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Coming up with new business ideas

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Jimbo70

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How do you guys come up with new business ideas?
Something original. Not looking for usual e-commerce like drop-shipping , or Amazon fba.
Currently feel like i'm stuck in a limbo , not knowing what business to start , or what to do in my free-time other than reading, therefore i'm just saving up money and investing into Cryptocurrencies . That is making me a decent amount of money, but not enough to quit my 9-5.
What would you guys do in a situation like that ?
 

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JM35

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How do you guys come up with new business ideas?
Something original. Not looking for usual e-commerce like drop-shipping , or Amazon fba.
Currently feel like i'm stuck in a limbo , not knowing what business to start , or what to do in my free-time other than reading, therefore i'm just saving up money and investing into Cryptocurrencies . That is making me a decent amount of money, but not enough to quit my 9-5.
What would you guys do in a situation like that ?
Write every idea that comes to your mind down in a notebook/or in the notes of your phone. No matter how stupid it is, or if you later find out someone has already done it, still keep it on your ideas list. When you get stuck thinking of new opportunities, go and read your list. It will kick your brain into idea mode.

Another technique: start by writing down all of the things you are a "consumer" of, and things you would consider yourself passionate about. The goal is to focus on areas/industries that you know well. Then as @404profound mentioned, try to find a problem that is solvable. A ton of businesses have been started in this world because a consumer found a problem in an industry and decided to solve it.

The other thing I think about is the things I would consider myself "above average" at. I believe that the majority of the people in the world (especially motivated people on a site like this) have at least one thing that they can say they are better at than most people. Focus on whatever this is for you, and think about ways you can create value for others less knowledgeable in that niche area.
 

Supercar

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Why do you need to come up with new business ideas?

Most successful businesses are old ideas being reiterated over and over again.

Success is 10% idea, 90% hard work.

Find one idea, and stick to it.
You do need new ideas for new businesses, if you do not want to violate CENTS.
 

jon.M

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Take an existing idea and change/improve something about it. Add a value skew.

For example: Lots of companies sell web hosting. None of them has a "new" business idea, it's only a way to host websites, but they're all different in some way.
  • Some have better prices
  • Some have better customer support
  • Some have more storage space
  • Some include free page builders
What Does "Value Skew" Mean?

You don't necessarily need a new, "disruptive" idea.
 

BrooklynHustle

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How do you guys come up with new business ideas?
Something original. Not looking for usual e-commerce like drop-shipping , or Amazon fba.
Currently feel like i'm stuck in a limbo , not knowing what business to start , or what to do in my free-time other than reading, therefore i'm just saving up money and investing into Cryptocurrencies . That is making me a decent amount of money, but not enough to quit my 9-5.
What would you guys do in a situation like that ?
Problems = Opportunities. Advice from a Billionaire.....
 

Eden H

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Previous replies already gave critical points :) I'll add some personal notes that I found helpful for me.

First of all,
Ideas journal - great thing.
Consider making it digital, because some old ideas can spark new and it's a problem if your ideas are scattered over 5 different notepads ('cause sometimes the original one is playing hide n seek in your drawer) and coffee spilled over them (authentic tho).

Second, your daily rants, tricks, tactics and hacks - can be potential ideas.
(the collaboration of 3 different apps to find x,y,z and conclude ã, or how you gather your dog poop).
Pay attention to what's bugging you, or actions in steps you take for granted.

Third (kind of a sidenote) - there is that shop WISH that has a huge amount of products for very little money.
Anyway, I see there all kinds of merchandise - all different designs of the same things.
Point is - makes the point of "not having to invent the wheel" all over again, and even some inspiration
(Ex. elves ears earphones - I loved it. Instantly recalled MJ example of the skull Vodka bottle)



Sent from my SM-G930F using Tapatalk
 

Jimbo70

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Mar 21, 2017
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Write every idea that comes to your mind down in a notebook/or in the notes of your phone. No matter how stupid it is, or if you later find out someone has already done it, still keep it on your ideas list. When you get stuck thinking of new opportunities, go and read your list. It will kick your brain into idea mode.

Good idea, I already write down most of my decent ideas that could possibly work. Always forget to read them again though. Thanks for the reminder !

Another technique: start by writing down all of the things you are a "consumer" of, and things you would consider yourself passionate about. The goal is to focus on areas/industries that you know well. Then as @404profound mentioned, try to find a problem that is solvable. A ton of businesses have been started in this world because a consumer found a problem in an industry and decided to solve it.

Sounds great ! Going to give it a try, thanks for the in depth answer !
 

Jimbo70

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Mar 21, 2017
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Why do you need to come up with new business ideas?

Most successful businesses are old ideas being reiterated over and over again.

