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5. Business ideas
Introduction Business ideas are all around you. Some business ideas come from a careful analysis of market trends and consumer needs; others come from chance.  If you are interested in starting a business, but don't know what product or service you might sell, exploring these ways of getting business ideas flowing will help you choose.
7 Sources of Business Ideas Examine your own skill set for business ideas. Do you have a talent or proven track record that could become the basis of a profitable business? “The other day I spoke to a man who had spent years managing cleaning services at a hospital. Today he runs his own successful domestic and business cleaning service. An ex-logger I know is now making his living as an artist; he creates "chainsaw sculptures" out of wood.’” To find a viable business idea, ask yourself, "What have I done? What can I do? Will people be willing to pay for my products or services?"
Keep up with current events and be ready to take advantage of business opportunities. ,[object Object]
For instance, same-sex marriages are now legal in Canada. There are now also entrepreneurs who are selling tourist travel packages that include a marriage ceremony to same-sex couples from other countries. Would you have identified that business opportunity when you heard that the Canadian marriage laws had changed?,[object Object]
Look around and ask yourself, "How could this situation be improved?" Ask people about additional services that they'd like to see. Focus on a particular target market and brainstorm business ideas for services that that group would be interested in. For example, there are millions of aging gardeners across North America. What products or services could you create that would enable them to garden longer and more easily?,[object Object]
What business ideas can you develop along these lines? Focus on what products you might buy and what you might do to them or with them to create a profitable business.,[object Object],[object Object]
Improve an existing product or service. ,[object Object]
There are very few products (or services) that can't be improved. Start generating business ideas by looking at the products and services you use and brainstorming ideas as to how they could be better.,[object Object]
Get on the bandwagon. ,[object Object]
A "bandwagon effect" is also created by larger social trends. There is much more of a demand for home-care services for the elderly than is currently being supplied. And the trend for pets to be treated as family members continues, creating demand for all kinds of pet-related services that didn't exist even ten years ago.
Look at existing businesses and the products and services they offer and determine if there's a need for more of those products or services. If there is, develop business ideas to fit the market gap.,[object Object]
[object Object]
You don't want to run with the first business idea you think of; you want to discover the idea that's best suited to your skills and desires. Dream, think, plan - and you'll be ready to transform that business idea into the business you've always wanted.,[object Object]
The former would brainstorm ideas on what business to start. The latter, on the other hand, choose to lament how bad the country is and keep telling others that all businesses are destined for eventual failure.
Whatever you want to feel, the choice is yours.
If you belong to the first, just in case you are still contemplating what you can do to kick off your entrepreneurial journey, perhaps the following business ideas might get the creative juice flowing out of your brain.,[object Object]
Regardless how small your initial customer base, serve your good food well and you’re bound for stardom. The same exact recipe brought the likes of Kluang Station all the way to Kuching, Rotiboy from Bukit Mertajam to KLCC, and The Chicken Rice Shop to Europe.,[object Object]
Wedding ,[object Object]
While there are a number of companies out there which can offer a one stop wedding package solution, many of them started by offering smaller services such as dais arrangement & decoration (pelamin), photography, videography, customized gifts and so on. Choose one and start giving your best shot, there will be more business to come.,[object Object]

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Lesson 5 business ideas

  • 2. Introduction Business ideas are all around you. Some business ideas come from a careful analysis of market trends and consumer needs; others come from chance. If you are interested in starting a business, but don't know what product or service you might sell, exploring these ways of getting business ideas flowing will help you choose.
  • 3. 7 Sources of Business Ideas Examine your own skill set for business ideas. Do you have a talent or proven track record that could become the basis of a profitable business? “The other day I spoke to a man who had spent years managing cleaning services at a hospital. Today he runs his own successful domestic and business cleaning service. An ex-logger I know is now making his living as an artist; he creates "chainsaw sculptures" out of wood.’” To find a viable business idea, ask yourself, "What have I done? What can I do? Will people be willing to pay for my products or services?"
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11. A "bandwagon effect" is also created by larger social trends. There is much more of a demand for home-care services for the elderly than is currently being supplied. And the trend for pets to be treated as family members continues, creating demand for all kinds of pet-related services that didn't exist even ten years ago.
  • 12.
  • 13.
  • 14.
  • 15. The former would brainstorm ideas on what business to start. The latter, on the other hand, choose to lament how bad the country is and keep telling others that all businesses are destined for eventual failure.
  • 16. Whatever you want to feel, the choice is yours.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23. Some of the service business, such as consulting, training, IT development, translation and writing does not require huge capital investment, and this will prove to be a winning point.