Generating Good Business Ideas

Business ideas are the very foundation of every successful (and failed) business. Google, Facebook are examples of thriving businesses that were built from solid ideas.  So, how can you generate quality business ideas? Let’s touch a few points. 

Be Observant: If you look hard enough, you'll find several problems you can come up with solutions to in Nigeria. You can't proffer solutions if you haven't identified a problem. So, look around you. Don't forget to keep a notebook handy!

Get smart: Good business ideas can only be based on solid facts, not assumptions. As such, you need to know as much as possible about your selected field. This knowledge may be formal or informal, but knowledge all the same. Look to know what has been done. Find the missing link’ between what has been done and what should be done. This makes what you need to do clearer.

Connecting the dots: You are now ready to create the business you've thought of. Develop different possible bridges for the gaps you have identified. How many of the ideas are feasible? Which of the ideas is most profitable? Answers will streamline your ideas to a few, which makes you ready for the next stage

Acquire required resources: the ideas you have now may all seem viable to you and you want to go all out and put everything you have into them. However, it is best to test them out on a small scale first. Do they work? How effectively have they bridged the gap? What is the initial reaction of the intended consumer?