How to generate the Next billion dollar business idea: A definitive Guide
Want to generate million dollars business ideas that works? Well you have found in hand the right post. Your business idea can be the next million dollar business.
Ideas are the currency of the 21st century. Learning how to generate great business ideas that can disrupt the world is a journey you should pursue.
You can actually generate the next million ideas just off the vacuum. Though sometimes this may be true. However, coming up with great business ideas is something that you will have to learn how to do.
Anyone is creative. So anyone can come up the idea that will change the world. Do you love entrepreneurship? Do you like the idea of starting you own business?
But you surely don’t have any idea. Even if you how can you tell it is worth pursing?
In this post, I show many proven ways you can generate profitable business ideas, how to test them and how to quickly raise capital to start it right away.
What you’ll learn in this post:
- What are great business ideas and where do they come from?
- How to generate million dollar ideas
- How to tell if your ideas has market potentials
- How to quickly raise money to kick start your business
What are great business ideas and where do they come from?
Well you have probably heard that before you can become a successful entrepreneur, you’ll have to come up with a great ideas that will change the world right?
Great ideas aren’t great from the very conception. Any idea can become a million business. It only need to solve a problem.
What is an idea?
Simply put, ideas are your thoughts. They the fruit of your imaginations. They are your daily thought patterns that run through your mind at any point in time.
Research shows that the human mind process and thinks a lot of different things during a given time period. About 50000 t0 70000 thoughts per day.
Whenever you decide to go to work, take a new course, go for vacation, eat a breakfast, talk to someone, and still counting, are using your thought processes which are ideas.
What therefore is a business idea?
Business ideas are ordinary ideas that has some market potentials. They are the ideas you generate that solve problems and can be turned into a successful venture.
A million dollar business idea must meet these criteria:
- Must solve a need or a problem
- It should be innovative
- It should be able to generate revenues
Sources of generating business ideas
Successful business ideas comes from ordinary men and women like you and I. Coming up with innovative business ideas is not by magic. It requires training and skills which can all acquired. You will discover many tips and tricks here to generate successful business ideas.
- By observation:
Most of the successful business you see toady sprung out as a result constant observation of its co-founder in the market.
Entrepreneurs who observe or watch market trends, consumer behaviour and hottest deals can generate million dollar ideas.
- Through personal problems:
We face problems every day. Business ideas comes from the problem you face as an individual. The chances may be that you aren’t the only person facing that challenge.
- Through a desire for change and innovation:
Most at times, people becomes obsess with the way things are done. And their desire for change and innovation gives birth to great ideas and new businesses.
- By accident:
Yes! Business ideas can come too as a result accident or by a chance. You can stumble upon something that can be turn into a money making venture.
How to generate business ideas
If you are just an individual or an entrepreneur and you worry are:
Where to search business ideas or how to generate million dollar ideas, then I can assure you to stop worrying. It easy to come up with business ideas, but the fact is: many don’t take actions.
Promise me and yourself that if you generate a business idea, you are going to work on it immediately.
With that one being said, then, let’s get started:
- Look into your frustrations
Whether you like it all not you face frustrations, pains, little setbacks and some annoying stuffs. The issue is that many people do same. If you could just think and provide a solution to your everyday annoyances, may be that could be the great business ever.
For insstance if you want to change the TV channel and you released the remote is a bit far from your sitting and you feel lazy to pick it up. This is a little inconvenience isn’t it?
If something existed that could help you pick up that remote up, I think you will be more comfortable. This is how you can use this technique to generate business ideas.
- What if?
This is what I enjoy doing every day. I personally challenge myself to think of possible and impossibilities. Using the “What if tip” can help you generate business ideas. You can simply ask yourself, the “what if” question.
For instance, you could ask, what if there was something like this…… which be used or enable people do this or that won’t it be great? Yes it will be great.
What if there could be something that can fly like a bird with people inside gave birth to the today aeroplanes and helicopters. Many great business came out by this formula.
- Modify something
To come up with business ideas, you should think in terms of modification. Pick and a picture a business you understand and know how it operates may a restaurant, ask yourself how can things be done differently?
What is lacking? What should be added or taken out? Keep asking and your answer may be the next million business.
- Observe market trends
Inspirations can come from anywhere. Become a watcher. Observer market trends and learn what is hot. Who knows, an idea might strike which could be the next big thing.
- Listen your people, friends, co-workers and neighbours
People all over the world have got problems and are searching badly for a perfect solution. One psychology of humans is that we love to share our problems. A simple enquiry could land you on the greatest business idea ever.
