5 Ways To Come Up With a Winning Business Idea

1. Find a category lacking recent innovations

When coming up with ideas, Key likes to identify markets that haven’t had many recent innovations. Remarkable new product ideas are everywhere and there is a limitless supply of concepts waiting to be commercialized, launched and marketed. They are there to be seen and pursued by those who seek them.   In fact, ideas are available to everyone, worldwide, and at any moment.

2. Let go of originality

There are countless businesses already in existence, so it’s very likely that you won’t be the first person to think of an idea or product. Many talented entrepreneurs waste time and energy trying to think of a unique business, when they should be focusing on how to be better, rather than how to be different.

3. Experiment with ‘maybe ideas’

Don’t be a perfectionist – if you wait for your idea to be perfectly formed, you could waste months that could be better spent testing out the “maybe ideas” that could potentially become something amazing. Often the biggest barrier to success is the fear of taking that first step. Jump straight in, experiment and see where it leads you.

4. Solve a problem

If you look around your house or workplace, you’ll see a huge number of problems or mundane tasks that could potentially be made easier by a new product or service. If you identify an issue that someone else hasn’t already solved, chances are there will be a market for it.

5. Call Prospective Customers

You’ve probably heard that you can get great ideas from your future customers.  Ideas are born by listening to customer needs and their perspective on new concepts; from data gathered on products manufactured and sold; from marketing research summaries; from the results gained from pilots of programs, and by observing established procedures.