Where to look for ideas


Ever wonder where entrepreneurs get their business ideas? Here are the top five origins of an idea.

– Added a new twist. It’s OK to copy or modify an existing business idea. In fact, that’s how most entrepreneurs start. Be critical of existing companies and look for things they could be doing better, faster or differently.

– Personal use. Perhaps you made something for your own use that holds business potential. Pay attention to people who say, “Could you make one of those for me?”

– Hobby business. Your hobby could lead to a great new business because you’re passionate about it. Spend hours in the garden? Make your own jewelry? Explore making your hobby a full time labour of love.

– “Eureka” moment. Some brilliant business ideas literally wake you up in the middle of the night. Keep paper and a pen on your nightstand just in case it happens to you.

– Conducted research. Practical entrepreneurs won’t wait for that wake up call, choosing instead to roll up their sleeves and hunt for a viable business idea. Read business magazines, research emerging trends, surf the Internet, travel the world and talk to everybody. You can dig up some amazing opportunities if you’re willing to look for them.