Top 3 Ways You Can Generate New Business Ideas

1. Start a business that evolves around your innate ability. Innate abilities help you do things with ease. I often hear people say, “what are you talented for?” Innate abilities help you do things better, quickly and “naturally” than others. Helps you do things effortlessly!

When I was very cute, I knew I was going to do well as a writer! It was so convincing that my mother called me “akowe-kowura”. I never got tired of writing, although not entirely rubbish. But I loved it! I loved writing good and compelling copies that I soon fell in love with copywriting.

One great thing about your innate ability is that it pushes you, not the other way around. In all humility to all my Afripreneur friends who read this post, I write with ease and receive much praise for my writing. No wonder Peak came up with a catchphrase, “it’s in you!”

Looking for business ideas? It’s on you!

Now, take this as your homework!

From my story so far, I highlight 10 possible businesses that I could undertake, considering my innate ability. Answering this question can benefit you and our Afripreneur friends!

2. Turn your experience or knowledge into a profitable company.

Instead of asking, “What business can I start that makes quick profits?” Turn your practical experience or knowledge into a profitable venture!

An entrepreneur is one who is able to commercialize his ideas, experience, knowledge and ability and make good profits.

What do you know? What skill have you recently acquired? What education have you obtained? What experience have you acquired? Do you know that there are people waiting for what you have to serve you?

As I tell the seminar audience, there is money in the air, a lot! Offer a certain type of business that people need and the money will come. It’s called service! Money responds to service!

Why spend 15 quality years with an airline and say you have no business ideas? If you can’t afford to own a commercial jet, why not have an agency? As far as I know, there are ancillary companies in the airline / hospitality industry; the executive car rental business is just one.

Want to know why you are likely to do well when you start a business from your past experience? Once you were the store manager, production supervisor, accountant, brand executive, marketing officer – you were there, everywhere! You knew what, when, where, how and for whom. You have a sure advantage over your competitors to do better.

Don’t look for business ideas anywhere, look inward.

Now my friend. What do you have? It could be some kind of knowledge or an experience that you have had somewhere, in some way. Your answer could simply be a seed that is waiting to bloom. Sit down with a few friends or your family to brainstorm on the topic. This will eventually bring you several options to choose from. Then do a feasibility study on your 3 great options to see which one is the most chosen.

3. Take advantage of technology, situations and opportunities.

Have you heard of the story of two guys who traveled to a certain country where the people who lived there weren’t wearing shoes? One of them saw an opportunity in this situation, he returned to his home country, ordered a large shipment of shoes of different sizes and exported them to the country where people did not wear shoes. He sold more shoes than he bargained for! This is a typical example of taking advantage of situations.

There are several situations where you need to shine your eyes!

In the 21st century business arena, business operations have shifted from manual to technology-based. If you are tech savvy, you might consider starting a business that evolves around helping companies transform their operations and marketing. It may also be helpful to take a few short courses or information technology training.

In Nigeria today, for example, we see the Central Bank implementing the cashless policy. This is an opportunity that you can take advantage of with various mobile money operators and distributors everywhere. There are a number of such policies that directly create business opportunities. Take advantage of them.

When generating business ideas, you need to be very sensitive and alert to your immediate surroundings. Walk with an open mind. Be aware of the fact that anything is possible.

Entrepreneurs are opportunists! They seize opportunities. While others lament a situation, businessmen celebrate it. It’s about time you stopped being an armchair critic – take another step to overcome challenges.

Do you need a business idea? I guess you already know what to do!