How to Overcome Entrepreneurial Brain Freeze
You want to own a business but cannot think of that cracking business idea.
Why can entrepreneurial brain freeze be frustrated?
You have spent hours and hours brainstorming without a breakthrough. This can be very frustrating and may cause budding entrepreneurs to abandon their dream of ever owning a business. Experts and successful entrepreneur’s advice that the best way to come up with new business ideas is to engage the brain in different ways. For example, you can take a walk along the store aisles and brainstorm about loopholes in the market.
The following tips will help you get that business idea that has been evading your mind.
Ask the question, ‘What next?’
Smart business people always think ahead of time. They ponder about upcoming trends, and how to get into such areas. Take, for instance, the tech company, Apple. Its innovators think of newer trends in the mobile phone industry to develop newer versions of their gadgets every year. Remember, you do not have to be Apple to predict upcoming trends. Interact with innovators, be curious and ask questions. This way, you are more likely to know what people may like in future and take advantage of it.
Act on what bugs you
The example I will use here is the founder of bookcenter.com, Colin Barceloux. You see, Colin was bothered by the prices of textbooks while in college – he could barely afford them. As soon as he finished college, he decided to launch book centre, a website that allows you to rent out a book at 60% discount. He saw it as an opportunity to offer a solution to a problem he knew many college students faced. Think about what is bothering you as a business problem that needs a solution. Then seek for an answer to the problem, which can turn out to be your main business idea.
Look for new spaces and ideas
Take time to study the big players in the business industry. Look for what the industry is missing and find a solution for it. Find the gaps in the industry and see whether you can fill them or not. The best way to identify gaps is to be more outgoing. Get involved with new things, be curious and explore. Ask questions, research, and learn. Keep a keen eye on tech trends. Technologies are changing very fast, with new opportunities appearing every other day. For example, you can take advantage of the increasing popularity of drones, and start an online company that repairs them.
Meeting people who are looking for products will help you come up with new business ideas. It will give you first-hand information on what they are looking for, and pinpoint what they lack. You can then offer solutions to these problems in the form of business ideas. If you wish to start an online company, engage potential online customers by sending them online surveys to understand their interests and needs.
Find a brand lacking recent innovations
When looking for new business ideas, it is advisable to identify places that have not seen innovations in recent times. This is because you are more likely to identify gaps (problems), which require solutions (business ideas)
Coming up with a business idea can be challenging at times. However, with the tips outlined above, you must have thought of that idea you cannot wait become a reality.
Need some funding to fuel up the new business idea? You can seek help from business loan lenders.