|Every company was created by someone. You can make one too!|
Successful businesses deliver goods and services that people want or need. People or businesses interested in the goods and services are the market. The market must be willing to pay for the goods and services on a continuing basis for the business to have a sustainable model. This sounds simple, but too often entrepreneurs creating a startup do not have this concept properly developed. The key to creating a successful business is to find a niche product or service and evaluate the market. The evaluation of the market should include determination of a desire to buy the product and pay the price requested.
Finding a business idea is another matter. Sometimes businesses concept discoveries occur by serendipity while at other times thoughtful innovation and creativity lead to the business idea. If you are an entrepreneur wishing to create a business, consider one of the following paths that may facilitate identification of a novel business idea for a startup.
Solve problems: One great business model is to identify real problems and create solutions for those problems. The general population may not recognize the problem. Good marketing teaches the public about the problem and your company provides the solution to the problem. People did not need personal computers or smart phones until marketing of products showed how they fit needs of the market. The market had to be educated that cholesterol was a problem before the launch of statins. The concept of identifying problems and solving them is a great way to direct a business toward profitability.
Fulfill desires: Many people love to have the latest and greatest new device. They want new places to go for dining or recreation. They want to be healthy and have better nutrition. Catering a business to fit the desires of a target market provides an avenue for a new business. Creating a business that delivers the products or services in a unique or superior manner works well for many entrepreneurs. Try to survey the market segment about your offering and use the information to improve the business model.
Meet needs: People have every day desires and needs. They must eat and drink to survive. They require clothing and warm dry places to live. Obvious business areas are renewable energy, medical devices and drugs, improved foods and services. Businesses need goods and services as well. They may wish to outsource areas of work or require production of materials. They need maintenance and improvements just like individuals. Identifying those needs and developing business ideas to meet the needs help generate a business idea.
Improve something: Some products are improved or recreated constantly. The TV you are watching is most likely a flat screen, your pone is a smart device, your computer is faster and lighter, all these are examples of improving existing products. Cosmetics are constantly improved or changed. Some product areas have modifications with new products launched every 1-1.5 years. Your ability to deliver or improve on existing goods may be a great concept for a business.
Create new stuff: One business model most exciting to innovative and creative people is taking a new invention to market. The invention may be his or her creation or it may be a creation licensed from someone else. Discovery research always has interesting new concepts with product opportunities. It is critical to evaluate the market to ensure interest in the discovery, but the business model is one that has worked for many.
Taffy Williams is the author of: Think Agile: How Smart Entrepreneurs Adapt in Order to Succeed to via Amazon