F I V E W AY S T O C O M E U P W I T H A BUSINESS IDEA BY GEOFFREY BYRUCH 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 PEOPLE NEED? • 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 RESEARCHING • H A V 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 V A N TA G E O F K N O W I N G T H E NEEDS AND WANTS ARE THERE FOR THE BUYER • O N C E Y O U H AV E U N D E R S T O O D T H E OVERALL FIELD, TRY AND INTERNALIZE 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 SUCH AS: WILL THIS PRODUCT MAKE THE BUYER’S LIFE EASIER? WILL IT BE ABLE TO COMPETE WITH ITS COMPETITORS? WILL THE BUY SEE THIS AS SOMETHING IT NEEDS TO PURCHASE? I I W H AT I S T H E NEXT PRODUCT? • 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 SPECIFIC P R O B L E M S T H AT CAN BE FIXED? • 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 VERSION OF AN ALREADY EXISTING PRODUCT? • CALL THIS, REINVENTING THE WHEEL • 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 BENEFITS FOR ITS BUYERS FOR MANY YEARS • 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 JOB TWO OR THREE TIMES AS LONG OR FOR A FRACTION OF THE P R I C E C A N P U T Y O U AT A N A D V A N TA G E F O R Y O U R C O M PA N Y • Try looking at specific fields or industries V L O O K F O R that are missing any winning concepts SPECIFIC NICHES • For Apple, they decided to look into the music industry and create a platform in which you can buy individual songs or full albums • If Apple did not look into this niche field, Samsung or another popular tech company could have take advantage of that money-making opportunity ... 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... 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. .. 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