How To Get A Business Idea? Starting a business from scratch obviously requires a business idea. If you have been in the business world for a while you have surely noticed that most business ideas don’t work at all, they are unrealistic in other words.
This fact is due to the way most entrepreneurs approach the business ideas topic which I personally believe to be totally wrong. In this article, I have disclosed the best way of getting business ideas that will undoubtedly work for your business, but before you should not try to invent something.
Don’t invent something
This is the first mistake made by most people looking for a business idea, they want to build something out of nothing, they want to build a product that never existed before, and this approach is simply due to ignorance and ego.
In a moment you will come across the leading companies in the world, and you will notice that all of them have something in common. They didn’t invent the products they are selling.
Leave the invention to inventors
Anytime you are looking for a business idea, think of yourself as an entrepreneur rather than an inventor. Inventors invent a product, and entrepreneurs sell a product, they are totally different, although there are some people gifted with both skills.
Thomas Edison, for instance, falls in this category, I was an inventor and entrepreneur. He made products he could sell himself. By the way, Thomas Edison after inventing the “Ediphone” needed help from Edwin C. Barnes who was an entrepreneur to sell his invention.
Sell what people already know
As I have already said, an entrepreneur doesn’t invent a product, he rather finds ways to sell a product that is known by everyone. The point I’m trying to make here is, anytime you search for a business idea don’t think of something that doesn’t exist, you are better off thinking about what everybody knows, and what everybody buys.
Case Study: McDonald’s didn’t invent the hamburger
The product behind McDonald’s business is obviously the hamburger, as you know the hamburger existed well before the creation of McDonald’s. The company as we know it today was founded by Ray Kroc.
Ray Kroc was a salesperson for a milkshake mixer manufacturer when he decided to pay a visit to a restaurant that bought 8 of their milkshake mixers. When Mr. Kroc arrived at the McDonald’s restaurant, he was amazed by the way the restaurant was operated, he got the idea of replicating the same business operation worldwide.
Mr. Kroc ended up buying the restaurant and expanded its operation across the globe through the franchise system. Now McDonald’s franchise has over 30,000 restaurants across the globe. As you can see Ray Kroc didn’t try to invent any gadget, he simply changed the way of selling the hamburger which is a product known by everyone.
Case Study: PlayStation is not the first video game
For those who were born in the ’90s, they can testify how the video game industry has significantly improved. One of the leading video games in the market is the PlayStation which is the property of Sony.
Video games before the PlayStation weren’t appealing in terms of graphics, we liked them though, but they had poor graphics. Sony saw the need for building a video game whose graphics come close to reality.
When the first PlayStation was introduced to the public, the product was a home run, simply because it was better than what people were used to.
Case Study:iPod wasn’t the first portable music player.
Apple in the beginning of the twenty-first century sold millions of iPod and ended up becoming the leader in the portable music player industry.
But as I have said, the iPod was not the first portable music player device ever made. Before the iPod, the first version of Walkman was the leader in the portable music player industry.
The first version of the Walkman if you remember has no internal storage, if you listen to 5 albums every day, for instance, it means that you have to be moving around with five cassettes, which is so uncomfortable.
Instead of building a groundbreaking product, Apple simply made a smaller, lighter device, and most importantly they built a portable music player device that can store thousands of songs, which means there was no need of using cassettes anymore. IPod simply made the user experience far better.
Case study: Android is not the first operating system.
As we all know, Android is the operating system running in most smartphones and tablets. The operating system is the property of Google. Before android, the leading operating system in the market was Windows, which is the operating system running in most personal computers.
Google saw the rise in the number of people owning a mobile phone, and the discomfort experienced by those owning a personal computer due to their size. Instead of inventing a new gadget Google simply solved the problem by building an operating system made for mobile phones. Period!
Case study: Facebook is not the first social media platform
Facebook is undoubtedly the most used social media platform in the world, but the idea of social media didn’t come from Mark Zuckerberg. Before Facebook, the leading social media platforms were MySpace which connects people based on their interests, and LinkedIn which connects people based on their professions. Instead of building a new gadget Facebook simply connected friends.
Case Study: Warren Buffet buys what everybody knows
Warren Buffet is the greatest investor who ever lived, and one of the richest men in the world. Unlike most investors, Mr. Buffet only invests his money in companies selling products that everybody buys.
If you look at Berkshire Hathaway portfolio ( company owned by Warren Buffet) you will surely not see any technology company on the list, you will eventually come across, shoe manufacturing companies, furniture manufacturing companies, insurance companies. These are industries that are likely to live as long as human beings walk on earth.
My question to you is: Why do you want to reinvent the wheel while you are better off selling soaps, or candy?
Invent a new way of selling
Instead of building something out of nothing, you should either make what exists better or invent a better way of selling it. Period!
How to get a business idea that works
The best way to get a business idea that works is to get an edge over your competitors. You get an edge over your competitors not by building a brand new gadget but by doing what they do not.
Do what your competitors do not
Run a survey about any industry, and I guarantee you coming up with many unserved areas. The best way to do so is to ask customers about their buying experience. Most companies don’t do that, they are so busy loading their customers with ads without wondering if it makes sense to the end-user.
Simply ask customers about their buying experience, and they are likely to place you on the path to build a successful business. They will either give you suggestions on how to make a product better, or how to develop a better marketing strategy.
The formula to get a business idea is to ask customers about their buying experience. And the formula doesn’t fail.
Don’t get me wrong
I believe my approach to be refuted by those who strongly believe in their groundbreaking product. Once again I’m not against inventions, in fact, I am a pro invention, because they are making things easy in our lives. In contrast, I’m simply referring to the facts, an entrepreneur is not an inventor.
Robert Kiyosaki in his book Cashflow Quadrant wrote the world is full of great business ideas but only a few people make money out of their business ideas.
Once again those who make money out of their ideas don’t invent any product at all. You are better off leaving inventions to inventors and find your way out in a well-established industry.