How to Generate Business Idea

How to generate business idea?

There are some requirements of business; first it is very important to go through these requirements. Anybody who wants to start a business he/she should think on product or service. As we know business can be done by manufacturing and selling a product and providing service to customers. So the type of business must be selected according to interest, knowledge, skills, availability of resources, finance etc.

First step of business is to generate business idea. There are several ways to generate business idea. Business idea may come from market survey. A market survey is to be done for gathering information from market, wholesalers, dealers, retailers, customers etc. The information may be in descriptive form and some statistical data is also required for market study. Market survey gives us true data and information which helps in planning for business.

Steps to start a business:

Generate Business Idea:

How to generate business idea? As per our business objective a basic thinking starts on business idea. Patience and continuous work is required to start a business. We know two types of businesses can be run; one is manufacturing business and second is service business. We will go through following five methods of business idea generation:

First Method - Listing of Idea:

With fresh mind and at cool place try this method of generating business idea. Take a paper and start to list out different business ideas based on your objective. Minimum five ideas should be in your list. Now rethink on those ideas and sort out the ideas priority wise. Be ready with clarification of each idea from your list. Whatever ideas coming on paper discuss with mentors/guide (if you have), family members and close friends because without their wish, suggestions and support business may take longer time to start. Go to brainstorming technique in which all selected members involve in a discussion and gives tips and better suggestions. By considering better inputs in your idea finalize your idea for the business.

For this method you can take two to three weeks to complete.

Second Method - Need and demand Based:

What is difference between need and demand? Need is customers requirement with high priority, without which they will not entertain your product. Demand is some additional requirement in basic product or service. If there is a requirement of a particular product and having shortage then we can say market is not fulfilling customer’s requirement. Find out tentative reasons of shortage which will give you inputs and some clarity regarding your business idea. In such a case those particular products can be considered for a business idea but after detailed study of market survey. Here is an opportunity to find out the needs and demands of the market or customers. According to gap identified prepare your business idea and plan for it.

For this method two to three months are required to spend.

Third Method - Research and Innovation:

If idea is unique and anybody is in research he has a great opportunity to start business by starting consultancy services. This type of business comes under service industry. Another option is, if anybody has new idea which can give more benefits to society then there are chances to serve for the society by offering products. You can apply patent also for innovation and research so that it will be with you only as an intellectual property. For example- farming equipment innovation and its manufacturing, drugs to prevent diseases and cure diseases, any machine which increase efficiency and reduces human efforts etc.

Can’t say, how much time is to be spent on research but couple of years may require for conclusion of this method. If already have an idea then short span may require generating idea and starting business.

Fourth Method - Turn your interest to business:

 I will say this is a most convenient way to generate idea for a business. Interesting tasks gives more and more inputs for a business because as already interest is there then definitely fundamentals are clear at this stage. Every stage there is a motivation and it is only because of our interested domain. You will not feel that some steps will go out of track but fortunately it will keep you on track. For example if I am more interested in tasting different types of foods and having basic knowledge then I will think to start my hotel business.  

 To turn your interest into business, there is requirement of more and more practice as per availability of time. Enjoy every moment of success and failure, success gives motivation and failure gives experience. Try to avoid people who demotivate you without reasons and join company with such people who are visionary and with positive attitude.  

About six months may require generating ideas from your interests.  

 Fifth Method - Daily Consumable Goods:

 There is a huge demand of daily consumable items like toothpaste, shampoo, edible oil, biscuits, chips, breads, cakes etc. Production of such items is based on mass production but initially anybody can start with batch production. For marketing of such products, it is not necessary to hire well qualified persons but it can be done by self also. Benefit of this type of marketing is we can do at local area. Online & digital marketing is also possible for these products. Selling should be done through supply chain after starting a mass production. Supply chain is a channel which helps to company or industry to supply goods to customers through distributors, wholesalers and retailers.

As daily consumable goods are in most demand, it is possible to start business by studying any one suitable product from the list. That products production and selling can be a business idea.