Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
No Result
View All Result
How to generate ideas for a new business

How to generate ideas for a new business

Mwende Maritim by Mwende Maritim
25 September 2015
in Business, Careers, Entrepreneurship
Reading Time: 2 mins read
75 0
0
91
SHARES
503
VIEWS
FacebookTwitterWhatsApp

Tarmacking is a term familiar to many young graduates. This job hunting process can be quite challenging, thus forcing many to consider other money making avenues in life such as small business ventures.

This may be a good alternative but it is not a breezy walk in the park.

Picture this, if you want to buy a car, you cannot think about the idea one night, walk to a show room and buy a car the next day. You must first think about the type of car to buy, its cost, uses, security and maintenance. A wise person would get this information before deciding to buy the car so that upon purchase, there are no panful regrets.

Similarly, starting a small business requires careful thinking and evaluation of the proposed idea before venturing. A good idea is one that provides effective solutions to problems, efficiently meet people’s needs and wants and has profit making potential.

Therefore, to discover some brilliant ideas you will first need to do your homework. Study the world around you to see which gaps you can easily fill and emerging trends or societal changes to anticipate.

new business idea
New business idea. Image from http://ideas.businesxxl.com/promoting-a-new-business-ideas/

Here are the three main ideas that are often pursued;

1. Mainstream Idea

This is a conventional business idea that offers already available general products or services such as supermarkets, wholesale shops and convenience stores.

2. Niche Idea
This involves selling and distributing specialized products geared toward specific markets. The niche business owners understand the market needs of their customers so well as their customers are willing to pay higher prices for products or services.

Businesses in the niche category include drug manufacturers, specialized hospitals or old nursing homes, beauty products and special automobile spare parts stores.

These businesses have well defined loyal customers and tailor made products and services thereby making their markets more difficult for competitors to penetrate.

3. Entrepreneurial options
Entrepreneurs often bring new unique products or services to the market or improve on existing knowledge, ideas, products or services by adding value.

To succeed, entrepreneurs are driven by self-ambitions, risk taking, confidence, achievements, courage and determination. These qualities drive them to desire things that are different from ordinary performers.

A practical idea that has great potential will need legal protection through patent registration, otherwise, the uniqueness of the idea is open to competitors’ pirating and copying, which is a major challenge facing many entrepreneurs in developing countries.

All the best in your brainstorming. Here are some points to consider when deciding the most appropriate business idea to pursue;

• Choose a business idea that uses your existing knowledge, practical skills and experience. It is better to do what you have practically done and you are qualified in.
• Choose a business idea you have an internal drive to perform. Such businesses should be enjoyable and motivating.
• Sell what you believe in and have confidence and experience that it is good.
• Choose a business that has profit making potential in order to continue operating.

Share36Tweet23SendShare6Pin8
Previous Post

Effects of raising taxes on the Kenyan economy

Next Post

Love in a time of Social media – 5 ways to bring back intimacy into relationships

Mwende Maritim

Mwende Maritim

Mwende Maritim is a budding freelance writer based in Nairobi, Kenya. She has always had a passion for well written content but began writing professionally in 2014. Her writing mainly covers lifestyle issues and anything to inspire people especially the teenagers she mentors.

Next Post
Love in a time of Social media – 5 ways to bring back intimacy into relationships

Love in a time of Social media - 5 ways to bring back intimacy into relationships

Please login to join discussion

Recommended

Wedding ringed fingers of a black married couple

For Years Nelly Had Prayed For A Husband But Maybe She Was Not Specific Enough About The Type Of Husband She Wanted

15 November 2022
555
TECNO CAMON 20 Series

The TECNO CAMON 20 Series Will Be The Answer To Great Smartphone Night Photography

19 May 2023
72

Popular Stories

  • He Kept Saying He Was Over His Ex, But He Left My Birthday Dinner To Rush To Her Side

    He Kept Saying He Was Over His Ex, But He Left My Birthday Dinner To Rush To Her Side

    3 shares
    Share 1 Tweet 1
  • The Singlehood Series: I Left Her After She Met My Parents Because Some Red Flags Became Visible During The Visit

    2 shares
    Share 1 Tweet 1
  • We Met At A Funeral, And For A While, Grief Felt Just Like Love

    3 shares
    Share 1 Tweet 1
  • What To See In Ireland In 7 Days | An Ultimate Guide

    26 shares
    Share 10 Tweet 7
  • The Campus Girl Is Not A Wife Wrote Ivy Aseka: Such Sour Grapes Writing Is Damaging With Its Stereotypes

    271 shares
    Share 108 Tweet 68

Potentash Blog

Potentash is an award-winning lifestyle blog. We publish lifestyle content that intersects with health, women, beauty, travel, business, relationships, finances and entertainment.

Explore

  • The Singlehood Series
  • From Stairs To Ramps
  • Man Around Nairobi
  • Pearls And Heels
  • Personal Finance
  • Food + Beverage
  • Editor’s Pick
  • Reviews

Get the Potentash Newsletter

  • Newsletter Archive
  • Subscribe
  • Frequently Asked Questions
  • Privacy Policy
  • Contact Us

Copyright © 2023. Potentash, In Partnership with Decima

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
No Result
View All Result
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books

Copyright © 2023. Potentash, In Partnership with Decima