Generally, there are two problems: (1) First is the excessive generation of business ideas that will make these ideas forever to remain in a dreaming stage and (2) Second is when we don’t have ideas and want to become entrepreneurs.
The most optimal way is to have a systematic approach in generating and selecting business ideas that will be transferred in a real business. Here are some basic but, important questions that can lead you through the business ideas development process:
Create a Framework for Business Ideas Development
This is the first step of the business ideas development process where you need to create a framework for the next steps. Everything that will be out of that framework will not be included in the next steps of the process. This step is more about you as a future entrepreneur. The questions that you must to answer are:
- Is entrepreneurial life that you really want?
- Are you psychologically prepared for business startup?
- What are your goals for the future?
- How much you want to earn after several years?
- How will be started your business? Solo or with a team of people?
- How much money you have for startup?
- How much money your partners can give you for a startup?
- How much you can spend on business startup?
- How long you can survive before the business will start to generate money?
Brainstorming Step in the Business Development Process
Brainstorming is the process of generating ideas where it is not looked into the quality of an idea only on the quantity. In Wikipedia:
Brainstorming is a group creativity technique designed to generate a large number of ideas for the solution of a problem.
Before you start with this step it is better to prepare your business idea book where you can note all business ideas that will be generated through this step. (You can download a business idea book template.) Answering following questions will give you some possible directions where you can find business ideas.
- What is my crucial knowledge?
- What can I work from my knowledge?
- Can I sell something related to my knowledge?
- How my knowledge can improve the world?
- What is my previous experience?
- What can I work from my previous experience?
- Can I sell something from my previous experience?
- How my previous experience can improve the world?
- What are my crucial skills?
- What can I work from my skills?
- Can I sell something related to my skills?
- How my skills can improve the world?
- What problems exist on the markets that are related to my knowledge?
- What problems exist on the markets that are related to my experience?
- What problems exist on the markets that are related to my skills?
- What is my hobby?
- Can I transfer my hobby into the successful business?
- What can I improve in my hobby?
- What is the current market practice on the market related to my knowledge and I can improve it?
- What is the current market practice on the market related to my experience and I can improve it?
- What is the current market practice on the market related to my skills and I can improve it?
Selecting the Best Business Idea in the Business Ideas Development Process
This step is simply selection of the best business idea from the bunch of ideas that you will generate in the previous step – brainstorming. The purpose of this step is to find one or several ideas that will continue with the business ideas development process.
- Can I exclude some ideas generated in the previous step?
- Is there ideas that are not compatible with my answers in the first step – framework?
- What must be checked in ideas that were generated?
- What is the opinion of my friends about the rest of business ideas?
- What is the opinion of my previous colleagues about the rest of ideas?
- What is the opinion of the market experts that I know about the rest of ideas?
- What is my personal opinion about the rest of ideas?
- What is the one or several business idea that received biggest amount of votes from previous questions in this step?
Researching as a Part of Business Ideas Development Process
The fourth step is the research of selected business idea or ideas from previous step. Here you will need broader audiences that must be included in your analysis. One of the tools that we can use are surveys.
- Do I have capabilities to implement that ideas?
- What is expected reaction from the market about that ideas?
- What amount of money the market is willing to pay about product or service from the specific business idea?
- Are market have a strong desire for something like my ideas?
- How much will cost me the product or service?
- What will be appropriate price for the product or service?
- Is that price something that the market is willing to pay?
- Can I make a prototype?
- If I make a prototype what is the opinions of our potential customers – people that we include in our previous steps and here?
- What is the feedback from testing of prototype?
- Can I make adjustments according to feedback from previous question?
- Can I start after adjustments?