HOW TO COME WITH A BUSINESS IDEA!

How to come Up Business Idea

(Adapted from content excerpted from the American Express® OPEN Small Business Network)


Developing large or small business ideas is a
matter of creating a vision, leveraging your
strengths and determining what the market
needs. These three steps should get you
started.

(i) Create a vision

Determine what you're good at and what you
like to do
Figure out what the market needs
Create a vision
Close your eyes for a few minutes and conjure
up a detailed image of what you want your life
to look like in 5 years. Be as specific as
possible.
Where do you live?
How do you spend your days?
What kind of work do you do?
Do you work alone or with other people?
Who are you surrounded by?
What do you do when you aren't working?
Don't limit yourself to these questions; create
a vivid vision of yourself, touching on things
that are important to you. These are all
personal issues that will impact the type of
business you pursue - being a city or country
person; wanting to travel or sit at your
computer; liking to meet people or work on
the phone. This activity will help you create a
foundation for choosing from small business
ideas, making business decisions, and setting
clear goals.
It is best to do this exercise with someone
else and share your vision. If you can't, write it
down to make your vision more concrete.

(ii)Determine what you're good at and what
you like to do
It's often useful to look inside yourself to figure
out what you like and dislike, and where your
talents lie. It's one thing to come up with a
winning business idea. It's another to come up
with one that fits your skill set and interests
you. Your business has to keep you excited
so you can thrive over the long haul.
One of the best ways to do this is to make
three separate lists:

List 1: What you're good at
Everyone is good at something and many
skills can be the foundation for a business.
You might be naturally organized or have a
knack for fixing things. 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 with an eye out for
your aptitudes and by asking people who
know you well for their impressions of what
you excel at.

List 2: Skills you've acquired over the years
Whether or not you've worked in a
conventional environment, you no doubt have
accumulated many. Write down all the work
responsibilities you've had; think about the
varied tasks you know how to complete. Make
sure this list is complete -- there should be at
least 10 distinct items.

List 3: Things you like to do
List the things you enjoy doing. This may not
be as easy as it sounds. This list should be at
least 10 items long. Stretch beyond your
hobbies and interests that spring to mind
immediately. If you're stymied, ask people who
have known you for a long time -- particularly
people who knew you as a kid -- what they
have seen you doing when you're happiest.
Keep these three lists in an accessible place
(for instance on your desk) for several weeks,
and when small business ideas come to you,
jot them down in the proper category. Ask
people who know you well for their input or to
help you jog your memory.

(iii)Figure out what the market needs
So far, you've been looking inward to come
up with your business idea. Now its time to
look outward to discover an unfilled need that
you can meet with your product or service.
There are plenty of "Top 10" or "Hot New"
business lists out there. These may stimulate
some ideas, but the best business ideas will
come from you and will be based on who you
are and what the market is looking for. So
while you're doing your soul searching and list
making, put up your antenna and look out for
business opportunities.
The attached worksheet is designed to help
you come up with ideas. Don't be afraid to be
outlandish and don't be discouraged if your
first few ideas are flawed. Put them aside and
keep working.