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What can i do to identify a business idea

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8 answers

Follow your value system. Examine your talents, your attributes and your affinities and develop an idea for a business that you would enjoy.

Give your start up idea the following test:

  1. Do you have a product or service niche in mind?

  2. Do you believe you have a market for 1 above and the means to reach it?

  3. Are you willing to develop a business plan to validate 1 and 2 above before you launch?

If the answer to the above questions is yes than take the actions indicated, observe the results, then make an informed decision on whether or not to proceed. Ask yourself a very simple question:

How can I do it, if I cannot plan it?

Report Kenneth's answer

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Clearly identify a problem that needs to be solved, where you could provide a solution - or come to the point where you could provide it. Where your talents and the problem intersect, so can create a business case.

Report Troy's answer

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Just look through your passion, best of hobbies which u have nurtured from childhood; will get u to dream and convert to a business design with objectives.

Report Rajesh's answer

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Whatever approach you use, do note the general rule:

"A sale is possible only when an effective product is there to serve a market where the market is happy to buy the product."

Three key message in this rule => product + market + experience

Report Quek's answer

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Victoria Bello,

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Please note the following quote from the Code of Conduct at the bottom right of this page:

"As a participant in the MicroMentor community, I agree to not promote goods or services from sources in which I have a financial or personal interest not accept fees or commissions"

Your posting has been reported and will be removed. If this type of posting continues, site management will remove you as well.

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Report Kenneth's answer

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My understanding of a business idea would be a solution to a problem.

So before we formulate solutions, let's identify problems in related markets.

Report Divine's answer

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An idea = A solution to a problem.

Identify problems consumers are facing.

Report Divine's answer

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Hi Dee, hope you are on track to pick your business idea.

My response aligns with most other folks here. Identifying a problem is key.

From your profile description, it seems like you have a few ideas on the plate and trying to pick one. To prioritize, start with answering the following questions: 1. Which problem do you understand the most? Which problem can you understand the most? 2. What assumptions are you making about the problem/ customers/ ecosystem? 3. Is there a way to test those assumptions? 4. Is there a way to solve the problem/ provide the solution is a better way?

Happy to chat more if it helps.

Report Ankur's answer

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