Can You Have More Than 1 Per So.Pn Amazon Prime.Music 15 Ways To Find The Next Winning Business Idea

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15 Ways To Find The Next Winning Business Idea

In my last post, I talked about what makes a good, profitable idea. it’s for you.Now let’s talk about how to actually do it seek That idea. It also explains how to get inspiration for your ideas. Even if you don’t have a creative bone in your body, read on.

1. Take your existing business model and deploy it in new locations and industries. Rather than come up with a whole new idea, why not implement something that already works elsewhere? Introduced the “agency” method to Japan. In front of him, there was a big wall separating a talented player from a professional team. Without inventing anything new, he took a successful business model and implemented it in Japan.

2. Bring existing ideas to relevant markets. Similarly, what works in one market can be introduced in another.

3. Make improvements to existing products. You are a consumer and have the opportunity to try all kinds of new products. See if you can make them better for yourself and others.Often it’s a good idea to refer to his customer reviews on sites like Amazon.com. Helpful Tip: Often, simply making a great product is not the answer. See if you can make a cheaper product with fewer features to meet the demands of your consumer base. You want the highest quality products (large companies often overlook this area).read Innovator’s dilemma For more information on this topic.

Four. Create entirely new solutions to industry pain points. People love to complain. Visit forum boards in your business area of ​​interest, read blog comments, and peruse product reviews on Amazon.com. Listen to what people don’t like and come up with solutions to their problems.

Five. Be aware of new trends. Don’t try to make something really cool that no one cares about. If you go to hot places, you will get more customers and investors. “Green Technology”, “Social Networking”, “Cloud Computing…” – these are the fastest growing areas and companies in these industries need new solutions to their problems as they grow. increase. Please pay attention.

6. Understand what your government is spending money on. Governments (at least the US and Europe) are notorious for wasting money on concepts they think are important but have no clue (“Climate change mitigation, anyone?”). All you need to do is read the newspapers to find out what hot issues are prevailing and find your niche.

7. Take an existing one and put your own spin on it. What can Southwest Airlines do that US Airways can’t? there is nothing. Airlines would be as commoditized as coal if it weren’t for the slight differences in service. But Southwest Airlines will brand itself as an airline that cares about its customers, makes their lives less stressful by targeting less congested airports, and lets them choose their own seats. I chose to Otherwise, you will be competing on price alone and will be beaten by the big airlines as small entrants.

8. Let’s see how we can make it a little cheaper. If you can convince the CEO that her company spends X thousand dollars a month on a particular service, and you can do the same for 50% of that at the same level or better, then business can be successful.

9. Talk to professors and read academic research on hot topics. Academics are notorious for coming up with great ideas without recognizing them or having the time to implement them into working solutions. Visit some labs and interview experts in your field of interest . Universities are often happy to provide the talent (lawyers, VCs, professionals) you need to make your business a reality.

Ten. hobby and passion. Need I say more? If you enjoy something enough, you will know exactly what your fellow enthusiasts want.

11. Buy a business in your area of ​​expertise/passion. If you want to start a business but can’t come up with an idea, why not buy an existing business in your area of ​​expertise? You’ll probably invest in something that already has a proven track record and is generating cash flow. This has several advantages. It teaches you how to do it quickly (but it’s a good idea to have an industry mentor along the way). It also makes it easier for lending banks to raise money because they can rest assured that it has already been proven.

12. Find untapped distribution networks. A distribution network is how a company delivers its products to its customers. For example, restaurants are how wine companies distribute bottles to paying customers. If you’ve found a distribution network that could be a good vehicle for your product, but the product isn’t there, chances are you’ve found an opportunity to distribute a similar product, especially if it’s in high demand.

13. Identify lazy incumbents. Incumbents are large companies that are sustaining rather than accelerating growth in the market.They seem to set up an insurmountable barrier to intrusion, but their large size makes them inflexible and often laziness. They may abandon many new technologies, neglect their customers, sacrifice quality, or take longer to catch up with social and fashion trends. If you can meet , you win.

14. Identify existing ideas/businesses that could use better branding, content or services. It’s sad how many good ideas disappear because people don’t like them or they simply don’t get the chance to see them. If your talent lies in branding products and making them more appealing, there are plenty of underappreciated opportunities.

15. Add value to your process. Furniture makers, with the help of sawmills, can take chopped wood from lumberjacks and turn it into chairs and tables. You can, but it might be better to pay a small premium for lumber from the sawmill so you can focus on making furniture. Consider how you can add value to your industry value chain.

inspiration for your ideas

These are the first type of ideas, but I encourage you to brainstorm and dig into what works for you. To do that, you need to be in the right state of inspiration and creativity. When are you most creative? Think about what kind of environment you need to be in to think positively. Is water running down your back in the shower? Or are you like me and need the rumbling white noise on a transatlantic flight to free your mind? Read business books and autobiographies of successful entrepreneurs, brainstorm with other MBAs and entrepreneurs. play, attend conferences and seminars, bathe, ski, drive, write freely, draw… and the list goes on. Good luck and get inspired!

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