How Did People Come Up With the Idea For Their Business?
Many successful businesspeople came up with the idea for their company from their personal experiences. If you’ve had any particular problem that you solved in the past, you may be able to apply that solution to a new product. Or, you may have expertise in a field and can turn that knowledge into a new business. Regardless of your reason for starting your own business, identifying a need in your industry can lead to great ideas.
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For example, the co-founder of Netflix, who founded Netflix, was frustrated with late fees when he returned movies to video rental stores. This drove him to develop a system where customers could exchange their returned videos for another without being charged a late fee. It was a simple idea, but the business model was not. The founder’s daughter was interested in the service and found it fun, but the commercial hula hoop was too flimsy and a pain in the neck.
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When someone is looking for a new business idea, they often think about their experiences in the industry. This can help them brainstorm ideas on how to improve their product. Getting feedback from family and friends can also help them decide if their business is a good fit. After all, they won’t hurt your feelings if they support your idea. They may even buy a product or start a crowdfunding campaign.
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