Business idea generation is a creative process that entrepreneurs and businessmen use to create new business ideas.
The process involves gathering ideas using any idea generation method, doing market research, testing, revising or pivoting and finally implementing the idea.
We had Nii Ayitey Hammond, the Editor in Chief of BizzAfrica, to share with us on the topic idea.
With his experience in entrepreneurship combined with his active involvement in promoting young entrepreneurs, he shares on how to generate business ideas and how to successfully bring these ideas to fruition.
“The first thing to note; there is no new idea under the sun, literally. Entrepreneurs are in the constant business of recycling ideas” he said.
He then made it clear that what separates an entrepreneur from a market woman is innovation.
“A market woman may sell raw fruits in the market; an entrepreneur will decide to sell fruit juice plus straw plus tissue plus other items. The market woman may price a fruit at GHc1 cedi and the entrepreneur will present the whole package at GHc5 cedis,” he added.
The entrepreneur added innovation to the fruit to create a business idea and that increased the revenue.
He again made several references to the innovative ways smart entrepreneurs are cashing in a global challenge thanks to COVID-19. We have entrepreneurs who are adding facemasks to face shields, especially when we learnt that the shields alone were not offering enough protection.
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According to him, innovation is everything when it comes to generating business ideas.
It takes thinking outside the box to make new money with old ideas. Every situation creates opportunities to do business or come out with a business idea.
“Generating business ideas is a tricky process; it could be a challenge or it could be simple. It is all about your mindset” he said.
You can use your interest and do what you love, perfect your art, never stop learning, expand your social circle and most importantly get started.
“You may not get it right all the time; experience shapes your ideas over time. Make all the mistakes and learn from them,” he explained.
In summary, generating a business idea is a crucial stage in your quest to become an entrepreneur.
Know your interest, educate yourself in that area, get the right team and get started.
To bring your ideas to fruition, he asked that we follow these steps;
1. Write down your ideas and continuously develop them:
It is very important to write down your ideas in simple sentences.
It should be very normal for you to wake up dawn just to improve your idea.
It is also important to remember you don’t have the luxuries non-entrepreneurs enjoy; they can decide to take chances and live normal lives but as an entrepreneur, your brain is constantly searching for opportunities in every situation.
Anyone who shares a problem with you is giving you an opportunity to solve a problem.
2. Get the right team:
Every opportunity that presents itself to an entrepreneur comes several facets; learn to share opportunities.
But in choosing the people to share them with, it is important to do so wisely.
It is not about family and friends; it is about people who can get the task executed.
3. Have patience:
One important trait entrepreneurs need to learn is patience.
The fact that you have a brilliant idea does not mean you will become a millionaire overnight.
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There are surprises along the way and you would need to regain your balance once you are knocked off-course.
Other important steps to note is identifying your competitors and constantly fine-tuning your ideas.
This places you steps ahead of the competition.
Note also that things will not fall in place all the time, learn to deal with issues along the way.
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If you missed the session on our WhatsApp platform, we have just given you all the knowledge you need in landing a game-changer idea and starting your journey as an entrepreneur.
To know about our upcoming sessions and join us, follow us on our social media platforms; Bilth Studio.
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