There are a number of ways to generate a business concept. I’ve been told that when I first started this blog that I assumed that you already had an idea that solves a problem that your business can solve. But I’ve neglected the other entrepreneurs out there who don’t have any ideas as of yet and need help in thinking up some lucrative business prospects.
So this post is to help guide you to generate some business concept ideas from brainstorming. Recognize that business ideas usually are…
- developing a brand new product or service for an existing market
- selling an existing product or service into an existing market
- gaining and capturing market share of an existing product to the existing market
- a new product or service to a new market
In layman’s terms, the theory behind these four points in business concept generation is this: You can be like Henry Ford and invent a new manufacturing process: a new service for an existing market. Or you can sell something that exists already into an existing market that it hasn’t been sold to before like marketing and designing mobile phones for kids (which was done a few years ago). Or you can develop a brand new product for an existing market such as a walkman or an ipod (there had been portable tape deck players and MP3 players before) – other examples are Google and Microsoft. Or invent a previously unknown product to a new market for your business concept.