How to come up with ideas for a startup?
Is entrepreneurship in your blood, but you can’t seem to come up with that one great idea which would qualify as an actual business idea? Don’t worry, it’s as simple as ABC! Take a good look at these three alternatives to get you started with your own startup business.
A. Start with a problem
The world has seen its fair share of those creative minds, who have an amazing talent of innovating something out of this world. Sadly, billions of those innovations have ended up in the trash can, because the world didn’t really need them or maybe the world just wasn’t ready for them yet. Therefore, stay grounded and create something that the world actually needs.
Problems and complaints are usually what people want to run far away from. However, as an entrepreneur you are advised not to fear, but to pay close attention to and dive into the core of any problem. Because one never knows, one of these problems could be the highway to a successful business.
To put it simply, a business idea is usually a solution for a problem that many people share. We encourage you to open-mindedly listen to the complaints of people around you offline and online – and even to listen to yourself, finding out what frustrates you and trying to think of a solution for it. Your solution might just be what the world has been waiting for. Be fearless!
B. Develop a better version
No need to reinvent the wheel to be successful. For a product or service to sell, it doesn’t always have to be something previously unheard of. It can be something as old as the hills, like establishing a pizza restaurant or creating self-designed T-shirts but with an innovative twist. That pizza restaurant could launch a new concept where customers pay by hours spent at the venue and those T-shirts could have different prints on each side so that they could be worn the right way round or inside out.
You don’t always need to sell a new product – just sell a fresh new way of thinking! Create higher value for a customers and surprise them by turning something that everyone knows into something that everyone desires. A better version of a something can also be achieved by combining features from different products, as long as the harmony is maintained and customer experience is enhanced. How about something as basic as a bookstore with a high quality coffee shop, where customers can familiarize with the books while enjoyed locally roasted single-origin coffee?
C. Run a franchise
If you’re not quite there yet with your own business idea or don’t want build something from scratch, why not try entrepreneurship by running someone else’s business? This low-risk concept is known as franchising.
“Franchising is a continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration. Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees).” (Entrepreneur Asia Pacific, 2018)
For more information about franchising opportunities, we advice you to visit https://www.franchiseeurope.com and choose you desired country.
Do you already have a cool business idea which you would like to share with the whole world, but don’t know where to start? Would you like to receive some professional assistance in developing your ideas? Look no further – Cambridge Venture Camp 2019 is the perfect hub for you to accelerate your business idea into a successful business or a very promising business plan! The application is open until February 3rd. Apply here!