How to Find New Business Ideas

Seeking Inspiration

You may have come across a story on the news or in a magazine that made you think – “wow, I wish I’d had that business idea.”

It made the news so it is also likely that the new idea made the person a lot of money.

You wish it could be you reaping the rewards from that particular moment of brilliance.

Well, it can be.

You just have to become open to inspiration, and to recognise it when inspiration comes along.

Challenge Your Preconceptions

The first thing that you’ll need to do is get rid of your preconceived notions.

That is much easier said than done, but it is possible.

Start by identifying your preconceptions and determine which of them are keeping you from being open to an ideas.

Then, get rid of those preconceptions, entirely.

For example; you may think the world has enough razors.

You might think industry giants Gillette and Wilkinson’s Sword dominate that market.

But those thoughts didn’t stop Dollar Shave Club and Harry’s shaking up the market.

They changed the way people buy razors.

The entrepreneurs took centuries-old product and introduced a wildly-profitable direct-to-consumer subscription model.

Challenge your preconceptions every day.

Then you will have nothing blocking your mental path if a good idea should come along.

Pay Attention to Your Surroundings

Next, you’ll need to start paying more attention to your surroundings.

It is very easy to become so used to your regular routine that you don’t notice the things around you.

But those things are going to be what inspires your new business ideas.

Creative Inspirational Thinking Book

Look at your world in the same way as an explorer.

As Roger von Oech wrote in his book, A Whack on the Side of the Head;

It’s important for the explorer to be willing to be led astray“.

As you go about your daily life, look for things that you could do better.

In particular, look for gaps.

Look for needs that are not being met.

Problems that have yet to be solved.

These are where you will find the best new business ideas.

They are niches that are ready to be filled.

Don’t Stop at One Idea

You also have to know how to recognise the good ideas and sift out the bad ones.

This requires that you think through an idea thoroughly before you do any work towards it.

If you get overly obsessed with your new idea, you won’t see the merits of alternative approaches – and will probably miss an opportunity or two.

So, when trying to find a new solution to a problem, look for the second right answer, and then the third.

Use Critical Thinking and be Selective

Next you need to determine exactly how each idea will work and what sort of pitfalls you can expect to find.

Sometimes, an idea that looks great on the surface will turn out to be terrible, and sometimes the opposite is true.

Don’t be afraid to abandon a “good idea”.

As they say in the world of writing – you must be prepared to “murder your darlings“.

This is when a writer decides to get rid of a storyline, character, or sentences in a piece of creative writing.

The writer may have worked hard to create those ideas but knows that must be removed to improve the overall story.

One of the most valuable things you can do when inventing is letting go of a previously cherished idea.

Then you’re free to look for new ones.

The most important thing to do is to continually think about things from a business perspective.

Do this until it becomes so much of a habit that you are unable to turn it off.

That is when you will start coming up with amazing ideas.

One of those ideas could be the key to making millions.

But having a great idea is not enough.

You also have to take action on your idea.

You must put in the work.

But the idea has to come first so get to thinking about things today!

This article briefly covers some of the 7 key characteristics and behaviours found in the world’s most successful entrepreneurs.

Read more about the other shared behaviours of the rich and successful in our eBook. It’s called “7 Steps to Entrepreneurial Success”.

Click here, or on the cover image to claim your free copy.

Free eBook finding inspirational business ideas

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Written by 

Co-Founder & CEO of Link Management Group. An Investor & Coach to Small Business Owners, for the past 30 years I have helped startup and early-stage businesses to enter new markets and achieve sustainable growth of both revenue and profits. I have experience across a diverse range of sectors including central government, information services, software, health insurance, pet products, couture fashion, entertainment and aviation.  How can I help your organisation accelerate growth and achieve its full potential? 

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