This archive report was first published on 22 December 2021.
Starting a business can be a daunting task, especially when you don't have a clear idea of what you want to do. However, with the right mindset and approach, you can come up with a great business idea that meets your needs and those of your target customers.
According to a recent article, many entrepreneurs make the mistake of starting a new business because they think an idea is cool. Instead, they should focus on solving problems that they and their customers face.
For instance, if you and most people around you have trouble finding educational toys for kids, a business idea to solve that specific problem might be profitable. You can either design educational toys for kids or create a smaller solution by sourcing educational toys and selling them online or in a brick-and-mortar shop.
Another key tip is to let go of originality. A great business idea doesn't have to reinvent the wheel. As the saying goes, 'there's nothing new under the sun.' When you think of a business idea, whether it's a product or a service, you probably won't be the first person to think of it. Instead of focusing on how to be original, focus on being better. You can provide similar products or services to other businesses, but become more successful by becoming the better option.
Additionally, taking inspiration from abroad can help you discover wonderful products or services that haven't been marketed locally. For example, the first Kenyan entrepreneurs to invest in the mobile toilet business were replicating an idea they'd seen abroad. The industry turned out to be an untapped goldmine.
Lastly, applying your skills to a new field can open you up to great business ideas. For example, you can use your training in mechanical engineering to create toys for children or use your knowledge as a doctor to design a product or service for patients.
By following these tips, you can come up with a great business idea that meets your needs and those of your target customers.
