Every business must start with an idea and every idea starts from a thought. But often, an idea can not be manifested in a business. Many factors lie behind why an idea can not be manifested into a real. This article will explain how an idea can be realized in a real form (in the form of a business). Here are the suggestions needed to get an idea to come true in a real business form.
Import ideas from abroad. Detect the moment in which an idea that is working in another market can serve as inspiration to import it into yours. Look for ideas regardless of boundaries. Creative Business Ideas are very broad and can not be limited to just a few aspects while they are in the corridor of your business theme.
Adapt the innovation to other sectors. If an application or technique has worked well in one field, why not implement it in another. Innovation is the distinction between failed businesses and businesses that can survive in the midst of competitors. Remember that business competition is very cruel and the term ‘homo homini lupus’ seems to be enough to describe the competition.
Observe the new social trends. Society changes constantly, as do its needs. A market study will be the perfect ally to detect unexplored niches. Some amateur businessmen underestimate market study and they have no idea how to predict the product trend. This is the reason why many people fail only in the first three months of their business.
Locate needs not covered in the market. Identifying unmet needs in the consumer is the main aspiration of any entrepreneur. Do you want to know what are the needs of consumers?
Re-adapt existing products. Re-adapting any product that is already in the market previously implies improving it in order to successfully reach the consumer. Adaptation is not imitating but is an attempt to survive in the midst of competition.
Attend to changes in legislation. Obviously changes in legislation modify behavior and, therefore, give rise to new markets. One example is found in the increase in the demand for hands-free car kits based on the new Road Safety Law.
Make your hobby a real business opportunity. We must discard the thought that a good business idea has to be revolutionary, since it may be more feasible than one believes. What is better than doing business with our own hobby? When someone loves a thing, he or she will tend to be more successful when he does business with it. If you love football then it would be better if you run a business related to everything about football.
Some techniques to generate business ideas
Very fruitful ideas can emerge from an existing product in the market. Thus, by replacing some elements of an article this can be improved. An example of this is the famous Chupa Chups that came from adding a stick to a caramel.
Another technique is the elimination of attributes of the original product, while the inversion refers to modifying the contraption to its opposite form, as, for example, the idea of the pen corrector, which was born precisely because the previous one was conceived so as not to be erased.
The exaggeration, on the other hand, has to do with the modification of the size or packaging, among others, of the original product. The bicycle for two people is a good example. Finally, another technique is the re-ordering of product attributes.
See what successful entrepreneur, Feras Antoon, has to say about making business ideas profitable.