In this article, I will share 5 ways to consider when looking for a business idea to execute on your entrepreneurial journey. These simple ways will inspire you as you seek opportunities to give expression to your competences and passion.
- CREATE (start something new). A cursory look at the history of the car a lot of pioneers in the production of cares when there was none available. Many of those who pioneered this era still have models of their cars available today, centuries after their departure. Contemporary times show that this is still very possible. You can still create a product or service that has never existed before. SpaceX has pioneered the service of engaging reusable rockets. Before SpaceX pioneered reuse of rockets, every flight into space required the construction of a brand new rocket. In starting your business, you can actually do what has never been done before.
- INNOVATE (improve on the existing). Another way to consider sourcing for business ideas is to find out how to improve an existing product or service. What readily comes to mind here is the telephone industry. Amanda Ray is her article, The History and Evolution of Cell Phones posited that “Many of the early cell phones were considered to be “car phones,” as they were too large and cumbersome to carry around in a pocket or purse. However, in 1983, the Motorola DynaTAC 8000x arrived on the market. Though huge by today’s standards, it was considered the first truly mobile phone because it was small enough to carry.” Many more innovations have come since 1983 to further improve on the technology, portability, mobility and smartness of the Motorola DynaTAC 8000x. There are many things that can perform better if we care to review their processes and render an innovative way. You can add more features to an existing product and it becomes an entirely improved product generating more revenue than the legacy product itself.
- REPLICATE (reproduce exactness). Many great products and services have come from expensive and exhaustive research and can be replicated without delving into such demanding exercises again. You can start your business simply by getting a franchise deal signed off. You can take your time to replicate a popular brand with a great business model. The largest franchises in the world are fast food franchises such as McDonald’s, KFC, Pizza Hut, Subway and Burger King just to mention a few. Startup costs will vary but you will be leveraging on a brand that has established a reputation success.
- INTEGRATE (combine things). You can start a business by combining of existing companies together. You can be a news media company offering data analysis support to your clients. Rather than just sell one product, you can combine it with many other related things. This kind of business finds expression in distributorships. You can hold to represent companies in areas where their visibility is low. Big companies get involved in this in form of mergers and acquisitions. They either merge with companies that offer services that they can leverage on or acquire smaller ones outrightly. We have seen Facebook take over WhatsApp, Instagram and many others totalling 69 over the years. Zuckerberg said these purchases were aimed at increasing the entrepreneurial culture of Facebook. The list of acquisitions reveal the companies and talents that have brought great innovation to the services that Facebook now offers.
- DISINTEGRATE (unbundle services). There are big corporations seeking to let go of other lines of businesses they are involved in so they can focus on their core business. This act of unbundling gives room to potential business owners to pick up the unbundled piece and make a business out of it. Another perspective to this model is for a budding entrepreneur to study the value chain of a company and disrupt a certain aspect of the service that is been rendered. Such is the case of FinTech companies.
This article was first published by the Author on his LinkedIn Page.