7 Tips for Brainstorming a Great Business Idea

Looking to get started in the world of business but not sure where to start? One of the first but most important steps towards starting your own business is finding an idea – not just any, but above all, a good business idea. Continue reading to find out how.

Many great business ideas start with a nuisance. When things do not work the way you would like, this often lays the foundation for a new business idea. Whether one recognizes the opportunity or not depends, on the one hand, on personal interest, and on the other, from a creative point of view. If you are stuck on whether your creative ideas are business worthy, consider the following tips will help you find the best idea.

1. Define the Future of the Business

In order to recognize whether an idea fits your own ideas and wishes, you first have to be clear about your goals. Start by asking yourself the following questions: Should the startup be run as a hobby? Is it initially a part-time business that may eventually become full-time in the long term? Will you be working on selling your business after three to five years? Do you plan to have venture capitalists on board?

When it comes to finding a good business idea, there is no better or worse option here as the most appropriate business ideas differ greatly from each other. The idea must first and foremost match the corresponding founder.

2. Be Creative

Getting a business idea is, to a large extent, a creative process. As in other areas, you can use creative techniques that help to get your thoughts moving. To get a good business idea, it is advisable to first learn about and look at different creative topics and techniques that most appeal to you. No all subjects and niches will suit your preferences and skills.

3. Follow Your Passions

Developing a business idea and successfully promoting it requires time, hard work and tremendous endurance. It is said that it takes at least three years for a new company to run smoothly. And by that time you have already turned your original business model five times to the left and back to the right. In other words, what you start with will not be what you end up with. It is all the more important that you identify with the core of your idea from the start and are enthusiastic about it – because it will stay that way. Anyone who does not burn and has no passion will sooner or later lose their motivation and give up.

Your own personal interests are a great start when it comes to choosing the best business idea. After all, you are looking for an idea that you want to deal with comprehensively and in the long term. It cannot hurt to have an honest and serious interest in this topic. In addition, there is a high probability that you already have some deeper skills and knowledge in this area.

4. Be Alert

Simply sitting down at the desk with a pen and paper and writing down business ideas rarely leads to ideas that solve a real problem. To truly develop a business idea that is as successful as possible, you need to recognize and understand market needs, for example with so-called ‘pain-spotting’. The aim is to find out where customers are dissatisfied or where supply and expectations do not match. You do not have to spend all day researching, but rather, go through everyday life with open eyes and ears, in order to recognize opportunities for business ideas.

Instead, watch how things work at the moment and think about what’s missing or how to do it better. It’s a no brainer that the more problems you spot in your environment, the more possible business ideas you will be able to jot down. Even if they are ideas that are not so profitable, they certainly can help as a source of inspiration for that big idea.

5. Analyse The Market

For the business idea to be a success and earn money, you need customers for your product or service. Many founders make the mistake of being so enthusiastic about an idea that they believe the world has been waiting for it, only to find out that there is no market. Their mistake: They think supply-oriented – and then have to persuade potential customers with much marketing and advertising, that there is a need. The other way around that is more of a business is to develop a demand-driven business model which is also an easy way to solve an existing, real problem.

6. Be Realistic

Unfortunately, the best and most progressive idea is of no use if you are unable to realize it. Visions are an important building block for progress, but your project must always be realistic enough to be implemented at an affordable cost. Otherwise it’s just a game of mind. After all, you do not have to be able to do everything alone. In fact, the most successful startups are team foundations. Here, the co-founders complement each other with the necessary qualifications, experience and strengths. Often a team with three founding partners has proven itself.

7. Get Honest Feedback

As early as possible, you should ask potential customers from the relevant target group for feedback on the idea. It is important to steer away from friends and acquaintances as they may be biased in their answers. Studies that show that a so-called “interviewer bias” is involved in asking relatives or friends what they think: because they are close to you, they value the idea more positively than a stranger would. Most importantly, do not be afraid of critical opinions! On the contrary, such opinions can save you from mistakes and sharpen the focus of the idea.

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