Success is 10% idea, 90% hard work.

Find one idea, and stick to it.

To be honest, I feel like creating something new, there would be less competition, but harder to get the idea out there
 

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Jimbo70

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Mar 21, 2017
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Take an existing idea and change/improve something about it. Add a value skew.

For example: Lots of companies sell web hosting. None of them has a "new" business idea, it's only a way to host websites, but they're all different in some way.
  • Some have better prices
  • Some have better customer support
  • Some have more storage space
  • Some include free page builders
What Does "Value Skew" Mean?

You don't necessarily need a new, "disruptive" idea.

I've been thinking about that too, I find something I can improve, I'll go for it !
 

JM35

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Good idea, I already write down most of my decent ideas that could possibly work. Always forget to read them again though. Thanks for the reminder !



Sounds great ! Going to give it a try, thanks for the in depth answer !
Same goes here. It isn't often that I go back and re-read them, but I always find it super helpful when I do. And it helps me develop those ideas further, and maybe think of something that I hadn't last time that might make me change my mind about pursuing it or not.
 

404profound

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I've been looking into various businesses recently trying to find problems, nothing came to my my mind yet . I'll keep looking
Don't be afraid to connect with people. Customer interviews are unrivaled to learn about their pain (not to sound too cynical, but it's true).
 

minivanman

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Lots of people like used things nowadays. Can some used air and sell that to them. Taadaaa new idea right there for ya :)
 

PureA

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Why do you need to come up with new business ideas?

Most successful businesses are old ideas being reiterated over and over again.

Success is 10% idea, 90% hard work.

Find one idea, and stick to it.

this /thread.

It took me SO LONG to internalise this (for what ever reason) - but this is really it.

It's the media perception of entrepreneurship.

step 1: have amazing worlds first idea
step 2: buy red Ferrari

When in reality ask yourself how many of your favourite companies had an 'original idea'.

Nike?
Starbucks?
Facebook?
Mcds?

etc etc etc.

You are not limited by the lack of ideas, you may think you are, and it seems very real but you're not.

What's some industries you know well (companies you buy from a lot)? How could they serve you better? Make that company...

Gosh, I had a super quote one time and I am going to rehash it poorly now, but hopefully the message remains...

You create a business by doing something a little different/better and then conveying that fact to the market.

:)
 

Jimbo70

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this /thread.

It took me SO LONG to internalise this (for what ever reason) - but this is really it.

It's the media perception of entrepreneurship.

step 1: have amazing worlds first idea
step 2: buy red Ferrari

When in reality ask yourself how many of your favourite companies had an 'original idea'.

Nike?
Starbucks?
Facebook?
Mcds?

etc etc etc.

You are not limited by the lack of ideas, you may think you are, and it seems very real but you're not.

What's some industries you know well (companies you buy from a lot)? How could they serve you better? Make that company...

Gosh, I had a super quote one time and I am going to rehash it poorly now, but hopefully the message remains...

You create a business by doing something a little different/better and then conveying that fact to the market.

:)

Interesting , I've been thinking about that too. You still need to come up with something original, when opening a business , especially online. To stand out from the crowd, if you get what i mean. And that's one thing I can't really come up with. Guess I need to do more research , as for now I don't even know what industry to try opening a business in.
Great quote btw :D
 

PureA

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Interesting , I've been thinking about that too. You still need to come up with something original, when opening a business , especially online. To stand out from the crowd, if you get what i mean. And that's one thing I can't really come up with. Guess I need to do more research , as for now I don't even know what industry to try opening a business in.
Great quote btw :D

No. you. don't.

I am so passionate about this because it was a major tripping point for myself.

Please try and deprogram yourself from the fact that you think that you need the 'idea'. YOU DON'T.

You don't need a world changing idea, you just need a fresh angle .

READ: https://www.amazon.com/dp/1452869375/?tag=tff-amazonparser-20

Read below (and then read it again, and again):

MISTAKE NO. 1

BEING A BIG THINKER...

And trying to dent the universe.

No eventual revolutionary leader started out imagining their likeness in a bronze bust and attempting to dent the universe. As universe-denter Sir Richard Branson said, “When my friends and I started the first Virgin business 40 years ago, we had no master plan— especially not one for a group of companies that by 2011 would number more than 400 businesses around the world and employ 50,000 people. Had we tried to plan for such a future, we would certainly have messed it up.”

If you start out with illusions of grandeur, you’ll likely never start, or as Sir Richard said, you will mess it up. Why? Because you will overestimate your projected sales, you will overbuild and overspend on the perfect “scalable systems” and while you are dreaming of your contribution to human progress, you will miss payroll—then it’s game over.

Learn to start small. Start where you are. Ship what you’ve got. Sell something today. Then improve.

