Find the right Business Idea
The step into self-employment is exciting and appeals to many people. At the beginning there is often a vision. But only a few have a clear idea of their business idea right away. But even if you already have one, your idea can still fail if you, as a potential founder, do not prepare it wisely. Finding a business idea and developing it requires strategic planning: find it, present it, develop it, implement it and go! Hub4africa's expert knowledge explains the individual development phases step by step. Read up and plan your success!
FINDING A GOOD BUSINESS IDEA MEANS SPOTTING TRENDS
Globalisation and digitalisation have given the world gigantic growth markets. Never before has there been such a fertile ground for founders of start-ups and companies of all sizes. Trends and technological development form the framework of every business model. They offer solutions to the question of under which conditions you, as a founder, can establish a suitable business idea or innovative products for your target group on the market. Therefore, ask around and answer the following questions yourself:
What are people in your environment concerned about right now?
Which services or products are in high demand?
What are the complementary opportunities?
Get to know the branch for which you want to develop your business idea. The better you understand what makes your favourite market tick and what other opportunities it offers, the easier it will be for you to find the right business idea. In the beginning, it is important for you to observe current trends and to be able to derive a prognosis for your concept. After that, it will certainly be easier for you to formulate a promising business idea.
BRAINSTORMING TO FIND IDEAS
To find a business idea that does not yet exist, you need to get to know the future market and its protagonists and interpret it correctly. Your goal must be to ask target-oriented questions for your field:
- What do potential customers criticise in their everyday lives?
- Where would they like to see an adjustment?
- Is it possible to change the price culture of certain activities?
- How can the production process or distribution be simplified?
If you don't have the confidence to do the market analysis yourself, you can of course hire a specialised company. No matter what you decide, the results of this "pain spotting" will help you to find viable ideas for your start-up.
OUR TIP! The Walt Disney Method
»Decades ago, the legendary film producer Walt Disney developed a method that is as simple as it is effective for testing new ideas for their chances of success.
For the Walt Disney Method you need a total of 3 people, one of whom takes on the role of the enthusiast, the realist and the pessimist. In the discussion about the idea, each participant uses only arguments that correspond to his or her role - in this way, the project can be viewed from both positive and negative perspectives.«