How to Come Up With Startup Business Ideas in the Digital Era
Every entrepreneur dreams of turning their brainchild into the next big thing. If you are thinking of starting your own company in South Africa, build on the experience of your predecessors. Even Mark Zuckerberg was a startup founder once.
In business, idea generation is an organised process. It requires as much dedication as any other job-related task. Hitting on the best idea while standing in the grocery line or in the middle of the night is possible but rare. To succeed, you need planning and research.
Sources of the Best Ideas
Technological advances are designed to make our lives easier. Businesses meet the needs of the modern consumer online through apps and websites. The growing interconnectedness should be your primary source of inspiration.
Begin with basic research. Learn about successful business startups of the past decade. Many founders share their stories with the media, providing priceless insights and advice for aspiring entrepreneurs. Identify strategies that worked and failed in the past.
One of the most inspiring examples is the history of Apple. Steve Jobs and Steve Wozniak solved the problem of expensive computers. To fill the market gap, they built Apple I, followed by Apple II, etc.
The entrepreneurs of today can use the power of brainstorming to find creative solutions to everyday problems. The trick is to make this process targeted. Here is how.
Focus on Trends
Research the industries that interest you. As an aspiring businessman, you may already have a niche in mind. A suitable domain will match your prior experience, potential, or both. Scrutinise the segment to learn all the ins and outs. Take your time and do not make rash decisions.
For example, if you have experience with finance, you could harness the power of online trading. Millions of people now buy and sell currencies, stocks and derivatives from the comfort of their homes. In South Africa, Forex trading is booming. During the pandemic, brokers like Forextime have seen their clientele expand. As a local provider of online Forex trading services, you could attract thousands of clients.
Build Your Network
Any entrepreneur will benefit from listening to like-minded individuals. Visit as many networking events as possible. Now, during the pandemic, they are often held online.
Attending lead-generating meetings is crucial. Come well-prepared, and you will discover new viable opportunities. The more you talk to other entrepreneurs, the more you will learn about the typical pain points in different industries. You can also find a partner, having someone who will support your startup idea and help you bring it to life.
Ask the Right Questions
Most startup ideas are risky. To check if your concept has the potential to gain traction, ask yourself questions. Here are the key areas to focus on.
- Your Skill Set
What are your strengths? Are you a talented marketer, a good writer, and a strong salesman? If this is the case, you may help other startups enhance their marketing policies. Consider joining forces with fellow entrepreneurs. You may also launch a website or blog to market your skills.
- Value of Your Idea
Will people actually need your business? What gaps in their realities can you fill? What is missing in their personal or professional lives? Finally, consider the fields you have worked in. What products or services would make the lives of customers easier?
- Strong Client Relations
The small business must forge strong relationships with its customers to become competitive. A personal touch can make a big difference, particularly for firms serving local communities. For instance, if you intend to work in the event industry, face-to-face interaction will be crucial.
- Strong Investor Relations
Investors look for fresh business ideas with a solid growth plan. Decide what kind of support you need and what questions your potential investors may ask. Doing this early will help you understand if the concept has any real potential.
Final Tip: Keep It Simple
Start small. To set up a business, you do not have to be the next Elon Musk. Focus on gaps in consumers’ lives. It is not the time for grandiosity.
Coming up with a feasible idea may be hard, but it is only the beginning. To turn a concept into reality, you will need to overcome multiple hurdles. Many entrepreneurs fail to secure funding — in fact, 90% of all startups are doomed.
One idea is not enough. Take time to generate a few strong suggestions. Then, analyse them thoroughly to find the one with the biggest potential. This idea is the most likely basis for your business.
