North America is not the only part of the world that’s enjoying the benefits of the burgeoning startup culture. Take, for instance, the United Kingdom where the total employment in 2016 stood at 15.7 million, translating to 60% of all private sector employment. According to the UK government, the combined turnover for all SMEs for the same year was £1.8 Trillion.
It seems these figures would not exist or reach such heights if the businesses lacked critical ideas that solved real-life issues. An estimated 50 million startups are launched annually while the global startup population today has reached 150 million. The survival of these businesses depends as much on ideas as it does on funding. After all, if they lack ideas, the funds will find little or no use. The following tips should set a business owner on the right path.
Meet New People
This is probably one of the most powerful ways to generate business ideas. In the past, people met at the occasional networking events but today, the Internet has made it possible to hold frequent and continuous meetings/interactions via a good business ideas forum. Always seek critical insights into existing business functions and possible solutions to other challenges.
Monitor Your Interest(s)
Other people’s interests are also relevant. One good example is the Zagat Surveys, which were borne out of its founders’ desire to compile a list of restaurants by ranking published as a newsletter. It did not take long for the newsletter to become a publishing empire selling restaurant guides for major cities in Europe and the United States.
It is amazing how much the streets have to offer. Business history will record the effect of the streets on pop culture. Multi-million dollar businesses have been built around grunge, punk, and many other niches found right on the streets.
As cliché as it may sound, ideas rule the world. It may take some work to sieve through a myriad of ideas, but it’s well worth it to explore the above options.