If you’re not sure where to start when developing a new business idea, you might want to start by checking out some business ideas examples. While business ideas can be useful for generating new ideas, they can’t tell you how to make them profitable. That’s why you should conduct a research process to find out whether your idea will solve a problem for a customer. The best business ideas are not only based on a personal interest, but also on research and the needs of other people.
Entrepreneurs with good ideas are mavericks or experts who can sell the solution to a common problem. They don’t need to have great wealth to succeed. Their ideas may not even be about dominating the industry. Examples of entrepreneurs who succeeded in creating a profitable business include Microsoft, Google, Apple, XOM, and ExxonMobil. Most of these companies started as individuals, and they eventually started growing into world leaders.
After you have a great idea, you can poll your friends and family and see if they have any problems. If you have a problem that isn’t being addressed by your current service, you can quickly find a solution and get feedback. A good way to gauge market size is to poll your friends and family, and ask if they’d be willing to pay for it. Make sure to keep an eye on the franchise market and know which growth areas are likely to flourish.