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Where Do Good Ideas Come From?

Business ideas can come from anywhere and can be spotted at any time provided you know where to look and how to extract ideas from what you notice.

Here are a few sources of inspiration if you’re looking for ideas:

  • An inefficiency in the marketplace – Have you found yourself looking for something that doesn’t seem to currently exist or perhaps you seem to notice something isn’t running the way it should? It is very likely you aren’t the only one who wants that nonexistent thing. Make or offer what you want yourself, and others will probably want it too.

  • New technology or opportunity – Do you have insight into how to use or create technology that solves a real problem or offers a brand new benefit to people? Maybe you’ve spotted how new technology can be combined to your niche to make life easier? Think: Smartphones created new markets for app developer, phone case manufacturers etc. The e-learning trend create market for affordable online courses and e-books.

  • A spin-off or side project – One business idea can create many others so if you have one that’s going well, what spin-offs or side projects or repackaging could also bring in income? Could you even create a product for your competitors within same industry based on a process you’ve made easier?

One more thing: When it comes to thinking of business ideas, be sure to also think about money. Get into the habit of equating “money things” with ideas. Though money is not the sole consideration, it is an important one. So for every idea you have, ask these three questions:

  1. How would I get paid?

  2. How much would I get paid?

  3. Is there a way I could get paid more than once?

This post was written by Stephanie Anyamele, Founder of What Next, Coach? and Lead Consultant at Charles Ardor & Company. You can connect with Stephanie on LinkedIn.

Abuja, Nigeria

©2020 by What Next, Coach?