The first step of entrepreneur road is to come up with the thought, or vision. In my experience this is very simple to most people. Many people already have an idea for a business. For example, they have run across a solution to a problem they have experienced. Or they are finding a particular service coming into very high demand. But for other people it is very difficult. They can think and think for years and never settle on some service or product they can offer the world. So what do you do if you are one of these people? Here are 5 ways that you can come up with your next idea for a start up.
1. Alleviate a problem others currently have.
This is the classic go-to for inventing an offering. Just make sure that your offering is both unique and valuable.
2. Do something better than it is done now.
When I heard that someone came up with an 18-month tattoo I hit my self in the head with my hand. Sure you can go through the whole tattoo removal process. But now you just saved yourself 8 months of removal sessions and regret…..and PAIN!
3. Combine two disparate things into one.
Any time you create convenience and value you are looking to gain market share. This can be putting Oreos into ice cream or putting two video games in one package.
4. Anticipate the future of technological advancements.
This one is where you can be the first mover. You want an example? Think about the future of driving. In 10-20 years we will be dealing with driverless cars. How many people have thought about the purpose of the space in a vehicle when you no longer need to actively drive? It can become a bedroom, an office, a living room, a man cave. Now how many people are designing services and products for this new area? Well, now you know what to do!
5. Anticipate the future of laws.
Laws are a major source of opportunities. They take away old answers to problems when regulations are tightened. This will then require new solutions. On the flip side, it may open new opportunities for businesses when new services are allowed. Take the legalization of marijuana – what new services will this business require?
Get on it! What ideas sprout to your mind from this list?