Have To Come Up With a Winning Business Idea

This session on how to come up with a winning business idea emphasizes on different ways to engage your mind; from having a look a look at your strengths, walking to nearby retail stores to brainstorming ideas about the marketplace.

If you’re just starting up a home business, online business or brick and mortar shop, you have to come up with a lot of business ideas, which may come in many shapes and sizes just to be successful.

This business planning process creates smooth path to success by clearing the most difficult barriers to bringing a product to the market before an entrepreneur can invest his/her time, energy and money into a business.

Developing large or small business idea into a workable project is a matter of creating a vision, leveraging your strengths and determining what the market needs.

However, your business plan is the key ingredient for a successful business and this is going to be our ultimate goal at the end of this course.

To get the most out of this session, it is expected that you either have decided on a business to start, or already operating the business that you think is best for you.

Remember, its one thing to come up with a startup business idea. It’s another to come up with one that fits your skill set and interests you too.

Your choice of business has to keep you excited so you can thrive over the long run.

If you have not decided on a new business idea yet, it’s often useful to look inside yourself first, to figure out what you are good at, what you like to do, and where your talents lie.

One of the best ways to do this is to make three separate checklists below:

Have To Come Up With a Winning Business Idea Checklist

List 1: Find out what you’re good at

Everyone is good at something and many skills can be the foundation for a business venture.

You might be naturally organized or have a skill for fixing things. And you may be so used to your skills that they don’t immediately come to mind.

So assemble this list by observing yourself for a few weeks, taking a look at your unique characters, attitudes and aptitudes.

Write down five things you’re good at.

List 2: What Skills have you acquired over the years?

Whether you’ve worked in a conventional corporate environment or not, you no doubt have accumulated many skills over the years.

Write down all the work responsibilities, positions and experiences you’ve had over the years.

Think about the tasks you know how to complete well – there should be at least top 5 distinct items here too.

Think about your skills and find out whether they might be useful in your new business area.

List 3: What are the Things you like to do?

List the things you enjoy doing here. Stretch beyond your hobbies and interests.

Ask people who have known you what they have seen you doing when you’re happiest — particularly people who knew you for a long time.

Although it may not be as easy as it sounds, this list should also be at least top 5 items long.

Have To Come Up With a Winning Business Idea

Suggested Activities On Have To Come Up With A Winning Business Idea

After completing the above three checklists, keep them in an accessible place for several weeks, and don’t be in a rush.

When business ideas come to you, jot them down in the proper category if you have not completed any of the above lists.

Note; do not be lured into a particular business because of its perceived high rewards.

The money will definitely come if you have selected the right business idea at the start and if you understand every aspect of the business before you open your door.

Your selected business venture should follow a healthy, growing and stable industry.

So find and operate a business that will grow in today’s and tomorrow’s economy and markets.

Think On Have To Come Up With A Winning Business Idea

Think about current market trends, related innovative business ideas and shift in technologies and how you might move into those areas.

For example,

Many small retail shops today are gradually going out in business because huge stores like Shoprite, Wal-Mart, Spar etc., are currently providing more product choices to customer and often at cheaper prices.

Instead, most service businesses like Uber have pricing power, and that is why Abbakin encourages more about them.

Pricing power here means that you will not need to have the lowest price at the market in order to complete and secure sales.

The most prominent business model that has yielded positive results in the service sector over time is the one that brought convenience to its client base.

Therefore, focus your efforts on something that you can do so well that you will not be competing solely on the basis of price, but professionalism.

As a rule, people who specialize in a product or service will do better than people who do not specialize.

Don’t Be a Great Inventor to Start Up Your Business

Some of the great inventions of all time, like airplanes and cars, did not result in real economic benefit for many who tried to exploit these great advances at first.

For example, the cumulative earnings of all airlines since Wilber Wright flew the first plane are less than zero.

Therefore success comes to those who find small scale businesses with great economics and not necessarily great inventions or advances to mankind.

When coming up with best business ideas, the key lies on identifying new markets that haven’t had many recent competitions.

Corporate downsizing and technological advancement has also opened up the market for services like consulting, desktop publishing, graphic design, web programming, staffing services, and computer maintenance.

Increasingly, developing companies can turn to the possibility of entering into high value-added activities related to commodities, such as food processing.

If you can acquire the requisite skills and technology, these are many examples of small businesses and large scale industry services that you can start with little investment capital.

Wrapping up

We hope you understand that your concept of a successful product or service must be in harmony with the reality of the market place.

No matter what you hope for, you will need a product to test, a sample to show and a platform to solicit feedback; so go and start small.

With good business plan, marketing strategy and management practices, your customers will be willing to pay a fair price for a better product or service you will offer.

Your business idea doesn’t have to reinvent the wheel. What began as a one-man operation can create jobs for 200 employees soon.

If you’re looking for a good business to start or you have not decided on a business idea yet, download and exploit the 31 Businesses You Can Start With Little or No Money.

Also, we have a 2000+1 lists of businesses that can help you identify new business ideas and stimulate investment opportunities in small, medium and large scale enterprises.

If you have any question concerning this wide list of businesses that covers all economic sectors which you can start, kindly get in touch with us here.

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