How to Come Up With a Business Idea 1. Look Inward for a Business Idea. 1.1 Consider your own skills experiences. 1.2 Value your passion - Passion plays a very big role in deciding on a business that you would like to pursue in the foreseeable future. It gives you confidence and overpowering determination to succeed. E.g. Restaurant, School, Oil refinery, Farm, housing project, 1.3 Identify (a) problem(s) that no one else can solve. Can you come up with a solution and solve it or a similar problem for others? Write down all problems like this, even if you can’t solve it initially. 1.4 Additionally, look to your strengths, skills, and interests for inspiration. 1.5 Analyze Your Own Problems The best place to look for a business idea is inside of your own problems. What challenges are you running into in your day-to-day life? This doesn’t have to be a brand new business idea. The problem can be as simple as closing a leaking pipe, fighting load shedding. Using Artificial intelligence to resolve a crisis, etc. i.e. a potential problem worth exploring. Use Your Current Strengths Many current business owners build a business around their strengths. Strengths may be skills or knowledge you’ve learned from experiences like working in the corporate world or through hobbies. A good example is if you’ve been in debt collection for 20 years and are looking to apply those skills to a certain sales industry, or you’ve learned a lot about soccer through your hobbies and are good at helping friends fix their soccer boots, or getting them at a cheaper price to earn profits. Niche Down Your Current Skills Narrow down what you do at your current job and provide a very specific service or product. There is a common business saying that “the riches are in the niches.” Specific services connect well to solve people’s problems. For example, if you’re a management consultant , you may be able to brand yourself as a consultant in a specific niche, such as Financial management or financial reporting consultant. Branding yourself in a niche will make it easier to connect with the specific business owners looking for your services. Cross-pollinate Your Skills and Interests This means coming up with a business idea that mixes two or more unrelated skills or interests. For example, if someone has a full-time job as a panel beater and also enjoys mechanical repairs at a motor repairs and maintenance company, a possible business idea they could pursue is a Mechanical repairs and panel beating company. 2. Look Toward Others for a Business Idea. 2.1 Ask all you can from the already successful people in the areas that you have in mind. If you’re having trouble coming up with an idea from your own experiences, look to problems others are having. Friends and family are usually willing to talk about the regular challenges they run into. Maybe there’s a business idea that can help them overcome their challenges. You can also do research on trends and the current market.