Entrepreneur – the word has a nice ring to it. However, is it as easy to become one as it is to utter this word?
No! A big no!
Launching a new venture can be quite an intimidating task – a task that requires immense hard work, steadfast belief in one’s plan, and untiring effort. More than that, a successful venture must be founded on existing business opportunities in the market. These opportunities can only be created and sought after if you have a brilliant entrepreneurial idea that helps you move forward and bring a revolutionary change to the market. Without proper ideation and its execution, a business can never thrive.
Image description: An entrepreneur counting money
The entrepreneurial world has its fair share of challenges and limitations. The one thing that can keep an entrepreneur going is their ability to adapt to the changes in the market and shape their idea accordingly. Standing firm and working tirelessly on a failed or outdated idea is nothing but a fool’s act.
Therefore, idea building is essentially the most fundamental step in the entrepreneurial journey on which you’re your entire business venture is based upon.
What is an Entrepreneurial Idea?
Any idea that can be practically achieved, technically possible, and financially sound can be accepted as an entrepreneurial idea. Any project socially acceptable that is beneficial for the targeted audience, i.e., customers can qualify to be worked at.
If you are planning to be an entrepreneur in the near future, always remember to develop an idea that is based on the existing opportunities in the market. Something that has always been there, yet it serves the customers in the best possible way. Think outside the box, but not quite enough to step outside the market. Analyse it, look for a possible solution to a particular problem, come up with an idea, and start working.
Sources of New Ideas for Entrepreneur
Remember that new ideas do not strike you overnight. You cannot come up with an idea, gather capital, and turn it into a small business just at the drop of a hat. Certain measures need to be taken, and certain sources need to be acknowledged before making the final call. After all, the entire business journey depends on a mere idea!
Here are some sources of ideas for entrepreneurs that can help you get through the process:
The best place to take inspiration is from a customer’s perspective. Before delving into the world of business, you need to be able to target your audience and recognise their needs.
Whenever you are selling an idea or product, you provide solutions to the audience – you’re not selling your business. Your first priority should be customer satisfaction and essentially your source for a new idea as well.
Prospective customers help you develop an idea, add features to it, and become a recognised brand in the industry. Conduct a survey asking for their opinion and go with the majority. Remember, at the end of the day, you need to support your business and grow it on a larger scale in the market.
Before stepping into the world of business/entrepreneurship, analyse the market, especially those existing companies that are already thriving. Try to know their market value, the brands they have launched so far, what they offer to the community, and how the target audience is reacting to these companies.
Taking a cue from them, investing in the existing ideas, and shaping them effectively in a better way can be a win-win situation for you. Enhance the features and provide better services than the existing products. Take inspiration, but don’t copy.
This practice makes it easier for you to quickly settle in the market without any fear of running risk or potential threat. The product was already there; it was working. You are here just to offer better solutions to the existing problems.
Media can be an excellent source of ideas for any entrepreneurial venture. Media channels are continually highlighting the needs and wants of the people, suggesting and signifying the growing concerns that need to be addressed. Not only can they offer a new idea, but they call also publicise and advertise it for exposure.
Two birds, one stone!
Research Your Way In
As mentioned above, your research and analysis can take you to new heights. It may seem futile at one time. But knowing the market, observing the spikes in rates, analysing the hot-favourite products, and paving your way can do wonders for you.
You can pursue formal institutions for research and development as they are better equipped to help you make your way in the market. These institutions enable you to conceptualise better and come up with new innovative ideas.
Having said that, informal private sectors are proven to be more helpful in this regard. They drive you towards nothing and everything at once, where you are struck with an idea or two that can potentially help you thrive in the industry if and when you decide to launch your own venture.
When a group of people comes together to provide their insights on a particular subject, they tend to shares their thoughts, ideas, and suggestions regarding the matter at hand. This exercise can be highly effective in coming up with new ideas as multiple brains are working towards one goal.
Group activities can stimulate creative imagination that brings innovative ideas to the table. This exercise can only be productive if there’s no space for negativity or competition. Keep it rolling. Let everyone has their say. The greater the number of ideas, the better the chances of something sticking. Allow crazy, wild ideas to be discussed among the group as well to induce creativity.
Entrepreneurial ventures, when they thrive, make for a great storey. However, these business plans require blood, sweat, and tears to flourish! A new innovative idea can go a long way. However, there is a risk factor attached to it. This is why market research is so important. Whether you’re choosing to fix a problem that already has a solution (but you’re proposing something better) or you’re bringing a new solution to a problem, you have to make sure you know what you’re doing and that you’re drawing inspiration from the right sources.