How Business Idea Born
Everyone has a different way to come out of business ideas. Still, almost every business idea has a common goal to solve the problem themselves or others face. Some people come out of business ideas quickly by spotting daily things they are frustrated with. Some simplified the problem or somethings the other is facing.
My business is to save people money. I build a business by selling online to give the best price and quality to the customer. I started the business by doing research and studying for a year. I only decided to fly my plane into the e-commerce world. Nowadays, people tend to buy all kinds of stuff online instead of physical shops, and especially the pandemic is still going on.
In this article, I wanted to share a few tips that I've found to help me come out with business ideas.
Solve The Problem
Identifying and solving the problem you and the others face is always an excellent way to come out of a business idea. The more people facing the problem currently or in the future, creating the business that will solve the problems will make you successful.
If you are unsure if you have a good business idea, the best way is to talk to someone. Suppose you are interested in creating something for scuba diving. In that case, you should join some group on Facebook, talk to them, and even hang around at the scuba diving club and ask for some opinion on what problems they face during scuba diving.
"To launch a business means successfully solving problems. Solving problems means listening" -Richard Branson.
Simplify Things and Make Lives Easier
The other way to develop a business idea is by simplifying complicated things. Back then before the 1980s, all cars were manual transmissions until someone came out of a way to create automatic transmissions to make driving easier for all of us to drink our coffee while driving without keeping shifting the gear. There are many other ways to make complicated things more manageable in life. You need to talk to more people and identify the problems.
Save People Money
One of the other good ways is by making a cheaper version of the existing product or services. You can choose to find a way to lower the cost price and sell it at an affordable price. A good example is what SpaceX has been doing, it costs around $90Million per seat to send astronauts into space, but for SpaceX, it only costs them around $55Million per seat.
We read a physical hardcover book that cost around $30 each until someone created a Kindle ebook. The cost of buying an ebook dropped to $10-15, which is half of the physical book. Reducing the cost of printing to nothing and half of the selling price simultaneously provides the same value of knowledge to you.
When you save little money for people, you earn little money at the same time if you save big money like SpaceX, you earn big money.
Conclusion and Advice
There are many ways to come out with business ideas, but make sure you always do your research before planning it. It’s a good practice to write down the problem you are facing every day on a piece of paper and come out with a solution. It might be a new business that you are creating.
