November 20 2019
11/20/2019 3 SALAH SALEM ST. CAIRO

How to find a new business idea

“I wanna do something but I don’t know what it is!” 

Are you familiar with this line? are you bored with your job and want to start your own business but you have no idea what exactly the business you can do? Well, the coming few tips will help you get inspired and find your future business idea.

Alert: In those tips, we talk volume, not quality. The focus here is on generating as many ideas as possible to choose from them. “How can you choose a winning business idea” will be a topic of a future article. 

1. How can I make this better?

One of the easiest ways to find ideas is by asking yourself a simple question (how can I make this better?). Simply pick any product or service you use and ask yourself how can you make it better, faster, cheaper or more efficient. This question changes our perspective and stimulates our creativity towards the products and services around us. Now, look around, pick a product and ask yourself that simple question.

2. Empathy

Any business solution will only be hired by customers if it satisfies a need or solves a problem of their own. If you can’t find this need or that problem, empathy should be the right way for it. Empathy means getting to know your potential customers' life deeply. You can achieve that by making research and reading about them, surveying and interviewing them, observing and living their life. You are literally trying to do whatever it takes to learn about their life routine and pains which can inspire you with a nailing business idea.

3. Get pizza, get people to huddle!

Continuing with people, but now it’s friends time. Invite your friends for dinner and lead a friendly conversation with them about market opportunities they know, problems they have, or products they love. Food usually helps people to talk openly and freely. You will never know who of them will give you the winning business idea.

4. Go where the money is

Well, you want to find a business idea that people would pay money for, right? simply, start with the things they have already paid for. Go to the mall, stop those with hands full of shopping bags and “Hey, I’m doing research for my new business, do you mind few questions?”. Now, go ahead and learn more about the products they buy, how they make their purchasing decision and what they wish to be better about those products. The result will be magic!

5. Monetize what you love

You have no idea how many ideas the things you love can carry for you. List all the hobbies and the activities that you like and with each and every one of them ask yourself “How can I make money out of this?”. For example, if you love reading, you might find yourself getting business ideas like Buying and selling books, online used books market, book summaries blog, writing your own book, or blogging professional book reviews. Now, you know how to invest in your passion.

6. Be a friend with your computer

It might sound cliché but computer brings the whole world of brilliant ideas to you. A simple search like “Best business ideas”, “Business trends in the next 5 years” or “Top funded businesses this year” can lead you to many articles full of inspiring insights. If you have a certain field you want to start your business at, try to find out what people say, think, and share about it. You can get this done by joining forums, reading articles, or watching related videos. In addition, Q&A websites like Quora are rich sources of ideas especially the “How to” questions and their answers where you can find problems and suggested solutions that can turn into business ideas.

7. Get your feet wet

The microwaves, the Penicillin, and many other great discoveries happened by chance. However, chances come more to those who are in the right place to meet them. Get out of your daily routine, visit new places, meet new people, and do things that you never did before. The more experiences you have, the higher are your chances to meet a business idea on your way. You never know where, when and who will inspire you with the winning idea.

8. Look for the hidden treasures of technology 

“If I had asked the people what they want, they would have told me faster horses” 

a well-known quote for Henry Ford regarding the invention of the car. People would ask for faster horses because they had no idea that technology could give them top speed options like cars. New technologies and inventions always have high potential investment opportunities. So, look for your next business idea in tech magazines and papers, inventors’ groups, or new researches in your fields of interest.

Finding a business idea is an exciting journey that requires deep search, attentive eyes and listening ears. I wish you good luck finding your winning one!