Finding ideas for a new business involves identifying something someone wants, or better still something someone needs. Any salesperson will tell you that needs-based selling is much easier to achieve. The cliche is that the top salespeople can sell ice to Eskimos. That is most assuredly not needs-based selling.
If a business entrepreneur cannot identify a need in their audience, the next best thing is to find an idea that taps into a passion – a want. When people are passionate about a subject, their rational mind is relegated to the back seat and their heart takes over. Often, wanting something defies logic. All luxury goods in the world defy any rational reason for their existence, but companies make millions from selling them.
Combining a needed product with desired qualities is a sure-fire way to make money. Everyone in the developed world wears shoes, therefore you’d class them as necessities, but it is the fashion industry that has turned shoes into must-have items.
Thus you have this third hybrid group of products:the must-haves. Not simply needed, not only desired. Must-have products are a marketing dream, and this should be the pinnacle for any business entrepreneur.
the Must-Have Entrepreneurial Idea
So where exactly would you look for the next big must-have? One area that is arousing increasing interest and is set to continue in that trend is the whole eco-friendly and sustainability business. As the earth’s natural resources are plundered to death and we all belatedly wake up to the realization that we need to reverse the damage we have done to the planet, ideas and products designed towards this end are becoming ever more popular. These might not create the products we usually think of when we imagine a must-have item – which in truth are usually quite dispensable luxury goods – but as we are forced to readjust our priorities, eco-friendly products and services may well come to define the ultimate in must-have, and business entrepreneurs who can tap into this vein will, and already do, make serious profits.
Another evergreen area for entrepreneurial business ideas is the personal health and fitness industry. Anyone reading about the shocking and worsening obesity statistics in the developed world might think that people no longer care about their health and well-being, but the inevitable by-product of this is a massive backlash in the form of a parallel quest for increased fitness in the non-obese, and a desire to shed the weight in those who are obese.
The bottom line is to find something that a person can feel truly passionate about. Both the longevity of the planet and our own personal longevity are ideal candidates for the genesis of some great entrepreneurial ideas.