10 Tips For Identifying Lucrative Business Ideas!

Great business idea like gold,often looks undesirable in its raw state when it is surrounded by dirt. However, as it is refined and defined, it begins to shine and bring out its striking qualities.Although business ideas or solutions originate in various ways, their source is God who created us in His image and place in each of us the creative ability.Business ideas come through:
1. An idea bank
This is made up of ideas that have been archived over a period of time,awaiting use in the future. An idea bank could contain recordings of potential business ideas,newspaper cuttings, copies of pages of books, magazines, articles,pictures and the could also be a collection of potential business ideas one is considering to venture idea bank could be in the form of a diary, organizer, or even a voice or data recorder you keep close by to note down the ideas that come up at any time.
2. Imagination
The archetypal entrepreneur is a very imaginative person.Ideas evolve in our imagination in an incalculable number of could come through a dream an abrupt brain wave. Sometimes, it is in less dramatic fashion like when one is chatting with friends, driving a car or just strolling typical entrepreneur keeps tossing an idea several times in his or her head until it takes shape and is ready for originality of your idea must rest in its means that you can do what all other people are doing but with a different terrain and tang.
3. Brainstorming
Brainstorming is closely related to the idea bank principle. It is a formal idea-generation mechanism, which involves more than one person, often a small group of people, gathering to reach a consensus.A good brainstorming session does not discriminate against ideas but allows each person to put forward their idea, no matter how inappropriate it may initially sound.
4. Needs or inconveniences
The twinge you feel will often motivate you to mitigate your ideas. Most at times, people get their ideas when they see needs they feel they can do something about. Entrepreneurs often look at problems in the light of what they can do to solve them, and at an advantages.Always be on the guard for an opportunity to be harnessed. In so doing,you process information differently from everyone else.
5. Dissatisfaction with alternatives on offer
Dissatisfaction is the greatest impetus for all change. Entrepreneurs often initiate business in response to the poor service quality, unwarranted shortages or high prices on offer in the market. Monopolists and pioneer service providers in any industry sometimes take advantage of their position to develop arrogant attitudes and give excuses for long delays or falling quality in service delivery, until an entrepreneur moves in and attracts dissatisfied customers with better prices or superior there something you are good at that others are doing lackadaisically? That could be your signal to move in.
6. Personal adversity
Sometimes, difficulties are another strong motivation for the inception of businesses. Many have latched on to a business idea because they were dismissed from their job, victimized, discriminated against or denied access to services they were otherwise qualified. For example, Bill Gates is reputed to have started Microsoft after he was thrown out of Harvard University for not making the grade.
7. Changes in policies
There are times when a change in government policy or in the economic environment suddenly makes a particular sector or industry jolly attractive. As a natural corollary, people come up with ideas about various types of businesses to take advantage of the opportunity created.
8. Family or community tradition
In certain cases, some families have built an enviable reputation in a particular business or industry. A child growing up in such a family is easily motivated by the achievements and experiences of her parents or the number of uncles and aunties who are making an impact in that field. Also, growing up in a community that is dominated by a particular trade could easily have a similar effect.
9. Demand for one’s gift or talent
Some people use their natural gifts and talents as hobbies without any commercial consideration. But as this demand grows, it becomes increasingly obvious that it is impossible to continue offering the service for idea of commercialization then comes up and soon a business is born.
10. Inspirational moments
Many ideas are sometimes generated when one feels inspired by what they see or hear. Such people find their minds filled with lots of innovative ideas whenever, for example, they listen to great speech or sermon,whilst listening to an inspirational message.

Related Posts