How To Develop Business

More than 100 entrepreneurs and business advisers have already signed up to the site during its testing phase. Mr. Murray Wells said all the entrepreneurs he encountered had more ideas than they could handle and the site would allow them to realize their potential. "There’s a lot of people with good ideas and lots of people that are looking for good ideas," he said. "That’s what we are hoping to do with Idea Volcano, putting these people together.

So, the question is: how do you come up with a new business idea from scratch? How do you prepare yourself to generate great business ideas? Let’s hear what top entrepreneurs can teach you.

The reality is there are many challenges from starting to grow, and different factors that can make an opportunity more or less likely to succeed.

Widen your perspective

The first thing here is the way you look at things in your daily life and around you. If you want to find new business ideas that are worth pursuing, you should change your perspective, your point of view on things: let emerge hidden features, unknown details and see what others don’t usually look at

Cont. Consumers:

Entrepreneurs should continually pay close attention to customers, this attention can take the form of informally monitoring potential ideas & needs or formally arranging for consumers to have an opportunity to express their opinions. • New product or service idea may come from customer reaction to the present product and from expected product idea. • Care needs to be taken to ensure that the idea or need represents a large enough market to support a new venture.

Areas you should avoid

You can save a lot of time by quickly eliminating any business ideas that are highly unlikely to succeed. There's no point in repeating the mistakes made by previous startups.

While there are always exceptions to the rules, Rod's experience in the technology sector has shown that there are some obvious ideas to avoid. These include:

Think you've got what it takes to compete with eBay or Amazon? The probability is that you haven't. The first company in a new market often becomes dominant. They already have all the customers. How will you get to critical mass in your market?

Take note of things that annoy you

What annoys you? Is it city traffic or the stress of finding an apartment? When you think about the list of things you wish were different, the chances are those things also annoy other people. Keep a list of those things and find solutions that will make them better.