How to Come Up with Innovative Business Ideas | Business: Explained
[MUSIC PLAYING] Generating strong,
novel business ideas can be challenging. If you're an aspiring
entrepreneur, brainstorming how to
satisfy customer needs is a good place to start. Here are questions
to help you come up with innovative business
ideas as you begin your entrepreneurial journey. Consider how to make daily tasks
easier through the lens of jobs to be done. The theory asserts that
customers don't simply buy products or services,
they hire them to do jobs. For example HelloFresh
fulfills the job of meal planning for people who
don't have time to grocery shop or cook by delivering
meal kits to their homes. Many useful products
and services aren't readily available to
the entire market creating opportunities to produce similar
more accessible offerings. For instance, Airbnb's
founders noticed it was difficult to book hotel
rooms when attending events. So they built a platform to
connect travelers with people offering spare rooms.
They recognized a
business opportunity and devised a solution
to meet the need for accessible,
short-term lodging. For every successful
offering there are ways to make it better. One consideration is how to
deliver it more conveniently. Uber is an excellent
example, while the company's transportation services are
similar to those offered by taxis, it takes an
innovative approach by linking drivers
using their own cars to customers via an app. It's important to
recognize may need to pivot from your initial
ideas as technology advances and new market needs arise. Take Netflix, which
enabled people to watch movies without
going to the video store by mailing them DVDs. The company later incorporated
streaming into its business model and has continued to
adapt as technology evolves. Coming up with innovative
business concepts isn't difficult if
you're observant. By asking key
brainstorming questions, you can generate ideas
that fulfill market needs, improve existing offerings,
and make daily life easier. Do you want to transform an
idea into a viable venture? Explore our online
entrepreneurship and innovation courses to discover how you can
assess business opportunities and make your entrepreneurial
dreams a reality..
