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Top 5 Sources of Business Ideas for Entrepreneurs

Technology companies shine in 2013, does anyone have the opposite opinion? LinkedIn’s stock price rose more than 100%. Recently, Twitter and Zulily’s stock prices rose more than 70% and 80% on the first day of their respective public listings. Even Facebook, which was once completely lacking in interest, has doubled its share price in the past six months.

As the share prices of these leading Internet companies have risen to sky-high prices, more and more people have started their own businesses. For example, in the MBA graduated from Stanford University in 2011, about 16% of people chose to start a business after graduation, surpassing the previous 12% during the dotcom period.

Top 5 Sources of Business Ideas for Entrepreneurs

Their approach is very good. However, as I recently discovered, although many people who want to start a business start pursuing satisfactory jobs, independent agendas, and life-changing financial results that startups may bring, there are still countless potential entrepreneurship. The seeker is looking for the moment when inspiration comes. In fact, when I interviewed peers who wanted to be entrepreneurs, the lack of a proper idea was the biggest reason for them to stand still.

One of them said, “I have been working all my life, so funding is not a problem. However, I just can’t think of any good ideas.”

Another said: “If I have a good idea worth resigning, I will start a business tomorrow.”

In order to bring inspiration to those who have no clue, I have been investigating the source of ideas of successful entrepreneurs in the past month. I surveyed 50 entrepreneurs at three different stages (before obtaining funds, growing up, and being acquired or publicly listed), and conducted detailed follow-up interviews with 15 of them. 90% of these ideas can be included in the following categories, so your good entrepreneurial ideas may appear in this list.

Here are the top five sources of entrepreneurial ideas:

1. Want to answer the pain points encountered in life

So far, the most frequently cited source of ideas among those surveyed is one of the setbacks or frustrating things that entrepreneurs experience in their personal lives. Have you ever wondered how much your doubts might be worth? You can ask Kent Plunkett that the reason he founded Salary.com was when he was hiring a secretary and found that he was not sure how much to pay. After establishing the world’s largest salary database, the company went public in 2007 with a market value of up to US$175 million.

2. Meet talented people and start a business together

If you want to start a company, observe the people around you, especially the place or school where you work. Some people have warned that starting a business with a friend of a business school is not a good strategy, but the data shows different results.

Meet talented people and start a business together

Almost half of the 39 companies that have been established since 2003, private equity investments or public listings with market value of more than one billion US dollars were founded by founders who met in school. People who are close in thinking can get along at close range, which seems to be the key catalyst for new ideas. Spinback’s co-founders Corey Capasso, Andrew Fereneci and Dan Reich first met at the University of Wisconsin, and founded the company together after many years, Buddy Media Acquired it in 2011.

3. Talents with different talents or high spirits then join the career

Take an hour and write down the skills and enthusiasm you have, and you may find your next good idea for starting a business. Entrepreneurs in this category know themselves very well and look for innovative ways to transform work experience and hobbies into mature companies. Alexa von Tobel combined his enthusiasm for helping Millennials with his skills to clarify complex financial issues, founded the online financial planning company LearnVest, and recruited More than 40 million dollars.

4. Working in an industry for a long time, so I discovered customer needs

Do you still think that you have no hard work in the company, but in the end, you get nothing but an insufficient pension? If you use your own experience and think carefully about what customers’ needs are not being met, you may be on the road to prosperity.

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Entrepreneurs in this category have worked in the industry or related industries for many years before starting a company that is directly related to an industry. Before establishing the innovative online personal insurance search company KnowItOwl, Francois de Lame and Jennifer Fitzgerald have accumulated a lot of experience and experience in the personal insurance industry. Knowledge.

5. Research many entrepreneurial ideas, and finally streamlined into one

Smart people make full use of new information sources such as Quora and Hacker News to conduct “top-down” research, and use a data-driven elimination method, and finally get a business idea. Many people are also very good at tracking effective business models and companies, with the goal of finding breakthrough success and applying it to new markets. The founders of Diapers Kimball Thomas and Davis Smith saw the value of bringing the company’s business model to the Brazilian market. Their latest goal is that in a few years, the company’s turnover will reach one billion US dollars.

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So, what do these findings mean to you who have always wanted to be an entrepreneur? If you are stuck and can’t start, then pause first. You can extract entrepreneurial ideas from the rich sources around you, and then start small experiments to verify your hypothesis. As long as you work hard, maintain high morale, and add some good luck, you are likely to seize the next good opportunity.

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