Business ideas

How to find new business ideas?

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You want to quit your job and start a new business or you want to diversify your existing business and start a new line. But you don’t know what to do. Investment is not a problem, but a smart business idea is what you are looking for. Most of the businesses you look around are the result of brainstorming and hard work; a few others are simply born of luck or chance. Starting a new business unit from scratch can be daunting because many start-ups fail in the first few years. However, finding the right idea is key.
Here are some tips that will give you a head start on how a new business idea can be generated:
Look around and opportunity awaits

Just keep an open mind and the desire to start a business ignites. Nature and the surroundings will provide many clues for a new and profitable business idea. Inspiration can come from anywhere. A simple grocery store and its troubles could lead you to open the next Cosco in your town or a simple stroll through your neighborhood park could lead you to develop Tivoli Garden for your town. The key is to keep your eyes and mind open and accessible to new ideas and opportunities.

Craigslist, the largest American classifieds site, for example, was created solely to distribute emails to friends to inform them of local events. Craig Newmark, the founder of Craigslist, started this huge platform just to have a user-friendly means of communication and how it has now extended its tentacle to all segments of the world is just amazing.

A new and innovative idea is enough to stimulate an initiative for a good company.

Look for problems

Any problem or obstacle you see around you can trigger a business idea. Anything that causes problems or causes dissatisfaction is enough to make you look for solutions and start a business that provides a solution to that problem.
Rajat Bhatia, CEO of GeeKay Bikes, was very sensitive to the growing problem of pollution and smog. This gave rise to the first ecological cycles in India. He says, “I want to make India pollution-free, just like the city of Copenhagen. This is why the concept of e-bikes came to mind.

Look at your skills and inner potential

What are you good at or what makes you happy is enough to generate a good business proposition. If you are good at computers, look for computer solutions; if you are good at writing and editing, a publishing house can be a good start. Likewise, you need to analyze what your hidden talents are and what is likely to give you a higher satisfaction quotient.
Arpit Jain, CEO of Promatics Information Technology, has always been interested in technology and computing. This gave birth to the software development business. He proudly shares that solving computer problems and creating new solutions for computers has always been a passion; that’s why this company brings out the best in him.
Take a break

The right idea is what you need to spark this multi-dollar business. You will think new and big once your mind is fresh. Take a break from your routine chore; a little vacation or a little get-together with friends is what makes you feel fresh and opens your brain to a new proposal.

How can Rohan Dhir, director at Puneet knitwear, not be mentioned here? While vacationing in Dubai, he managed networking and established an export wing of his yarn and started a business there. Isn’t it so simple and yet so fabulous?

You are eager to start your business, waiting for the right moment and the perfect mind-blowing idea. It’s not rocket science to start a new business. Simply assess the right market conditions, the level of competition and keep your mind alert to all the opportunities around you. You just need to be crafty and keep the gray matter looking fishy eyed.