Tips On How To Generate New Business Ideas In Nigeria

Tips On How To Generate New Business Ideas In Nigeria

There is this dictum that I love so much. It is “Greater than the force of a mighty army is an idea whose time has come.” Ideas are usually game changers in any industry and indeed in all spheres of life. The greatest entrepreneurs are the ones who know how to generate new business ideas.

You cannot survive in the entrepreneurial cycle when being inventive and innovative. Within the Nigerian cycle, people like Dangote still spend money on generating new ideas and tapping form untapped markets.

Bill Gates, Warren Buffet, Mark Zuckerberg, and many popular entrepreneurs still invest in bringing new ideas to the fore. So, how do they manage these things? How do they generate new business ideas? What are the sources of generating business ideas?

Related: 7 Ways to identify new business ideas using social media

These are the things I want to concentrate on. There are so many ways it can be done and you can just use one to get something that will change your life forever.

As I said, there is no particular method that you should use. It is relative. The methods of generating new entrepreneur ideas are multifaceted and what works for me may or may not work for you. You will, therefore, need to be creative and you will surely come up with creative business ideas.

You could be the best big thing without a doubt. It is all dependent on your ability to generate new business ideas. Well, you need not worry because we have got your back. We shall discuss the ways generate new business ideas or better put, methods of generating new business ideas for entrepreneurs.

Ways To Generate New Business Ideas

generate new business ideas

  1. The annoying things around you can be real sparks

The things around us that piss us off can be the beginning of a new mighty idea that can make millions. Facebook was born out of the vexation suffered by Mark at not being able to connect to as many people as possible.

The Nigerian state is filled with many annoying situations. I want to put it to you that these are potential business ideas. The buildings, the poverty, the lack of food, the filthy streets, the security situations and lots more can be serious sources of business ideas.

Related: No money, no problems: 8 business ideas you can start with little or no funds

Put the annoyance into seeking solutions and before you know it, an idea pulps up that can solve the problems and by extension make money for you.

  1. The customer needs are always motivators so identify them

For your products to sell, you will need to have a customer base. If you are in any industry, you will need to look critically at the needs of people in that sector. The customers will always take an update on existing products that solve problems that the initial product couldn’t solve.

It will be foolishness to develop an academic product for people in Ariaria international market or Onitsha main market. It is like a square peg in a round hole. It won’t fit.

An understanding of what your customers need and are passing through can enable you to bring business ideas that are interesting and that has potentials to succeed.

  1. Look for gaps in existing products

This is closely related to the customer need that was discussed above. Products are like literature in that there is always a gap between what is available and what can be produced. Therefore, there will always be a need for an update in the form upgrading the old one or producing a new one.

Therefore, to generate new business ideas, it will fall on you to try to figure out the difference between what is and what can be / ought to be.

We are not asking you to copy anybody’s product but you can take out time to look into these products and see what improvements can be made on them to serve the users better. The altruistic search for ways to improve better customer experience by making improvements will definitely generate new business ideas.

When Nokia was building Symbian and Java phones, Tecno and other products revolutionized the market by bringing in Android smartphones. Nokia eventually joined up. This is what we are talking about. Seeing a gap between what is available in the market and making up with better products.

  1. Visit new environments for inspiration

One of the methods of generating business ideas is by going to new places. In new places, you are going to see things that you didn’t know existed and you can import ideas that can make you rich.

You are going to see many new cultures and you are going to see what will open your mind and bring out strong ideas from it.

  1. Get ideas from books

Inside the pages of books are great inspirations that could generate new business ideas. Books contain knowledge and experiences of people. It is easy to understand someone you have never met from just reading about them in books.

Books can explain business ideas that are alien to your culture and help you start something in that direction. You are to read both fiction and non-fiction and trust me, you will get the necessary inspirations.

Related: 10 books you should read as an aspiring millionaire entrepreneur

So many successful entrepreneurs have written on subjects of business creation and the use of the mind to create something out of nothing. The likes of Robert Kiyosaki, Donald Trump, Benjamin Franklin, and others have developed many entrepreneurs through what they write.

  1. Extend your socialization to outside your cycle

You cannot hang the same people every day and expect different things. The occasional changes will happen but that is not enough. You need to go beyond your cycle.

There are so many people to talk to in this world so you should take advantage of that. You may new a fresh initiative and a new perspective to be able to get something concrete out your idea. This is when the new cycles begin to come to fore.

  1. Dig deep

When you are in a relaxed mood and you dig deep, you will definitely come up with something tangible. According to research, meditation brings better results. The business leaders who got involved in meditation came up with better results.

It is about bringing on everything you have and thinking them through in a quiet environment. Many people have had to generate new business ideas through this method.

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