How to find good idea for a small business?

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This presentation was prepared within framework of the training course ''Change Laboratory''."Change Laboratory'' is a platform where 29 young third sector representatives from Latvia, Poland, Portugal, Estonia, Slovakia, Lithuania, Slovenia, Czech Republic, Hungary, Sweden, Greece and Romania will carry out a collaborative learning activity by questioning current ways of thinking, analyzing and modeling social entrepreneurship ventures, and conducting thought and action experiments concerning possible changes in their communities.Main aim of this project is to promote active participation of young people and to contribute to developing the capabilities of civil society organizations in the youth field through gathering knowledge in social entrepreneurship area and through development of competencies essential for initiation of social entrepreneurship activities by non-governmental non-profit organizations. Encouraging self-initiative and developing the capability to analyze obstacles and opportunities within a social sector and to identify potential strategies to effect change are other important objectives of the project.Program is based on the experiential learning model and focuses on developing independent mind habits, entrepreneurship and leadership skills, on building understanding of creativity and innovations to meet genuine community needs and gain enhanced sense of responsibility to the communities in which we live.The first part of the course will introduce the participants to the concept of social entrepreneurship and its various applications across sectors and organizational forms. Furthermore it examines the success factors and conditions of setting up social enterprise. Through the program participants are expected to create a community project with potential to stimulate transformations and improvements in their chosen area, whether that is education, health care, economic development, environment, arts or any other social field - participants will develop plans for local or international social entrepreneurship entities or innovative projects, partnerships or other arrangements that would have a positive impact on social outcomes. Project takes place in three stages. Within first stage from 01.09.2011 to 21.10.2011 participants are completing several home tasks. From 22.10.2011 to 31.10.2011 all the group will meet in Riga, Latvia, and develop their competencies in social entrepreneurship within the framework of the training course ''Change Laboratory''. From 01.11.2011 to 31.01.2012 follow-up activities will be carried out along with project evaluation.This project has been funded with support from the European Commission. This page reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.

Transcript of How to find good idea for a small business?

  • How to find a good idea for smallbusiness?

  • When looking around for business ideas, bear in mind that these could be based on any of the following approaches:

  • amanufactured product where you buy materials or parts and make up the product yourself

  • adistributed product where you buy product from a wholesaler, retailer, or manufacturer

  • aservice which you provide

  • In other words you can

  • Invent a new product or service Think back 30 years ago. Was there a huge demand for anti-virus software? No! The key to coming up with business ideas for a new product or service is to identify a market need that's not being met.

  • Every really new idea looks crazy at first.

    Alfred North Whitehead

  • Add value to an existing product The difference between raw wood and finished lumber is a good example of putting a product through an additional process which increases its value. You might also add services, or combine the product with other products. What business ideas can you develop along these lines? Focus on what products you might buy and what you might do to them or with them to create a profitable business.

  • Improve an existing product or service What do they say about the person who builds a better mousetrap? That person could be you! A local entrepreneur has created bigger and heavier version of hula hoop so hula-hoopers can do more tricks. How did she come up with this idea? She thought hula hooping would be a fun thing to do with her child, but found the existing product too flimsy.

  • Get on the bandwagon Sometimes masses of people suddenly want or need something, and the resulting demand can't be immediately met. Look at existing businesses and the products and services they offer and determine if there's a need for more of those products or services. If there is, develop business ideas to fit the market gap.

  • Regardless which approach you prefer the starting point for developing new business ideas is...

  • YOU

  • Do what you love It's important to pick a business that you will enjoy running. If you don't enjoy what you do, you will not be successful, at least not from a mental point of view.

  • Your strengths and weaknesses should dictate areas in which to seek ideas Make honest assessments of your strengths and weaknesses! Don't be afraid to ask other people for feedback!

  • Sit down and make a list of 10 things that you like to do and are really good at and 10 things you don't like to do or aren't good at. Write down 10 things what other people like and dislike about you. List 10 products or services that would make your personal or work life better!

  • Don't overthink! Write down the first things that come to mind. When you are done, look for a pattern and ask whether there is a need for a business doing one of the things you like or are good at!

  • The need to be right all the time is the biggest bar to new ideas. It is better to have enough ideas for some of them to be wrong than to be always right by having no ideas at all.

    Edward de Bono

  • Next steps could be ...

  • Observe consumer behaviour What do people and organizations buy? What do they want, but can't buy? What do they buy and don't like? Where do they buy, when and how? Why do they buy? What else might they need but cannot get?

  • Look at existing products or services with a view to: Making them larger or smaller, lighter or heavier, faster or slower. Changing their color, material or shape. Altering their quality or quantity.

  • Look at existing products or services with a view to: Increasing mobility, access, portability, disposability. Simplifying repair, maintenance, cleaning. Adding new features, extensions and accessories.

  • Look at existing products or services with a view to: Changing the delivery method, packaging, shape. Improving usability, performance or safety. Improving the quality or service.

  • Try to notice things that annoy you and should be improved. It does not mean that you make yourself more irritable, but if you notice all the times you run across something that can be improved, those are opportunities

  • To understand what people might need - it can be easier to start with thinking about the things you think sucks. Do you wish you can get from point A to point B without having to drive? Do you wish that it was easier to clean your bathroom? Are the current solutions for these problems really horrible in your opinion? There are just tons of things throughout the day that you wish were better. Make just a long list of all of these things and then see if there is anything that you are interested in and for what you could find some better solution!

  • Look around you.What products or services are missing from your community? Have you heard or read about interesting businesses in other places that might work in your area? Ask your friends, neighbors, family and co-workers what products or services would make your community better

  • You are surrounded by simple, obvious solutions that can dramatically increase your income, power, influence and success. The problem is, you just don't see them.

    Jay Abraham

  • Be the opposite of secretive. Create a Google spreadsheet where you list every idea you can think. Then show it to every smart person you can get a meeting with. The odds that someone will hear an idea and start a competitor are close to zero. The odds youll learn which ideas are good and bad and how to improve them are very high.

  • Good ideas are common - whats uncommon are people wholl work hard enough to bring them about.

    Ashleigh Brilliant

  • Be on the look out for: Emerging Trends - for example, the population within your area may be getting older and creating demand for new products and services

  • Keep up with current events! If you read news regularly with the conscious intent of finding business ideas, you'll be amazed at how many business opportunities your brain generates. For instance, same-sex marriages are now legal in few countries. There are now also entrepreneurs who are selling travel packages that include a marriage ceremony to same-sex couples from other countries. Would you have identified that business opportunity?

  • Be on the look out for: Expanding market niches - for example, local industries may be outsourcing more of their services

  • Sometimes the situation is only a problem because it is looked at in a certain way. Looked at in another way, the right course of action may be so obvious that the problem no longer exists.

    Edward de Bono

  • Write your business ideas down. Let them swirl around in your head and coalesce. And keep an open mind and continue to assess everything you read and hear from an entrepreneurial point of view. You don't want to run with the first business idea you think of; you want to discover the idea that's best suited to your skills and desires.

    Dream, think, plan - and you'll be ready to transform that business idea into the business you've always wanted.

  • This project has been funded with support from the European Union. This presentation reflects the views only of the author, and the European Commission and cannot be held responsible for any use which may made of information contained therein.