Five ways to come up with a business idea by geoffrey byruch

Many entrepreneurs begin simply with an idea.. For Mark Cuban, it was creating a social platform to talk about sports.. For the other thousands of entrepreneurs out there, it is mere

F I V E WAY S T O C O M E U P W I T H A

B U S I N E S S I D E A

B Y G E O F F R E Y B Y R U C H

Many entrepreneurs begin simply with an idea For

Steve Jobs, it was

revolutionizing the

computer For Mark Cuban,

it was creating a social

platform to talk about

sports For the other

thousands of entrepreneurs out there, it is merely

running with a winning

concept

But what is a winning concept? How can you create a thing that

everyone needs?

For majority of

entrepreneurs, the first

step is to simply strategize

and brainstorm the holes in

the marketplace

Whether you are in the restaurant industry or technology world, finding a specific ‘want’ or ‘need’ from the public will push you in the right direction.

In this presentation, I have listed five ways to begin

brainstorming winning

business ideas

These are the hard-hitting questions every single

entrepreneur had to ask

him or herself before they started their company

Remember, a business

begins with an idea Make sure you truly understand it before jumping into the

deep end

I W H AT D O

P E O P L E N E E D ?

• W H E N C R E AT I N G A D E M A N D F O R A N E W

P R O D U C T, E S P E C I A L LY I F I T I S

S O M E T H I N G T H AT I S N E W W I T H I N T H E

F I E L D , S TA R T O F F B Y D O I N G A B I T O F

R E S E A R C H I N G

• H AV I N G A D E E P E R U N D E R S TA N D I N G O F

T H E F I E L D A N D T H E P R O D U C T S T H AT

A R E O U T T H E R E W I L L P U T Y O U AT A

H U G E A D VA N TA G E O F K N O W I N G T H E

N E E D S A N D WA N T S A R E T H E R E F O R T H E

B U Y E R

• O N C E Y O U H AV E U N D E R S T O O D T H E

O V E R A L L F I E L D , T R Y A N D I N T E R N A L I Z E

Y O U R N E W P R O D U C T

• A S K Y O U R S E L F VA R I O U S Q U E S T I O N S

S U C H A S : W I L L T H I S P R O D U C T M A K E

T H E B U Y E R ’ S L I F E E A S I E R ? W I L L I T B E

A B L E T O C O M P E T E W I T H I T S

C O M P E T I T O R S ? W I L L T H E B U Y S E E T H I S

A S S O M E T H I N G I T N E E D S T O

P U R C H A S E ?

I I W H AT I S T H E

N E X T P R O D U C T ?

• Steve Jobs said it best with,

“but wait, there is just one

more thing.”

• For many successful business ideas, they are often ahead of the curve They think about

trend on a growing horizon

and how they can better

improve in specific areas

• Try to see if you can create a product that is faster, stronger, more efficient than the latest model.

I I I W H AT A R E

S P E C I F I C

P R O B L E M S T H AT

C A N B E F I X E D ?

• One of the biggest ways people come up with

business ideas is simply to find an easy and effective solution for an everyday problem

• Shows like Shark Tank is a great platform that

highlights various

entrepreneurs who

capitalize on every day

problems and create easy and cheaper solutions.

I V C A N T H E R E B E A C H E A P E R A N D M O R E E F F E C T I V E

V E R S I O N O F A N A L R E A D Y E X I S T I N G P R O D U C T ?

• C A L L T H I S , R E I N V E N T I N G T H E W H E E L

• M A N Y P R O D U C T S O U T T H E R E H AV E P R O V I D E D S O L U T I O N S O R

B E N E F I T S F O R I T S B U Y E R S F O R M A N Y Y E A R S

• H O W E V E R , C R E AT I N G A S T R O N G E R P R O D U C T T H AT C A N D O T H E

J O B T W O O R T H R E E T I M E S A S L O N G O R F O R A F R A C T I O N O F T H E

P R I C E C A N P U T Y O U AT A N A D VA N TA G E F O R Y O U R C O M PA N Y.

V L O O K F O R

S P E C I F I C N I C H E S

that are missing any winning concepts

music industry and create a platform in which you can buy individual songs or full albums

another popular tech company could have take advantage

of that money-making opportunity