4 Top Steps to Generate Great Business Idea

4 Top Steps to Generate Great Business Idea

Picture of Daven Michaels

Daven Michaels

New York Times Bestselling Author, 30-year business veteran, and Executive Chairman of CurrentC Group.

Starting a business requires a lot of hard-work, from creating a business plan to getting funding, looking for investors and hiring employees. It’s important to say at this point that one of the best strategies for hiring skillful employees at affordable cost is to adopt outsourcing solution.

But first, you need to generate business ideas. The idea may come in different forms such as completely new product, a line of product or service, or a methodology. But, whatever your business idea may be, ensure it is something that your target audience (customers) is willing to purchase. You need to put in a lot of thought and creativity to spot that idea.

Step #1: Think of a Vacuum and Fill It

The truth is, there’s always a vacuum even for existing products, it doesn’t necessarily has to be an entirely new product or service. For instance, someone or some persons thought that if the accessories that came with your phone (e.g. charger, earpiece and battery) get bad, it shouldn’t be the end of your mobile phone.

As a result, they decided to create the business of providing phone and other electronic accessories. So, think of a vacuum in an existing product or service and fill it. But, if you have an all-new idea of product that would sell, go ahead and deploy it.

Step #2: Choose between Providing a Product and Service

Also, in generating great business idea, you need to decide between providing a service or tangible product. Whichever one you decide to pursue, you need to put a lot of thought and creativity into it. Also, you should consider the pros and cons that come with the business idea you want to pursue.

Step #3: Further Develop an Existing Business Idea

If you don’t want to go all the way brainstorming on a suitable new product, you should think of improving on an existing one. Taking an existing idea to another level is a great way to carve a saleable niche for yourself in the entire industry.

For instance, if you are technically inclined in the aspect of gadgets, you can think of features that can highly improve user’s experience but not yet implemented in the existing smart gadgets. This sort of creativity or idea can set you apart from the rest.

Step #4: Get Innovative

Successful entrepreneurs do not only focus on the moment when generating business ideas. They also think of the future in terms of adopting better methodologies and technologies, which makes them innovators.

So, at each point or stage of your business, ask yourself what’s the next level to move your product and/or service to? Such questions will provoke brainstorming and researching that will birth the new level you desire for your business.

Finally, you should integrate outsourcing solution in whatever business model you are adopting.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

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