Business, Featured

How Business Good Ideas are Formed

A lot of “genius” business ideas that solve big problems come from the people who experience the problem themselves daily. This pain and dissatisfaction ignite their creative mind to go to work in the background. And one day, the big idea becomes so clear and evident that you are almost surprised no one else had thought about it.

Have you been trying to find a great business idea? A question most upcoming entrepreneurs ask; How do I find or develop a business Idea? Every entrepreneur goes through the process of creative thinking. Their ability to use their imagination intrinsically is what distinguishes them from others. Successful entrepreneurs use their creativity every day to make new decisions to make the world a better place.

What is the secret then? The secret is, there is no secret! According to entrepreneur.com, great business ideas are all around you. We are in a world of great possibilities. Open yourself to the possibilities, and I bet you will be a victor. The universe rewards people who can see beyond problems, people who can think creatively, people who create or innovate.

One of the most search questions in 2020 is, “How do organizations come up with new ideas?”. And this is searched almost everything single day. Many curious minds try to find out how these organizations used those ideas to create successful new products, services, businesses, and solutions? Quite unfortunately, most searches are not successful as there are no laid down procedures for coming up with business ideas—the process of creative thinking varies from person to person and from industry to industry. There is no best-fit approach. Hence calls for the need for entrepreneurs to develop or create custom approaches creating ideas.

Although there are no laid down procedures to creative thinking and for developing business ideas, I am presenting to you an assessment guide that can promote your creative thinking process. However, please note that there is not the best fit situation. 

How can I develop a good business idea?

The process of developing business ideas starts with you brainstorming and evaluating your skills, training, and talents. To begin your search for that drop-dead idea that is going to set the world on fire, ask yourself these questions.

1. What problem am I trying to solve?

Identify a problem that needs solving. Very often, when you experience a problem in life and/or business, if you look around, research and survey, you will find out that many other people experience the same problem. When you figure out a unique solution to a big problem, your natural entrepreneurial brain starts to kick in and nudges you to start building something offering this solution.

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2. Self-Assessment.

Once you identify a solution to a problem and wish to pursue it as a business, you need to assess yourself.

  • What am I so passionate about?
  • What skills do I have that can help me pursue my passion?
  • Am I knowledgeable in, or proficiently trained in any area related to my passion?
  • Or is this something completely new that you will need to research and learn about first?
  • What is the level of skill that you have?
  • Do you require certification before you can pursue your passion?
  • If yes, how can I get that certification, and for how long will it take me?

3. Assessment of Business Opportunity

  • What opportunities exist in pursuing my passion?
  • What is my constraint?
  • Can I easily over them? If Yes, How?
  • Can I monetize this passion? If yes, How?
  • What innovations can I introduce to make me stand out?
  • Is it an Idea I can roll out in stages?
  • What is required of me to start a business relating to my passion?
  • Who are my competitors?

According to research, building up a business based on your experience or knowledge would be a preferable position, as you will have a head start in terms of being able to create or offer the products or service for your business, based on what your good at doing. Therefore, pursuing a business in line with your habits or passion is essential. Nonetheless, one can seek to acquire a new set of skills to develop a business or even develop a passion for business.

Apart from the conventional way of coming out with business ideas, one can also develop a business idea through the application of personal or professional experience or the upgrade of existing business ideas. There is an aphorism that there is nothing new under the sun. This becomes true when one considers that almost all ideas you can think of have in one way or the other have been implemented before. However, one’s ability to innovate or introduce something new to an existing service or product is what would make such persons stand out.

While I encourage every business-minded person to create something new, let me quickly point out that improving upon an existing idea is the fasters way to develop new products or businesses. However, one must be careful and respect all copyright laws as may apply to their jurisdiction.

I want to end my submission with a post I saw on Facebook. Some weeks ago, I came across a post on a friend’s wall. He shares a post a lady made regarding the ineffectiveness of the government to create a market for her mother’s mongo plantation. The Ladies post read,

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“A few days ago, I visited Mum’s Mango farm at Ejura Sekyeredumasi, #Lailai, to be precise, and I can apparently verify that the Country Ghana is blessed with everything no doubt. However, all that I can say for now is we still have a long way to go as Ghanaians
Could you believe that all those beautiful mangoes as you can see and beyond are waste which will be left to decay in vain due to lack of market for it and storage facilities and to be told this what happens every season🤭😯
Got me so speechless😔
What’s your say in this?”

While all commenters bemoan the terrible governance and business ecosystems in Ghana, my Facebook friend made a comment that caught my attention. It reads.

“Shaking my head [smh]. This blame game thing must stop.
You went to the village and saw mangoes decaying nu, who do you blame?
First off, look for a market.

  1. Sell the mangoes
  2. Write a proposal and invite investors to your village to witness a business opportunity.
  3. Start a mini mango juice firm and use the power of social media to your advantage.
  4. Sell the mango skins to people that own livestock as feed.
    By looking at this, I have found 4 opportunities instead of complaining of my country. Some of you just don’t want to be rich. Smh”

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What is the essence of this in our discussion? The case above is to let you know the two kinds of people that exist in this problem-stricken world. While others try to create opportunities out of every problem or challenge, others blame the government. While others seek to innovate, others wait for instructions and for things to get better.

Between these two persons, who do you think would be successful in business? Your guess is as good as mine—the one who saw opportunities out of the problem. Everyone has the potential to create or innovate. One other seeks the ability to create or innovate as a gift. I believe it is one that can be developed or learned. It is something everyone must strive for it to improve. We all need this ability to succeed in everything we do.

Tap into your world of infinite possibilities—tab into your unlimited creative potential. Search your heart and mind to discover yourself. For it is only in self-discovery, can we be better versions of ourselves. – Urbanus W. Azupogo

Urbanus Wedaaba Azupogo

About Urbanus Wedaaba Azupogo

Urbanus Wedaaba is an experienced academician and entrepreneur with a demonstrated history of working in the real estate and technology industry. He is a strong business professional who has demonstrated his prowess by consulting and empowering the youth in Ghana to start and run successful businesses.

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