Five ways to come up with a business idea by geoffrey byruch

F I V E W AY S T O C O M E U P W I T H A
BUSINESS IDEA

BY GEOFFREY BYRUCH


Many entrepreneurs begin
simply with an idea. For
Steve Jobs, it was
revolutionizing the
computer. For Mark Cuban,
it was creating a social
platform to talk about
sports. For the other
thousands of entrepreneurs
out there, it is merely
running with a winning
concept.


But what is a winning
concept? How can you
create a thing that
everyone needs?


For majority of
entrepreneurs, the first
step is to simply strategize
and brainstorm the holes in
the marketplace.

Whether you are in the restaurant
industry or technology world, finding a
specific ‘want’ or ‘need’ from the public
will push you in the right direction.


In this presentation, I have
listed five ways to begin
brainstorming winning
business ideas.
These are the hard-hitting
questions every single
entrepreneur had to ask
him or herself before they
started their company.
Remember, a business
begins with an idea. Make
sure you truly understand it
before jumping into the
deep end.


I . W H AT D O
PEOPLE NEED?

• W H E N C R E AT I N G A D E M A N D F O R A N E W

P R O D U C T, E S P E C I A L LY I F I T I S
S O M E T H I N G T H AT I S N E W W I T H I N T H E

F I E L D , S TA R T O F F B Y D O I N G A B I T O F
RESEARCHING.
• H A V I N G A D E E P E R U N D E R S TA N D I N G O F
T H E F I E L D A N D T H E P R O D U C T S T H AT
A R E O U T T H E R E W I L L P U T Y O U AT A
H U G E A D V A N TA G E O F K N O W I N G T H E
NEEDS AND WANTS ARE THERE FOR THE
BUYER.
• O N C E Y O U H AV E U N D E R S T O O D T H E
OVERALL FIELD, TRY AND INTERNALIZE
Y O U R N E W P R O D U C T.
• A S K Y O U R S E L F VA R I O U S Q U E S T I O N S
SUCH AS: WILL THIS PRODUCT MAKE
THE BUYER’S LIFE EASIER? WILL IT BE
ABLE TO COMPETE WITH ITS
COMPETITORS? WILL THE BUY SEE THIS
AS SOMETHING IT NEEDS TO
PURCHASE?


I I . W H AT I S T H E
NEXT PRODUCT?
• Steve Jobs said it best with,

“but wait, there is just one
more thing.”
• For many successful business

ideas, they are often ahead of
the curve. They think about

trend on a growing horizon
and how they can better
improve in specific areas.
• Try to see if you can create a

product that is faster, stronger,
more efficient than the latest
model.


I I I . W H AT A R E
SPECIFIC
P R O B L E M S T H AT
CAN BE FIXED?
• One of the biggest ways

people come up with
business ideas is simply to
find an easy and effective
solution for an everyday
problem.

• Shows like Shark Tank is a

great platform that
highlights various
entrepreneurs who
capitalize on every day
problems and create easy
and cheaper solutions.

I V. C A N T H E R E B E A C H E A P E R A N D M O R E E F F E C T I V E
VERSION OF AN ALREADY EXISTING PRODUCT?

• CALL THIS, REINVENTING THE WHEEL.
• M A N Y P R O D U C T S O U T T H E R E H AV E P R O V I D E D S O L U T I O N S O R

BENEFITS FOR ITS BUYERS FOR MANY YEARS.
• H O W E V E R , C R E AT I N G A S T R O N G E R P R O D U C T T H AT C A N D O T H E
JOB TWO OR THREE TIMES AS LONG OR FOR A FRACTION OF THE
P R I C E C A N P U T Y O U AT A N A D V A N TA G E F O R Y O U R C O M PA N Y.


• Try looking at specific fields or industries

V. L O O K F O R
that are missing any winning concepts.
SPECIFIC NICHES

• For Apple, they decided to look into the

music industry and create a platform in
which you can buy individual songs or full
albums.

• If Apple did not look into this niche field, Samsung or

another popular tech company could have take advantage
of that money-making opportunity.