If you ask them why they think so, their answer is usually, “I just know it will work.” This basically means they are relying entirely on their feelings and intuition to come up with business ideas!
Why intuition is the worst way to come up with business ideas.
Is this something you should do? Should you rely on your feelings and intuition to help you find business ideas. The answer is NO absolutely.
Intuition is probably the worst way to come up with ideas.
There are thousands of people who thought they had a great idea which turned out to be rubbish. Then you have the people who wanted to follow their, “Passion” and wound up broke in the gutter. You can’t do this if you’re going to become a serious business person.
How to actually find a killer business idea.
There are a million ways to start a business that will be successful. Instead of relying on your intuition try one of these ideas instead.
Copy what is already working.
This is probably the best way. If someone has a product and it’s selling then you can sell it as well. Remember, the easiest way to be successful in life is to simply copy what is already working. Look at what people are selling on TV, magazines and in newspapers then copy what they are doing
Just be careful of the competition out there and avoid oversaturation. Don’t open your Chinese restaurant next to another Chinese restaurant! Don’t sell hot sauces if they are a million other brands the shelf.
Speak to people who are successful.
Try to find people who are already successful in business. Ask them if your idea has legs. These people are often more than happy to give advice. Plus they might be able to point you in the right direction.
Test your idea.
Before committing money and effort find a way to test your idea. This way you can figure out if it’s viable or not. Find a low risk way to test by committing as few resources as possible. There are many ways to do this. If it works then great! Now you can scale up.
Write a pitch for investors.
This is how it’s done at the highest levels of business. You write a pitch for your idea and present it to investors. Astute and skilled investors will tell you if it’s a good idea or if you’re wasting your time. They can also give you the knowledge, money and resources to truly get your going.
Drop your ego.
Sometimes you have to let go of your idea and accept that it’s a dud. In this case, you have to be mature enough to know when you’re wasting your time, and when you should start looking for another idea.