Many young entrepreneurs who want to start their own businesses often do not know what business to start; those who have business ideas often start businesses that lead them to regretting why they started at first. It does not have to be that way; I will guide you into how to become creative in identifying new business ideas and also how profitable the business could get and what sector of the economy is best for new and small businesses.
Whether you are a woman or man, student or unemployed, young or old, every business you start or you think is best for you revolves around the fact of Problem solving. I mean real life problem solving; no one is ever going to give you money by solving for x in an equation. People will pay you for protection from threats, for providing health services or products, for providing food and so on. Your ability to identify problems people face and being creative to solve such problems will determine whether your business idea is great and valuable or not.
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How to create new business ideas
Take a look around you, what do many people complain about? Whatever you see people complaining about, that is a business idea. It does not just end in identifying the business opportunity but ask yourself this question: can I do this business without anyone forcing me? Can I continue this business even when I face challenges? Is it something I want to do every day without getting bored? Am I enthusiastic about this idea?
After getting the problem, identifying how to solve the problem and willing to execute the new business idea, you then have to identify the number of people affected by this problem. You do not want to start a business that only a few people are willing to pay you for it. Imagine wasting many years and resources, only for your business to fail because the customers are few and the business cannot scale. Your business idea should be something that affects many people and one in which you can easily increase the product or service in order to increase the sales.
The best of the business ideas should not be affected by Location; it should be something that affects everyone, everywhere and should affect all ages and social status. The business should not be affected by the changes in economy. It should not be something that people will stop buying because they have no more money but should be something people borrow money to buy even if they have no money. I know you might think it is hard to get this type of business but in reality they are all around us.
3 best business sectors to start as a new small business
The above business sectors are not affected by economic changes, no matter what happens, you find out people must borrow to get these services. Let me explain briefly:
When you become sick and you have no money, do you think you will want to die or you will source for money to pay for your hospital bills? No matter the price of drugs or health care, people must make a way to survive and hence they must buy the drugs they need or pay for the service that will save their lives. The poor or rich all need to live, the young and old all need to live, whether you are in a developing country or developed country, we all need to live; these are the type of businesses you need to put in your energy and resources into because economic changes do not affect this.
No matter the price of food commodities, people must eat and they need to live; hence agriculture is another business field you can invest in; you can decide to start a new business in any area of agriculture: crop farming, animal husbandry, animal products, drugs and animal health and many more.
Is there a day people do not work? Even on weekends, people still travel. Transportation is another field that is not affected by economic changes. No matter the price of fuel, the drivers always increase the transport fare accordingly because they know you just have to travel. This is the reason why even some airlines harass passengers because they know you have no choice.
If you have the zeal or passion for any of the above listed business fields, then just identify any problem you can solve no matter how small it might be and start your business.
The above listed businesses are not the only good ones but they are the few I will advise you to start especially when you are starting out. It is good if you concentrate your energy on these ones and make them successful first before you diversify to other businesses that could be affected by economic challenges.
Steps to creating a New Business Idea
- Identify a problem
- Make sure the problem affects many people, all ages, all gender and occurs in all places
- Solve the problem
- Make sure you love the problem solving process
- Monetized the solution
- To make it great, make sure it is not affected by economic changes
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Dr. Brown is the founder of Jotscroll, he is a Medical Doctor, Entrepreneur, and author. Dr. Razi Brown holds a medical degree from the University of San Diego. He has invested in many startups and is currently working on his fifth book to be published in the upcoming year.