How to tell if your business idea has a market potential
Ideas aren’t money unless they have an equal market potentials. So before you waste money, time and other resources into an idea, which may or may not work, why don’t you pause and test your business idea before you leap.
Below is a checklist to help you determine the financial potency of your business idea:
- What are friends saying:
Well, the best way to test whether a business idea will be successful is to first all ask some trust friend, family and colleagues for their opinion.
Many are feel some little butterflies in their stomachs when it comes asking people on how best they think their idea is. With the reason being that people might steal their ideas.
The truth is, people will actually steal your idea. So is better you talk to people you trust.
Do you friends and family believe it is a great business idea? What are they saying? If they believe in you and your idea, why not? It is a sure sign that you should proceed.
- Does it really solve a problem?
Every business exist to solve a problem and to make life easy for people. What problem is your idea solving? And does it really solves a customer needs in total? How does it do that?
Is in a cost effective many, innovation or time saving? If you have solid answers to these questions, it mean you have a bright business idea.
- Do people need that solution now?
As I said earlier, business are born to provide solutions. Ask yourself, do people really need the solution my idea is providing now?
May be they will need it in the future and not now. But if your solution pertains to current life and its problems, then you have a win.
- How can this idea make money?
How can you establish a successful business out of your idea? Can you really make money with the service or product you want create? Will people be willing pay money for your services or products?
You might not know this in a vacuum, but at least do you think people will pay for your product or service?
The market research and feasibility analysis will provide the answer. If people are willing to spend money on your service or product, then you brought home the bacon.
- Are there similar business like yours?
In order for you to tell if your business idea has money making potentials, you will need to look at others business with similar ideas like yours. If there are businesses set around your idea, it could be a sign that it is a great idea.
- Is there a demand for my competitor’s product or service?
May be there is a product or service almost like yours, you will have to find out whether there is demand for their product or service.
And if there is, how can you make yours more demanding and irresistible?
- What is my feasibility analysis saying?
Any successful business idea must be tested. You need to conduct what is called feasibility analysis to determine the viability of your idea.
Did you receive signals that you have a great business idea? If yes then set the ball rolling. If no, think and redefine your idea. Never quit!
How to raise funds or money for start up
You love your business idea and you believe it has a lot of money making potentials. And also, it offers a real solution to a real life problem? Then you are free to flow.
But wait, how can you raise enough money to start a business? I offer here, tips to help you raise funds like a pro for your business idea.
- Empty your bank accounts
If you don’t know yet, when your business in the bootstrap stage, that is, when it is just an idea, it will be difficult to get people to invest in your business.
Most entrepreneurs start business by raise money by themselves. You will have empty your savings account in order to kick start your business, in fact this is what most entrepreneurs do.
- Find a partner
If your start-up cost is a bit high, it will be difficult to raise all funds by yourself. In this case you may need a partner, who can support financially.
- Borrow from friends and family
Your friends and family should be your second ultimate stop if you don’t have enough money to start a business.
Talk to friends and family, make them understand your business ideas and persuade them to invest or lend you some money to kick start your venture.
- Sell something of yours
Friends and families have done their best, your bank account is empty and your partner is also broke. What should you do? Well, the best answer is to sell your property to raise money.
If you have read the story behind America’s best online shoe eCommerce business, Zappos, you will understand why selling a property is a nice way to raise money.
The founders of the tech giant company Apple, Jobs and Wozniak have to sell their most cherished personal properties to kick start Apple.
“In order to raise the money they needed, Wozniak sold his HP 65 calculator for $500, though the buyer ended up stiffing him for half of that.
For his part, Jobs sold his Volkswagen bus for $1,500. But the person who bought it came to find him two weeks later and said the engine had broken down, and Jobs agreed to pay for half of the repairs.
Despite these little setbacks, they now had, with their own small savings thrown in, about $1,300 in working capital, the design for a product, and a plan. They would start their own computer company.” Steve Jobs by Walter Issacson
- Write a business plan to investors.
You definitely need large capital base to expand your business. To secure enough funding, you need business plan. Your business plan can help persuade angel invested to invest in your start up
Anyone can generate a million dollar business ideas. All that matter is persistence, training and the will. Coming up with business ideas is not a one day job.
I will say it is an art. The more you try, the better you become. So keep your creative juice flowing every day and stay open for new idea.
I would like to hear thoughts on this. Did you noticed something? Did you have any suggestion or a better option?
Don’t hesitate simply drop it in the comment section below: I do not really care rewriting this whole article to manifest your comments or ideas.Tags: Campus business ideas Profitable Business Ideas Start up