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How to generate business ideas.

Talking about how to generate business ideas, most people that start their businesses usually have an aha moment.

That’s the point where something clicks in their mind and they feel that this is a viable business plan. There are those that are lucky enough to think up an idea that has never been done before.

For example, a friend of runs a company called lavender babies and mommas and she builds baby carriers that are convenient and safe for both the mother and child. What is innovative about it is that it doesn’t do anything differently from the typical wrapper. It is worn the same way as you would do the wrapper, but it feels more comfortable and it doesn’t slip up like the wrapper. And her idea didn’t stem from anything apart from her love for children. People like her are lucky. Others that aren’t so lucky are stuck with building routines that enable us to build our ideas.

What worked for me was that I kept a journal where I scribbled 5 business ideas every day.

And looked for the one that I felt had an x-factor. This could work if you’re lucky.

Other ideas stem from a place of talent. For example I studied civil engineering in school and I decided to build my own construction company or a building design firm. You have learnt coding/programming and you build your own IT company to provide solutions for your customers.

Then for others it could be hereditary. A family business could inspire you. For example, your mum could be a seamstress and you decide to be a fashion stylist or a fashion blogger. This was because clothing was very much a part of your childhood.

But one thing I can argue is of is that the Entrepreneurs that last the longest are those that believe that they are either solving a major issue or expanding the next frontier of human existence.

Just like Elon Musk and his company Tesla or chowberry a social Enterprise that buys food that is about to expire from major retail stores at discounted prices to sell to residents of low-income communities to solve hunger.

I can bet the the owner of chowberry either experienced some sort of poverty himself or was too close to it to be comfortable.

Or it could be something you experienced that you never want to happen to the next person

Another is. Work experience. This is so vital. In Nigeria, our government has decided to lie to young graduates, most of whom don’t have work experience,  that they can build businesses.

I believe if you’ve never been part of a team. You can’t lead a team. But you can beg to differ.

Some successful  Entrepreneurs spend years working and building their skill set and decide to build a business that solves the problem of their previous employers and other potential clients like them.

I really beg to differ,  entrepreneurs don’t think like employees.  Though there are things to pick but their focus differ

This is highly popular in the oil and gas sector as retirees of oil companies usually build businesses that enable these companies to extract, transport or store crude oil and other types of fuel.

If you haven’t worked. How do you know the first thing to even do. How do you hire, how do you know who would suit a role? How do you know how to relate with workers. There are a lot of things.

And yes let’s not forget. As this is the typical Nigerian system.

We copy ideas. Once we see that this business is working for others. We do it exactly the same way.

I’m a decent blogger when I decide to write. But the articles I’ve written have given me the opportunity to get noticed to get paid to speak at events.

With the Advent of social media. Anything can be a business. Don’t sleep on the bicycle. Don’t play yourself by yourself. Get proactive. Build your business today!

I have a friend that likes food. Like that’s all she can do. Just eat.

Now different restaurants pay her to come and take pictures of their food before she eats as well as do a review on the meal. She gives them a little extra by doing a video of their space and the arena of the food joint. The whole process from when she walks in till she leaves.

Be like my friend, don’t eat out with your own money. Get paid to eat out.

Another thing is being  among like-minded people. When you attend entrepreneurship programs or being part of groups like this, you can easily generate ideas, perhaps through discussion with your fellow entrepreneurs or from a lecture.

Also, always do a lot of surfing the internet about businesses and entrepreneurship, I get a lot of ideas from there. You might find an idea that works in European or African country and bring it to Nigeria, However, you must validate it before venturing. There are many crazy business models being used in Nigeria that are got from foreign countries and they are doing well

Guess she has large followers on social media.

This is so true. You might have that thing you want to start. But a friend or an acquaintance from an event can tell you how you can do the same thing in a very innovative way.

Unlike every farmer that has to own it’s own farm, Farmcrowdy doesn’t own a single farm. They support farmers who own lands with farm inputs and share the profits between them, the farmer and the investor that decided to invest in the farm of his/her choice.

Which is very similar to Uber. The largest taxi service without any cabs.

She had to build it.

 

Summary of how to generate business ideas

  1. Sign from God (Aha moment)
  2. Business idea journal
  3. Personal/relatable problem.
  4. Talent/skill set
  5. Work experience based idea.
  6. Networking/ Community Development.
  7. Leveraging on Social media. (Influencer/blogger etc)

 

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