Investors always tell you to pursue big ideas, find your passion and execute it.
But the downside to this is that people believe starting a business is a mysterious process. They know they want to start a business, but they don’t know the steps to take.
In this piece, I’m going to share with you 5 ways to help you find the right business idea to execute.
#1 IMPLEMENT STRATEGIC FORESIGHT
Strategic foresight simply means the ability to make informed and educated guesses.
It involves looking into the past for recurring trends which can apply to the future.
Strategic foresight is either planning for the probable outcome or trying to manipulate it so that you achieve your preferred outcome.
It isn’t just about speculating or predicting futuristic situations, it’s all about critical thinking, rejecting the status quo, and exploiting the opportunities available to you.
#2 SOLVE A PERSONAL PROBLEM
One of the best ways to come up with great business ideas is to try to solve a personal problem.
For instance, there is a particular issue you always have to deal with all the time, and just wished that there was something out there that could make your life just that little bit easier; there is a high chance that there are many others out there who seek a solution to that problem too.
And there you have it, a business idea, and a guaranteed user base that can start patronizing you.
Your job as an entrepreneur is to come up with solutions.
#3 FOLLOW YOUR PASSION
Passion simply means an intense desire or enthusiasm for something.
People have overused this word that its meaning is already being misconstrued. People tend to think of passion as a dream or hobby, which it isn’t. You love cycling as a hobby doesn’t mean you should become a cyclist.
Passion is that strong emotion that lives inside of you and drives you towards your goal. It is that thing that motivates you more than anything else in the world.
It’s the passion that drives you to pick yourself up and strive after every failure.
The constant element found in the success stories of those who followed their passion wasn’t just a singular desire to make money off their hobby. It was coupled with a passion for change, to create meaning.
#4 IMPROVE CURRENT TECHNOLOGIES
Pablo Picasso famously said, “Good artists copy, great artists steal”. This phrase is a bit puzzling to understand in today’s entrepreneurial world where innovation is touted as the number one skill an entrepreneur must-have.
It’s been proven iteratively that you don’t necessarily need to be the first in the market to succeed.
Being the second has its own advantages. You can improve in the areas in which your predecessor failed. Copying a pre-existing product isn’t going to cut it. You must provide value beyond what already exists. This means that you have to fix a problem that your predecessor couldn’t solve.
If you’re looking for a business idea, don’t rack your brain thinking of the most innovative ideas possible. Instead, think of how you can improve and add value to the current options.
#5 CHANGE THE WORLD ONE PERSON AT A TIME
One common mistake many young startups make is that they want to be the next Facebook or the next Google overnight. While this is a good thing to aim for, it doesn’t just happen overnight.
If you take a look at the most successful startup stories, you’ll realize that they weren’t just out to change the world, they were out to change the world of one person.
When planning to launch a startup, make sure to have some users that currently want what you are making, not those that may need it one day, but those that need it now.
Think of the one person you can help, solve the problem of that one person, and solve it better than anyone else. That way, you will be able to grow faster than you envisaged.
These are the five ways to find the right business idea.
But remember, just having that great idea is not enough, it’s just the first step in becoming a successful entrepreneur.
You’ll still need to set your goals, create a clear vision, so as to let your idea take shape, then you also have to work really hard to turn your idea into a reality.
Execution is key