How to Discover Your Next Business Idea for the New Year
The year is ending and as always, it’s an opportunity for change, renewal, and new goals. Everyone wants to start the new year with a strategy to do way more than they did last year, but as we all know, that’s much easier said than done.
It takes motivation and dedication to execute an idea as we’ve discussed at length in past posts, but it also takes an actionable idea that you can begin to build a framework around.
So what does it take to come up with a new idea that you not only believe in, but can also execute effectively on? When you take a step back, it’s a somewhat insane proposition that you can generate a solution that will make people’s lives better. Especially when there are so many others trying to do the exact same thing.
There’s no reason to give up hope though. Running into challenges headfirst and doing what seems impossible is what sets successful startups apart. And there are strategies for coming up with ideas and real ways to make that effort easier. Let’s take a look at some.
1. Start With Problems and Find Solutions
While this is very much the mantra of any business trying to find a niche of success, it’s still a valuable talking point. Being an entrepreneur is all about being able to identify problems and understanding them to the fullest possible extent. How else are you supposed to figure out the game-changing solution?
Ideas don’t just appear from thin air. There’s always a kernel from which they are based and it just so happens that problems are one of the easiest kernels to find because problems are everywhere in every industry you can think of.
Don’t come up with the best idea. Take the time to educate yourself about particular problems in the world around you and find the best solutions that you possibly can.
2. Track Everything and Revise Constantly
We’ve talked before about how recording everything is an incredibly necessary part of any efficient business. The same is true when it comes to identifying successful ideas. Find a place to note down every single idea you have, even the most seemingly ridiculous and useless ones.
Once you get a free moment, go back and try to flesh the good ones out. Revise the idea, taking note of all the little complications you may not have noticed on the first go. Discard the ideas that you know you can’t make work.
3. Recognize Opportunity in “Unsexy Spaces”
While the ultimate dream is to develop an app or product that takes the industry by storm and is revolutionary in some way, the fact of the matter is that there is generally more opportunity and certainty in less exciting businesses that support customers.
This doesn’t mean you have to resign yourself to something you don’t care about, but some of the best businesses out there aren’t the ones that everyone is normally thinking about. You can still innovate, you can still be a valuable force, and you can still do something that no one has before. In fact, it may even be easier than if you had boxed yourself in saturated spaces.
4. Monetize Your Passion
Success isn’t always a simple matter of finding the most lucrative avenue out in the world today. To push yourself into any industry, you need to be prepared to dedicate everything you’ve got and that’s generally much easier if you’re truly passionate about whatever it is you’re doing.
Don’t waste your time with a clinical approach where you diagnose the one problem and solution out there that’s going to make you rich and famous. Figure out what you want you to be doing and push with everything you’ve got to make that into a viable business.
The Zuckerbergs and Cubans of the world found the space that they cared about,may that be coding or the natural competitiveness of the business world, and succeeded because that was at the core of what mattered to them as people.
Maybe this approach is less consistent, maybe it will take more risk, but if you’ve ever struggled with motivation when you push yourself into a field you’re not engaged with, then it might be a good time to step back and reassess what matters most to you.