if you keep the notebook with you, you should still consider putting it on your computer. That way, when the book is lost or damaged, you have a backup. Electronic archives also allow for neater and more efficient sorting of ideas.
- Walk. Several studies show that walking boosts brain activity, especially creativity. Take a walk a few times a week, especially when you feel stuck. Not only is it healthy, but it also helps you shape your next great idea. Don’t forget to bring a notebook with you and jot down any ideas that come to mind. [7] X Research Sources
- Explore stores. If you need ideas, head to your local store, preferably a department store, which offers a wide range of products. Next, simply walk through the aisles and make notes about the products you come across. What do they bring to the user? What are their downsides? Also, jot down what you don’t see because that will give you an idea of what isn’t on the market—something that could be a sellable product. [8] X Research Sources
- Chat with people from many different fields. If you’re trying to brainstorm new software ideas, don’t just talk to the computer experts in the industry. Expand and exchange with people from many different fields, especially areas unfamiliar to you. See how they use your product or service to improve their lives. As a result, you will be able to break out of the rut of thinking and see the problem from a different perspective. A different perspective can give a powerful boost to your creativity. [9] X Research Source
- Read Think Beyond the Box for more ideas in creative thinking.
Rate your ideas
- First, use an online search engine. Enter keywords for the service or product you think of. It’s possible that the results won’t be a perfect match, so check every clue to determine if someone has already started a business like yours.
- Also, don’t forget to search at the National Office of Intellectual Property of Vietnam. This is a complicated process, much more difficult than searching online. You may even have to talk to an attorney who specializes in copyright law to be able to browse for information that is appropriate for this system.
- Become a competitor’s customer. Buy their product or service so you can see for yourself how it works. This way, you can get a clear look at your competitors and find ways to improve and get ahead of them.
- Chat with competitors’ customers. Conduct formal or informal investigations of competitors’ customers. Especially focus on what they feel satisfied and dissatisfied with so that they can adjust their own products/services accordingly.
- Look at your competitor’s online reputation. Maybe some review sites or blogs discuss them. Read them carefully to determine if people are unhappy with something your competitors are doing.
- Conduct face-to-face interviews. Go to an area where the people there might be interested in your future business. For example, if you’re developing a new lure, go to a few sporting goods stores and chat with the people in the fishing area. Briefly introduce the business you propose and ask the buyer if they are interested in that type of business. Make sure it’s short: while some people may want to talk more, most will probably get annoyed that you’re taking too much of their time.
- Send inquiry by email. You can design a simple survey easily in many ways, such as using Google Forms. Since you haven’t actually started a business yet, you may have a hard time getting an email address to send this survey to. As a workaround, try sending the inquiry to the people in their personal contacts and have them forward it to the people in their contacts. [16] X Research Source
- Only work with people you trust. A bad partner or supplier can bring a lot of trouble and loss to your business. Avoid this risk by working with people you are sure you can trust.
- Always make sure you have enough funds before proceeding. Many startups fail because of lack of capital. To avoid debt or bankruptcy, don’t go ahead if you can’t financially secure it.
- Willing to change. If your business setup is successful, the market can still transform around you. Adjust accordingly to those changes to stay competitive.
- Rise up from failure. A lot of startups fail. You have to understand that it’s not the end and you can still go on with better ideas and funding.
- Consider all interviews and investigations conducted. Is there a market for your business plan? Here, be honest with yourself, don’t convince yourself that there is a market out there where only a few people are interested in it. If no one buys your product or idea, move on to the next idea.
- How competitive. If the competition is too fierce, you will have to work hard to beat them. Take the time to determine exactly where you will outperform the competition to have a chance to compete in the market.
- Conduct a cost analysis for your business plan. Even if there is a good market, you still have to determine if the plan is economically viable. If your startup and maintenance costs are too high, perhaps you should reconsider. Financial resources should also be taken into account. Determine how much the plan will cost and the expected revenue from it. Read the article on how to analyze costs for more information on this.
Turn ideas into reality
- Bank. You can get a bank loan from a few months to several years, depending on the type of loan. It can cover your opening costs and your first few months of operation.
- Private investors. It could be friends, family and other business owners who are interested in investing. Make sure you’ve determined whether they’re just lending and receiving interest or if they really want to buy a piece of the company. A notarized contract stating the terms of the agreement will be very useful, helping you to avoid problems that may arise in the future.
Advice
- Another possible option is to first let your imagination run wild and then bring it to life with a process of refinement and elimination.
- Don’t be afraid to come up with bad ideas. You will probably have a ton of ideas that go nowhere before you actually come up with a promising idea. The key here is persistence and patience.
Warning
- Many companies fall into failure when starting up. Make sure you keep your current job until the business has grown to the point where you can live off of it. Otherwise, you may end up in financial trouble in the event your startup fails. If you fail, don’t hesitate to try again.
This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 13 references cited in this article that you can view at the bottom of the page.
This article has been viewed 41,405 times.
Starting a business requires a lot: planning a business, finding investors, getting a loan, and finding people. However, first, you need to form your own business idea. It could be a new product, service or method. Whatever it is, it should be something the customer will pay for. That great idea requires reflection, creativity, and exploration. If you’re looking to start a business, keep these things in mind as you work toward finding your own business idea.
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