Interestingly, most entrepreneurs derive their ideas from experience in a particular industry or market. In a study by the National Federation of Independent Businesses, 55 percent of new firm founders attribute identification of their new business idea to experience in a particular industry or market. The findings highlight the fact that many entrepreneurs develop innovative ideas while working for someone else. For those who lack this experience, the following strategies can help. Learn from your experience and apply these methods to your business ideas.
Think about your target market. Does it solve a problem for people? Think of how your product or service could change the way people do something. If it is in high demand, people will pay you for it, be it time, money, or support. To make your idea stand out, consider your target demographic and research the market. Remember, an idea is only a business opportunity if it can solve a specific problem.
Ask other people who have experience in your field. While your idea does not have to be completely unique, it must fill a definite need. For example, a service that enables people to pick up items from their doorstep might be a great business idea. Consider Uber as an example of an innovative product. It has been around for years, but it still remains one of the most successful online businesses. This type of business concept could be a game changer.