John Peterson
Journalist and Essay Writer
Great business ideas, in their own way, make the world go round. New breakthroughs and innovative responses to challenges people face every day can make this planet a better place, while bringing income and profit to the ones who kickstarted them.
For all the entrepreneurial individuals out there, steps such as defining the target market, conducting competitor and market research, and promoting a business online and offline are something they already have in mind. However, it all starts with a great idea —so how to come up with one in 2020?
Here’s how to approach this creative process and come up with some great lucrative business ideas before the end of the year.
Tap into your interests
It’s not just about passion, but also about knowledge. Source: unsplash.com
Although it’s possible to make a successful business venture out of something that has never been your personal interest, there is a more logical and productive way of doing it: tap into your interests and hobbies and find what makes you feel the passion you’ll need to persevere.
It’s not just about passion, but also about knowledge. If you’ve been keen on learning all there is to know about a certain niche, product, tech, or cultural matter, you’re probably versed enough to enter the market with this knowledge.
Not every hobby or interest should be turned into a business, though. Some pleasures are best kept what they are: fun pastimes that help you “recharge your batteries”, helping you find your oasis in this busy world. However, if you had a burning desire towards something throughout your life, chances are this is what you should be doing professionally, too.
Respond to people’s basic needs and emotions
Some products and services are best sold with facts and numbers, but all of them are sold with emotion—and not just the ones you feel toward your business and customers. Every product or service must be created to respond to an existing need, and even though this need might be practical, emotional selling is an important part of the process.
Remember the soap and shampoo commercials? These products are created with a clear intention in mind: to help people keep their bodies and hair clean and smelling nice. However, it’s been a long time since this practical approach to advertising has been seriously outdated. Today, soaps and shampoos are sold by invoking emotions of a state of mind rather than their practical use.
The same rule applies when coming up with business ideas. Even if your idea is to solve a practical problem, always have in mind the “emotional hook” it might represent for your future customers.
Use your frustrations productively
Use your frustrations productively. Source: shutterstock.com
We pass through life trying to avoid frustrations whenever we can, yet we all have our mechanisms to bypass and alleviate them once we hit the “bump”. However, for a business owner, frustrations can sometimes feel like striking gold, as they identify specific problems, what type of people have them, and how needed the solutions to these challenges are.
Of course, not every frustration in this world is a “fertile ground” for generating stellar business ideas, but every one of them can be a great practice run, before you successfully identify the one.
Some of the best ideas we know and love were born out of troubling circumstances inventors just wouldn’t accept. Learn from the best, and you just might find a way to join them.
Not sure what to invent? Reinvent.
Has it ever occurred to you to actually come up with a great idea, and the first Google search shows you someone else has already thought of that? That can be quite discouraging, at least if you’re looking at it the wrong way.
I once stumbled upon an inspirational line I never found later, not knowing who authored it, but it left a huge impression right away (and for a good reason). The line stated: just because something’s been done, doesn’t mean it was done right. Let this thought resonate with you until you embrace it.
The world is full of good ideas someone couldn’t see through properly or in a way you’d do them. Be mindful that there is a fine line between reinventing and stealing, though, to keep out of legal and personal trouble.
Listen, observe, then listen some more
Inspiration can hit just about anywhere, whether you’re building LEGO sets with your kids in the living room, commuting to work, or thinking about your next great idea actively.
The process of generating business ideas is never really beginning or ending: it’s an ever ongoing process, so always be one the lookout for the next great thing you just might invent.
John Peterson is a journalist and an experienced essay writer working in London magazine “Shop&buy”. He is a professional mini-tennis player and he has written a novel “His heart”. You can find him John and chat with him on Facebook.
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