By Alexis Elliot - The Pingry School
Coming up with a strong business idea can be challenging. Sometimes it feels as though every idea you have thought of has already been done. Use these key points to come up with a strong and successful business idea.
Find a Problem and Be the Solution
When coming up with a business idea, look for a widespread or common issue that we face (eg. world hunger, environmental issues.) Once you find the problem, gear your business towards becoming the solution or a way to lessen the conflict.
Focus on Something You Are Passionate About
You can always turn your business into something that you are passionate about. Whether you like sports, fashion, or cooking, your business can be based off of one of these interests. For example, Jaylen Bledsoe, CEO of an IT Consulting Firm worth over 3.5 million (he’s only 16!), started his company after he realized he had a passion for programming.
Identify Your Competitors
When putting together your business model, find out who your competitors are and ways that you can set yourself apart from them. Don’t stop because someone else started before you...execution matters more than just a good idea.
Ask yourself: What are people excited about? What are people complaining about? What are people saying that they wish they could do? Once you answer these questions, you have some of the building blocks for your business model.
Be an “Evangelist” for Your Idea
Talk to people about your idea in order to gather feedback. Evaluate the feedback and make the necessary adjustments. Don’t be discouraged to ask people for their insight, as the saying goes “two heads are better than one”! Reach out to NextGenVest.com to publish an article about your business - they highlight student entrepreneurs in their weekly newsletter that reaches thousands of students around the world. To get more information you can text their Q&A line at 646-798-1745 saying "I'd like to get on your newsletter".
Figure out Your Target Market
As you start to put together your business idea, it is important that you find out your target market. Your target market include points such as, demographics (Age, Gender, etc), the location of your business (climate, city or rural). With your target market, you should be able to answer the question “Who does my business cater to?”. For example, if you are starting a company that sells fur coats, it would not be the best idea to waste your marketing budget on people that live in a tropical country.As you come up with your business idea, be patient, the idea may not come overnight. When I was coming up with a business idea for my company, a website that connects students in other countries to enhance their educational experience, it didn’t come to me until I realized the problem and strived to create a solution. Also, you don’t have to “reinvent the wheel” with your idea. The way you execute the idea can be more important than the idea itself.
_Want to help other students be smart about college, money, and careers? Text NextGenVest at 646-798-1745 saying "Hi my name is [Insert Name] and I would like to get involved.” _