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April 5, 2019

Matthew Yonally, Santa Barbara, Discusses 3 Ways to Discover a Business Idea that Works

Discovering a good business idea is a multi-step process. First, there is finding and compiling new ideas into one, big list. Then, there is finding those ideas that will actually work and guarantee steady profits. There are 3 proven ways to come across those business ideas that work.

Browse Social Media

The social media community is not just a place to meet people. Entrepreneurs see social media websites as places to discover new business ideas, find new sales leads and review the activities of competitors. Today’s professionals are creating marketing campaigns that revolve around social media. A large percentage of their customers, up to 20% or 50%, are found through online social groups and contribute significant portions of their profits.

Record a Daily Log

Many entrepreneurs come up with the most innovative ideas based on their day-to-day activities and encounters with other people. Socializing is the best way that they learn about people’s needs and wants. Seeing their problems up close and hearing their opinions is more accurate than reading studies about large groups of people.

 

They remember to write every detail down in diaries or journals. Nowadays, people use cloud storage services to upload or download documents and share files. So, it’s easier to compile endless amounts of information and keep all of it private from everyone.

Ponder the Future

The most innovative business people ponder the future. They think about what the world will be like 10, 20 or 100 years from now. They may see great potential in space exploration or the growth of environmentalism and renewable resources. They also see problems, such as global warming and overcrowding, that need fast solutions. They want to be the first individuals to capitalize on new inventions and technologies that will change the future for the better. Focusing on the future is one way to find profitable business ideas and get ahead of competitors.

Having a good idea for a business may seem like a good idea at first. But after considering the targeted audiences, the startup costs or the maintenance fees, most entrepreneurs find out that these ideas are a lot riskier than they thought. It’s important to create a plan to compile ideas first and then decide if enough people will be interested in them.

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Matthew Yonally  |  Contribution: 400