Many entrepreneurs begin simply with an idea. For Steve Jobs, it was revolutionizing the computer. For Mark Cuban, it was creating a social platform to talk about sports. For the other thousands of entrepreneurs out there, it is merely running with a winning concept. But what is a winning concept? How can you create a thing that everyone needs? For majority of entrepreneurs, the first step is to simply strategize and brainstorm the holes in the marketplace. Whether you are in the restaurant industry or technology world, finding a specific ‘want’ or ‘need’ from the public will push you in the direction of starting your company.
Below, I have listed five ways to begin brainstorming winning business ideas. These are the hard-hitting questions every single entrepreneur had to ask him or herself before they started their company. By internalizing these questions and their answers, you will be able to find the direction in which you want your company to go in. Remember, a business begins with an idea. Make sure you truly understand it before jumping into the deep end.
I. What do people need?
When creating a demand for a new product, especially if it is something that is new within the field, start off by doing a bit of researching. Having a deeper understanding of the field and the products that are out there will put you at a huge advantage of knowing the needs and wants are there for the buyer. Once you have understood the overall field, try and internalize your new product. Ask yourself various questions such as: Will this product make the buyer’s life easier? Will it be able to compete with its competitors? Will the buy see this as something it needs to purchase? If you are getting positive answer from these questions, continue on with your idea. If not, try and strategize and brainstorm of other ideas that can be a high demand, especially for niche topics.
II. What is the next product?
Steve Jobs said it best with, “but wait, there is just one more thing.” For many successful business ideas, they are often ahead of the curve. They think about trend on a growing horizon and how they can better improve in specific areas. When thinking about a new idea, ask yourself what is next. Even if there is a model out there, there is always room for you to reinvent the wheel. Try to see if you can create a product that is faster, stronger, more efficient than the latest model. Furthermore, study various flaws from current models on the market and see how you can capitalize on these problems.
III. What are specific problems that can be fixed?
One of the biggest ways people come up with business ideas is simply to find an easy and effective solution for an everyday problem. Shows like Shark Tank is a great platform that highlights various entrepreneurs who capitalize on every day problems and create easy and cheaper solutions. Finding these solutions, especially if it is a problem that many people experience can be a huge winning idea.
IV. Is there a cheaper and more effective version of an already existing product?
One thing many entrepreneurs do is that they find an already existing product and try to improve on it in in the most effective way possible. We call this, reinventing the wheel. Many products out there have provided solutions or benefits for its buyers for many years. However, creating a stronger product that can do the job two or three times as long or for a fraction of the price can put you at an advantage for your company. Remember, put yourself in the perspective of the buyer. If they know they can get a product that will work better and at a fraction of the price of other brands, then you know you have a winning idea.
V. Look for specific niches.
At times, coming up with an idea can be difficult, especially if you are looking to reach out to a large group of people. If you are not finding any luck, try looking at specific fields or industries that are missing any winning concepts. For Apple, they decided to look into the music industry and create a platform in which you can buy individual songs or full albums. While simple at the time, this transformed how we purchase music today. If Apple did not look into this niche field, Samsung or another popular tech company could have take advantage of that moneymaking opportunity.