Last updated on January 19th, 2022. Posted in Finding Profitable Business Ideas.
How can you find profitable business ideas? Where do successful entrepreneurs get their big ideas from?
Here are links and resources mentioned in today's video. Enjoy!
Well the key here is to stop guessing and stop spinning your wheels and instead take a much more careful and calculated approach. This means a whole lot less risk on your part and skews the probability of success greatly in your favour...
So let's talk about how you can find profitable business ideas.
Really, big ideas can only from one of two places...
...one's very hard (it's a meat grinder) while the other is a vast treasure trove of near endless ideas.
Innovating something new means creating a new product or service that doesn't exist yet. This is something that's never been done before.
The iPhone and the App Store are a great example of this.
Going this route is tough because you're essentially creating an entire market that currently doesn't exist.
And there are all sorts of challenges and problems you'll face...from product testing, to market research, to funding.
It can be a huge, huge challenge.
And while most businesses or products don't fall into this category, businesses and products who innovate something entirely new make all the headlines and get all the attention...
...because they're exciting, new, and dramatic.
And oftentimes, these rare success stories are used as evidence that new entrepreneurs can do it too -- "Steve Jobs did it! Elon Musk did it!"
I don't know about you, but I'm not as smart as those guys!
I don't have their connections, their resources, or a million other factors that played into their success.
But the truth is, most businesses, entrepreneurs, and inventors who try to create demand for something that doesn't currently exist fail.
It's a very, very tough road.
In fact, I think a strong argument could be made that innovating something completely new is a myth.
Nothing comes entirely out of the void. Henry Ford didn't invent automobiles or the assembly line. What he did was take seemingly disconnected concepts and put them together.
This brings us to the second source for all great business ideas...
Most successful companies and entrepreneurs can be found here...including super-successful entrepreneurs like Jobs, Gates, Musk, and others.
Here, all your doing is improving upon a product or service that's already available.
Larry Page and Sergey Brin did this when they launched Google (then BackRub).
They didn't say, "Look at all this competition, look at how oversaturated this market is."
Instead they said, "Let's do it better."
And this is exactly what most successful businesses do. They simply look for weak points in what's currently being offered to the market, and they exploit those weak points.
Apple didn't invent Mp3 players, the personal computer, or even the point-and-click GUI interface.
Instead, they improved upon them so drastically...made them so vastly superior to what was currently being offered...that they couldn't be ignored.
And here is where the treasure-trove of business ideas is.
In short, all you need to do is amplify one or more aspects of an existing product or service.
The guys at Google looked at Yahoo's messy, cluttered homepage and simply did the opposite.
Now, there's more to it than this, but that's the gist.
See, most new entrepreneurs believe that they have to find a special idea that's never been done before. And do you know how hard that is? That's trying to catch lightning in a bottle.
And, it also gives wannabe-entrepreneurs the perfect justification for laziness: "I'm just waiting until I find the right idea."
In other words, they're waiting to stumble upon an idea so rare that no one in all history, living or dead, has ever thought of before.
And here's the rub...
If, by some extraordinary chance blessed upon them from the gods, they come upon an idea that's never, ever been done before...
...that they're ACTUALLY able to catch lightning in a bottle with a "eureka!" moment...
(which NEVER happens, by the way...but let's just say it does)
Then the wannabe-entrepreneur says...
"This has never been done before...therefore there's no market for it and it'll never work."
Wannabe-entrepreneurs get caught between to opposing and false beliefs:
That they need an original idea, and that there has to be an existing market for their idea...
...in other words, someone has to have done it before them to prove that it works.
And this trap that nearly all new entrepreneurs fall into can trip them up for years...even decades.