Small Businesses

Top 3 ways to generate ideas for a new business

1. Create a business around your natural abilities. Your natural talents allow you to do things quickly. Many people ask me “What are you good at?” It helps you to do things quicker and more naturally than others. It allows you to accomplish things quickly and effortlessly.

When I was young, I knew that I would be a successful writer. My mom would call me “akowekowura”. I didn’t stop writing. I loved it! I was passionate about writing convincing copy and fell in love quickly with advert copywriting.

Your innate ability pushes you and not vice versa. This is a great thing. All my Afripreneur friends who are reading this post must be humbled. I write effortlessly and receive lots of compliments for my writing. Peak had a catchy tagline: “it’s all in you!”

Are you looking to find business ideas? It’s within you!

This is your assignment.

Let me share my story, and highlight 10 businesses I might start, taking into consideration my natural talent. You and your afripreneur buddies might find some value in answering this question.

2. Turn your expertise or knowledge into a profitable venture

Instead of asking the question, “Which company can I start that will make a quick profit?”Instead of asking “Which business can I start that will bring me quick profit?”, use your hands-on knowledge or experience to create a profitable venture.

Entrepreneurs are those who have the ability to commercialize their ideas, knowledge, and abilities and make a profit.

What do you know? What skill did you acquire recently? What qualifications have you earned? What experiences have you gained? Is it possible to share your experience with others?

As I often tell my seminar attendees, there’s money in the air. Lots of it. People will pay for the services you provide. It’s called service. It’s called service!

If you spend 15 years working in an airline company, why would you want to do so if you have no business ideas? Why not start your own agency if you don’t have the money to buy a commercial aircraft? There are many ancillary businesses within the Airline/Hospitality Industry, and executive car rental is just one.

You want to find out why you are more likely to succeed in your business venture based on your past experience. Once you were the Store Keeper and the Production Supervisor and the Accountant. You were also the Brand Executive and the Marketing Officer. You knew who, what, when, where and how to reach whom. Your competitors have the advantage of doing it better.

Look inwards for business ideas, and don’t look anywhere else.

You are now my friend. What are you missing? This could be some kind of knowledge or experience you have had. It could be a seed waiting to bloom. Discuss it with your family and friends. You will have many options. Next, conduct a feasibility study of your three choices to determine which one is best.

3. Take Advantage of Technology, Situations & Opportunities.

You may have heard of the tale of two men who traveled to a country where no shoes were worn. One of them saw a chance in this situation and went back to his homeland to purchase a large quantity of different sizes of shoes. He then exported them to the country with no shoes. He ended up selling more shoes than he expected. This is a classic example of taking advantage situations.

There are many situations that you should pay attention to!

Business operations have changed from being manual to becoming technology-based in the 21st century. A business that helps businesses transform their operations or marketing could be a possibility if you’re tech-savvy. It may also be beneficial to take up short courses or training in information technology.

Today, the Central Bank of Nigeria is implementing the cashless policy. This is a great opportunity to cash in with many Mobile Money dealers and operators all over the world. These policies can directly lead to business opportunities. Profit from them.

You must be sensitive to the environment around you when brainstorming business ideas. Keep your mind open. Keep your mind open to the possibility of anything and everything.

Entrepreneurs are open-minded! They capitalize on opportunities. While many people bemoan the situation, entrepreneurs rejoice in it. You need to stop being an armchair critic and take steps to solve problems.

Are you looking for a business idea to start your own company? You probably know what to do now!

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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