Your Look for New Business Ideas Ends Here

A new and novel idea is enough to spur an initiative for a good business

By
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

You want to quit your job and start a new business or you want to diversify your existing business and start a new line. But you are clueless as to what to do. The investment isn’t an issue but a smart business idea is what you are looking for. Most of the businesses you look around are a result of severe brainstorming and hard work; a few others are just born out of luck or chance. Starting a new business unit from scratch can be intimidating as quite a lot of start-ups fail in the initial years. However, looking for the right idea is the key.



Here are a few tip-offs which will give you a head start as to how a novel business idea can be generated:



Look Around and the Opportunity Awaits

Shutterstock.com

Just keep your mind open and the desire to start a business ignited. Nature and surroundings will provide ample cues to a new and profitable business idea. Inspiration can come from anywhere. A simple grocery store and its problems could lead you to open the next Cosco in your town or a mere walk in your neighbourhood park could lead you to develop Tivoli Garden for your city. The key is to keep your eyes and mind open and accessible to new ideas and opportunities.

Craigslist, the biggest American classified advertisements website, for example, was created just to distribute e-mails to friends to inform them of the local events. Craig Newmark, the founder of Craigslist, started this enormous platform just to have a way for friendly communication and how this has now spread its tentacle to all segments worldwide is simply amazing.

A new and novel idea is enough to spur an initiative for a good business.

Look Around for Problems

Any problem or roadblock you see around you can spark a business idea. Anything that causes trouble or brings dissatisfaction around is enough to lead you to look for solutions and set up a business providing solution to that problem area.



Rajat Bhatia, CEO of GeeKay Bikes, was highly sensitive towards the increasing problem of pollution and smog. This gave rise to the first eco-friendly cycles in India. He says, “I want to make India pollution-free just like the city of Copenhagen. Hence the concept of e-bikes came to our mind.”

Look at Your Skill-sets and Inner Potential

What are you good at or what makes you happy is sufficient to generate a good business proposal. If you are good at computers, look for IT-enabled solutions; if you are good at writing and editing, a publishing house can be a good start. Likewise, you have to analyze what your hidden talents are and what is likely to give you a higher satisfaction quotient.



Arpit Jain, CEO of Promatics Information Technology, was always interested in technology and IT. This gave rise to the business of software development. He proudly shares that solving IT problems and creating new solutions for computers was always a passion; hence this company brings out the best in him.



Take a Break

Just the right idea is what you need to trigger-off that multi-dollar business. You’ll think new and big once your mind is fresh. Take a break from your routine chore; a small holiday or a small get-together with friends is what makes you feel fresh and opens your brain to a new proposition.

How can Rohan Dhir, Director at Puneet knitwear, not be mentioned here? He, while on a holiday to Dubai, managed networking and establishing an export wing of his yarn and set up business there. Isn’t it so simple yet so fabulous?

Takeaway:



You are keen to start your business, waiting for the right time and the perfect mind-boggling idea. It isn’t a rocket science to establish a new business. Just assess the right market conditions, the level of competition and keep your mind alert to all the opportunities around you. You just need to be astute and keep the grey matter looking around for fish’s eye.

 

Sania Gupta

Written By

Sania Gupta is also Founder and CEO, Digital Kangaroos, an author, entrepreneur, marketer and blogger. And as a career coach at My Study Destination, she has helped thousands of students realize their dreams.