How to spot a business idea

May 22, 2020 by Zac de Silva Leave a Comment

The best business people look at what is happening in the world and then see what related opportunity might stem from that, which they can capitalise on. It’s a great habit to get into: taking the time to look hard and thoughtfully at events or trends and then asking yourself what opportunity that brings or what problem it throws up for consumers that you could solve with a new product or service.

I’ve found a great article that outlines how this thinking might apply to country lockdowns due to Covid. It brainstorms how people’s behaviour changes, what their habits become, what they’re thinking… and then what products and services might tie into that.

This example is specific to lockdown but the critical thinking around 3rd or 4th (or 5th or 6th!) level thinking is applicable to any situation.

Like this simple example from the car industry – cars lead to roads — which lead to road making — which lead to an increased demand for bituman and roading crews — which lead to an increased need for road cone production, and so on and so on…

Read the full lockdown example HERE and let me know if this throws up any ideas or clarity around new business ideas or areas for growth for you!

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