An Idea is a thought, a thought to make something new or something better, a thought to ease the pain for someone or to solve a problem,or a thought to change the world. Everything starts with an idea that's why an idea holds a great value to the person who owns that idea. In business when ideas are implemented they generate an income. An idea can change the life of its think erand can take that person to the highest level of success. Its often a debate that execution is more important than the idea itself, which is infact true. All great ideas needs a visionary thinkerwho can bring the idea to life and make it a huge opportunity,
if the thinker's visionis bigger and greater than those who might have thought of the same idea before him butnever did anything about it or lacked the vision to make it successful, only then theidea will be successful. To make an idea successful you need to understandthat all ideas are great but not all ideas are successful. Research shows that only 1 in 50 businessideas are commercially viable. Thats why its important that when you are looking for an idea you should look at the potential sources of great business ideasand skim out those that are not. To become a successful entrepreneur you needto keep your eyes open to opportunities because an entrepreneur sees problems others cantsee. They are constantly keeping their eyes on the resources of ideas that otherfailed to recognize.
Thats why in today's video Im going to helpyou to identifying the potential sources of business ideas and how to make sure your ideaholds value and is commercially viable. Ill also talk about those common misunderstoodidea sources that you should totally avoid. Hi everyone Im Ammara Zareen and you are watchingthe 5th episode of idea to startup challenge which is a free course for startup entrepreneurs. Stay tuned and subscribe to get notifiedof new videos every week. The ideas you note down in your idea diarymust come form your own research and not a suggestion given by others. Its very common to see people aspiring tobecome entrepreneurs asking for business ideas on Facebook groups and other social mediaplatforms. Any idea that does not come from your ownresearch is a bad idea for you. Similarly, scrolling thorough the top 10 orbest business idea lists available on internet are also a bad source of business ideas.
Because those ideas have already been viewedby hundreds and thousands of people and they lack market research. Here are the best sources for business ideasthat will help you in identifying your next big idea In the context of discovering new businessideas you need to follow the changes in economic trends, social trends, technological advancements,political actions and regulatory changes. For example the shift in economic trends hasthe ability to impact businesses in ways both good and bad. some businesses may suffer from this changewhile it creates an opportunity for other businesses to emerge and flourish. Nowadays, in most countries including US companiesare hiring less full-time workers to keep overhead low. to remain flexible and to avoid paying higherhealthcare benefits. This shift in job market have pushed workersto explore venues for multiple streams of incomes. including part-time flexible work options,making money from a hobby,
or freelancing. So being open-minded about what you can doto earn money and being aware of economic trends will help you to take advantage ofthese shifts in environmental changes. One of the most common (and deadly) mistakesin entrepreneurship is creating a solution before identifying the problem. You might think you have the next big idea,but have you already done the research to see if it could be successful? Is there a need in the marketplace? Is the space full of slow-moving companiesunwilling to change? Then maybe you have an opportunity. If not, you might be wasting both your timeand money. To create a successful business the firstthing you need to do is find the problem to solve. The problem you will be solving will serveas the foundation for your company. so, to find a problem first identify the problemsor pains you have experienced. Many companies have been started by peoplewho have experienced a problem in their lives, and then realized that the solution to theproblem represented a business opportunity. for example the Airbnb founders Brain Cheskyand Joe Gebbia, when they both moved to New York unemployed they were having trouble payingtheir rents and they realized that most hotel rooms were booked because the local industrialdesign conferences was attracting a lot of visitors. so they identified the two problems, 1st difficultyin paying rents and 2nd less hotel rooms to accommodate the travels so they came up with the ideaof renting air beds for $80 dollars per night. and so the company started off with basicallyno investments and thousands of dollars of credit debts to pay
. And so its one of the most inspirational startupidea story that started just from observing and identifying the right business opportunity. so, my question for you today is that Canyou spot a problem you are experiencing right now? and can you provide a solution that canbe both profitable and sustainable? comment below if you have found the business idea that originated from your experiences in life? Another great way to spot a potential ideais by listening to what other people say about their pains and problems.You are likely identifysuch people in your circle of friends or malls or restaurant where you overheardsomeone talking about a bad service or product.
And sometimes you might hit an idea, a solutionthat you can offer. You can take the opportunity to socializewith experienced people who have tried out a business and may be you can take advantageof their failure and offer a more better, viable and sustainable business solution thanthem. there are opportunities everywhere youjust have to identify the one that is good for you. Furthermore, you can take advantage of surveyingthe market where you have found an opportunity and see if the problem really exists and whatother solution or existing products and services are already there in the market. So, go ahead do your research, don't be afraidto ask question do a through research and analysis before getting overwhelmed by theidea and jumping on to making investments of both your time and money. Spotting a gap or a niche in the market canalso result in an idea.
A market gap can be an area that is not occupied,where nobody is really providing a good product or service needed by the customers, or eitherthey aren't available at a particular location or aren't available at all. Gaps in the marketplace are often targetedby niche companies. Large, mainstream companies compete on pricesbut they often lack the ability to sell products or services tothose who don't fit into the mainstream model due to geographical location, personal style,or comparatively small market size. These "outside of mainstream" targets areoften a perfect fit for a start-up. An idea can be generated from your own strengths,talents, hobbies and experiences. Your strengths and business skills can bea great source of business idea. for example you strength in helping out yourclients through consultation, or your financial or accounting skills, or marketing or project management skills or your years of experiencein a particular industry can help you in identifying the lack of available resources or neededservices and may be you can offer something better than others in this area. Another way to spot a business opportunityis through your talents and hobbies. You might have a hobby or skill that othersdont have and you can use it as an opportunity to start a business. Sometimes a person may take a course or trainingin entrepreneurship, equipping the necessary skills and knowledge and later using thoseskills to form a business idea. For example, I did my Business managementspecialization in entrepreneurship back in 2012.
I gained the skills and knowledge necessaryto form a successful business and then I re-entered the job market, added up some years of industry knowledge and experience and then I used my training, knowledge and experience to spot a businessopportunity, and i made sure that my business opportunity is aligned with my passion, my experience from my job andhobby business and my knowledge and skills in entrepreneurship. If you are interested in starting a businessfrom your hobby or talents, dont forget to check out the link at the end of this video. thats all for today Make sure to subscribe to this channel andclick on the bell icon because you will only receive notifications for new videos if yourbell icon is enabled. If there is any problem holding you back fromstaring your own business? Comment below or write me a personal emailill be more than happy to help you. take care Bye
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