The need for a Business Idea
Before you can start and run any new Business, you need to know in advance what your venture will do in order to earn money for you. For example whether it will provide a service, make and sell goods (manufacture) or buy and sell merchandise (trade/distribute). That will be the case, if you already know in advance what your business will be doing.
However, some aspiring entrepreneurs may seriously desire to go into business, not know what to do. They have no Business Idea.
Supposing you seriously desire and have made up your mind that you want to go into business on your own, but you do not know before hand what the business will be doing, what do you do? Where do you get an idea from? You will have to search for one wherever you can find it. There are plenty of them out there. However you need need to know the sources of ideas. Admittedly some ideas may not be feasible in some countries because of some constraints. Countries are not the same. The same is true of their economic, political, business regulatory systems and their level of economic development. Infrastructure. These factors determine what is feasible in those countries. You will have to know what works in your own country and what does not, and choose your business idea with that in mind.
Sources of business ideas, subject to the above constraints:
- Identify what people need or want and then source or make a product or develop a service to meet that need or want.
- Create a need or want, because some people may not necessarily know what they want or need. They may need some education or information to awaken that need. For example primitive communities may need education, but not feel the need for it. They may be quite contented by their simple life style. Many people do not care about improving their unhealthy diet and lifestyle. They may not feel the need for a change of what they eat and how they live. They need health education, but not necessarily want it. One of the functions of marketing is to awaken people’s wants and needs for new products or services that potential buyers know nothing about.
- Use your past experience of skills, if any, provided there is still a demand for them. They are not obsolete or out of date.
- Innovate an existing product or service. Make some improvements.
- Buy an existing business or franchise if you can afford it.
- Travel and tourism. In your travels, to foreign countries, if you have an open mind, you may spot some products or services that are not available in your country. If they interest you, you may offer the supplier your services of being their distributor in your home country. A marketing agent.
- Visit local and foreign business exhibitions. All exhibitors display their products or services to look for buyers and resellers. You can become one of them.
- Check business columns of general and business news papers and magazines.
- Join network marketing schemes.
- Your new invention, innovation or design.
- See what others are doing and improve on it or simply copy it legally.
- Watch economic trends and latest technology.
- Check the Internet, but beware of scams or get-rich-quick schemes. There plenty of them around. Be vigilant.
The list is by no means exhaustive.