Looking to launch a new startup in the nearest foreseeable future, but stuck trying to find a million dollar idea?
Well, if you are, you are not alone. Finding a business idea, a viable and profitable one at that, is indeed a challenge that the fainthearted can’t take on. However, ideas are what we make of them, and so waiting to develop the perfect idea that will birth a million-dollar business might connote to waiting forever.
So, instead of conducting intensive research that oftentimes culminates in futility, look inwards; think outside the box – isn’t that what entrepreneurs do after all?
That being said, here are 7 unlikely places you could find the right idea for your next startup.
#1. Your hobby
Never underestimate the power of a hobby. If the likes of Gibson of Gibson Guitar Corporation, Craig Newmark of Craigslist, Megan Duckett of Sew What and the host of others underestimated their hobby, they would have languished in obscurity.
Hobbies, even the weirdest of them, can serve as a pad for launching a business.
If you enjoy playing golf, for instance, you could start a golf betting site.
If you enjoy tinkering around with recipes, launching a food blog won’t be a bad idea (there is a ton of successful food blogs out there.)
Not having a hobby shouldn’t be an excuse here. Find that one thing you won’t mind doing over and again without any form of compensation.
#2. Your social circle
The people you hang out with can set you on the path of entrepreneurship if you let them
Mark Zuckerberg started Facebook because he wanted to connect his friends all around the campus then – he saw a need and so filled it.
Say your social circle comprises mostly moms who are finding it hard to balance their work life with family needs, you could start a daycare business.
The idea here is to find what needs your friends and acquaintances may have, and then find a way of meeting those needs. Starting is what you must be first be concerned with; expansion and growth can always follow.
#3. Product exhibitions and trade fairs
Trade fairs are organized for one major reason; to connect buyers with product sellers. If you have attended one or two, you might have noticed that private individuals majorly, not big brands, are the ones that are most in attendance.
This means there is a lot of gleaning to be done. You need not necessarily imitate the products that are on display when producing yours; find a new angle, dig to uncover limitations of a product and improve on it.
Flippa is a business platform where sellers of online business, most especially websites, meet with buyers.
One flippa, a seller of a business is required to outline the following info to aid the decision making process on the part of the buyer:
- Model of business
- Monetization technique
- Traffic generation technique
- Stats: no of monthly visits, subscribers, social media followers etc.
As a wannabe entrepreneur, your focus should be on the first three – remember, the goal is to find inspiration for a business.
This approach would be best fit if what you want to establish is an online business, or perhaps an e-commerce business.
#5. Ted Talk
Ted Talk, as you may know, is a talk show where entrepreneurs share insights to their business with anybody who cares to listen. They discuss just about anything that pertains to their business: ideation process, business model, setbacks, triumphs, future plans and lots more.
If you are attentive enough, you will surely pick up a thing or two that will immensely help you in the search for a business idea.
#6. Universities and research institute
Researchers and academicians are always on their toes seeking ways of bettering our lives in whatever way they can. The result; endless series of inventions and innovation, most which go unnoticed because no one took interest in marketing them.
Interestingly, many research organizations and colleges open their doors to businesses and entrepreneurial individuals who have the resources and know-how to create a market demand for an invention. An opportunity you wouldn’t want to miss.
#7 “How they started” books
Nothing captivates and fascinates like reading the startup stories of big brands. David Lester and Carol Tice, two renowned English writers, have put together this book to make it easy for you to find inspiration.
In it, you will discover how 25 ordinary ideas evolved into multi-million dollar businesses.
You don’t have to re-invent the wheels to start a business with limitless potential. Carefully studying what others have done and then making slight improvements is enough to get you kick-started.