Where Do Business Ideas Come From?

Many youth opt for entrepreneurship after failing to land a job, either as a side hustle or as a full-time vocation. This choice involves a lot of risks, but once you find your footing, your life will change for the better.

That said, many business fail especially during the first one year. A lot of money and effort goes to waste. The discouraged entrepreneur may also be left with a debt to pay to lenders and suppliers. Nobody wishes this for herself when starting the business.

A key reason for this predicament is poor choice of business ideas. This is an unfortunate tendency of people duplicating the ideas of those they consider to have succeeded in business. Take a walk around your town and you will realize that shops with similar products or services are on the same street.

It starts with one person operating a successful business. Customers and passersby, either out of envy or sheer lack of knowledge, simply open a similar shop selling the same products of offering the same products.

Consequently, you will find a row of barbershops, salons, MPESA shops or vegetable stalls on one street. None of them makes adequate profits. Many are barely surviving. The owners have zero skills in generating business ideas.

To counter this unfortunate situation, here are sources of business ideas to help you come up with a unique and profitable enterprise:

1. Gaps in demand and supply: Some years ago, I was posted to work in a place that had no electricity connection. On the very first day, I wanted to print and photocopy a document but there was no such service available. an idea came into my mind. I purchased a solar panel, converter and battery. I brought my computer and printer from home. Soon, I was in business. I made some good money before the locals started duplicating my ideas. A profitable business is one that meets the needs of the people in a satisfactory manner. What item or service are people lacking in your neighbourhood? Look for a way of meeting this need and people will pay you handsomely for saving them time and other inconveniences.
2. Mainstream media: I love watching agriculture-oriented television programmes. I also listen to similar broadcasts on radio and read relevant newspapers. Here I find people who are implementing viable and profitable business ideas in other places. The advantage is that these ideas have been tested and the risks are known. In essence, if you are looking for a good business idea, make the media your friend.
3. Social media: This forum is known for exchange of funny videos, photos and messages but it can be a good source of business ideas. For example, though Facebook, you may become aware of a need for products you can supply to a group of people in a specific location. Don’t just use your data bundles to gossip and laugh. Turn the challenges you and others encounter into business ideas.
4. Friends and relatives: Talking with those close to you can yield viable business ideas. These people love you and want you to succeed. Thus, they will want to share ideas that can help your earn money. Some of them may even ask for partnership and / or provide capital to implement your idea. Remember, you will also need them as customers.
5. Seminars and workshops: If you attend these meetings, you can meet and interact with people and ideas that can help you start and grow a profitable business. Keep you ear on the ground for seminars and workshops that discuss issues close to your heart and harness the ideas you get there..
6. Shows and exhibitions: When the last time you attended an agricultural show? Well, these forums are full of practical ideas that you can exploit and make money. Ensure you carry a pen and paper to write down the ideas. Implement those that have the highest chance of success.
7. Research: Read widely. Scour the internet and market reports. Visit markets and talk to those in your chosen field. Be open to new ideas.

A Final Word

Once you get ideas, list them. Prioritize them. Start with the ones that you can implement with the available resources. Whatever you do, do not duplicate blindly other people’s ideas. If you real like an idea that another person is working on, start that kind of business in a new location.