I asked my friend and legendary leadership guru John C. Maxwell what his big goals are these days. He said, “I’m just trying to get better every day.” He explained that when he was a young man struggling as a pastor, he could never have set a goal for the life he has today—it wouldn’t have even been conceivable to him and most certainly he could never have written a plan to get here. By focusing on just getting better every day, versus some imagined, lofty goal, he far surpassed any goal he could have imagined.

Now, I’m not telling you never to set goals. In fact, if you don’t give yourself some direction, you’ll wander aimlessly into bankruptcy. But on a day-to-day, practical basis, thinking too big paralyzes you and keeps you from doing anything at all. You figure if your product or service isn’t revolutionary yet or you’re not changing the world, you have a convenient excuse to wait, delay, and continue to aim, aim, aim rather than work, work, work.

You’ve heard it before, “The journey of a thousand miles begins with a single step.” Think small. Think about today’s step. Then with each step you take, work on growing and getting better. In due time, you will look up and realize you’re much further along than you could have even seen over the horizon from where you first started. You might even travel so far in your constant and never-ending day-to-day growth and improvement that the world feels your step and is slightly dented by it. It can happen!

^^ From Darren Hardy
 

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Jimbo70

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Wow , never really thought about it this way, in my mind I always thought I have to think of something new, something original to make it big.
That was a great explanation , an eye opener.

Now, I’m not telling you never to set goals. In fact, if you don’t give yourself some direction, you’ll wander aimlessly into bankruptcy. But on a day-to-day, practical basis, thinking too big paralyzes you and keeps you from doing anything at all. You figure if your product or service isn’t revolutionary yet or you’re not changing the world, you have a convenient excuse to wait, delay, and continue to aim, aim, aim rather than work, work, work.

This especially, spending too much time waiting and thinking instead of working.

No. you. don't.

I am so passionate about this because it was a major tripping point for myself.

Good to hear that i'm not the only one who had this idea that I must create something unique. Going to get that book that you mentioned.
Thanks for the help !
 

Tris

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I've been looking into various businesses recently trying to find problems, nothing came to my my mind yet . I'll keep looking
You can start with your everyday life. Do what you normally do on a daily basis and observe. Keep an open mind. You see a product that you think can be improved- that's an idea. You face an obstacle that you know can be solved if a new approach was taken- that's another idea. Start with your own surroundings and you will come up with plenty of ideas.
 

Anshu

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Hi ,i am very happy to start a new business. I suggest you that -
1-Coming up with new business ideas
2-Do something about what bugs you
3-Look for new niches
4-Apply your skills to an entirely new field
5-Find a category lacking recent innovations
6-Make a cheaper version of an existing product
7-Talk to shoppers
Thanks
 

• nikita •

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Coming up with a business idea was the most terrifying part for me (lol) because it's always been difficult for me. I've always either copied someone's business idea that was successful for them and at that time, but unsuccessful for me because I suit better ideas and times change.

What I did was just sit down with a notepad and make a separate spider diagram of random ideas for large categories like health, entertainment, comfort, food, etc. Then I narrowed it down to 10-ish ideas, researched them using the keyword tool which narrowed it down to 5. Then I looked at area I'd be able to best provide value and where there was the most need.

Most important part of finding ideas imo (and this might sound funny) is brainstorming using an actual pen and paper, not your phone or computer. Ideas just flow better.
 

Jimbo70

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Mar 21, 2017
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Coming up with a business idea was the most terrifying part for me (lol) because it's always been difficult for me. I've always either copied someone's business idea that was successful for them and at that time, but unsuccessful for me because I suit better ideas and times change.

What I did was just sit down with a notepad and make a separate spider diagram of random ideas for large categories like health, entertainment, comfort, food, etc. Then I narrowed it down to 10-ish ideas, researched them using the keyword tool which narrowed it down to 5. Then I looked at area I'd be able to best provide value and where there was the most need.

Most important part of finding ideas imo (and this might sound funny) is brainstorming using an actual pen and paper, not your phone or computer. Ideas just flow better.

Sounds good, need to start using pen and paper more, I usually just write them down on my phone or PC :D
 

Pete3

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This is a good thread. I’ve been trying to come up with a business idea that I can stick with, but it’s been tough. I keep coming back to the realization that I’m extremely average at a lot of things and that it seems hard to imagine being able to offer substantial value in anything.


Sent from my iPhone using Tapatalk
 

Jimbo70

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Mar 21, 2017
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I keep coming back to the realization that I’m extremely average at a lot of things and that it seems hard to imagine being able to offer substantial value in anything.

I'm average in a lot of things too, I don't think you have to be an expert in something to start a business ...at the start at least.
 

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