Once upon a time, there was a young boy, 26-year-old Aniket Sharma from Delhi in 2015, he was also searching for New Business Ideas, he started a business of Agro Cattle feed, where he was getting it manufactured from a 3rd party. (*3rd party is a company which manufactures products for others, with their brand label on it) Aniket did marketing under his brand on social media and offline channels. He took a lot of effort and set up distributors in nearby cities and tier-II cities. In this process, he took loans from banks and also borrowed money from friends & family. However after 1 year, Aniket was in financial stress, Aniket couldn’t breakeven and closed the business.

He then started a business of Ayurvedic food supplements like turmeric, moringa (Drum Stick), and aloe-vera. Aniket's uncle helped him in technology and repackaging of the products. Aniket started buying this product in bulk and repackaging under his brand. He started selling this in retail chains, General Trade & Modern Trade, and also online websites like Amazon, Flipkart, Bigbasket & Groffers. However, due to competition, he closed down this business as well.

In the next 5 years, Aniket Sharma started approximately 13 businesses and closed them. All this happened because he was very lousy in choosing the right business Idea.

Wait, why am I telling you this depressing story, when asked for Idea creation. Well, this is the most common story in the Business and Startup world, its just no one talks about it. No online Youtuber tells the story nor any Business School has lessons on it. This is only discussed amongst the entrepreneurs who have done 2-3 startup attempts. I want to shout at the top of my voice and tell every new entrepreneur there are multiple parameters for the selection of startup ideas for a particular individual. Our families are conservative, they will criticize failure and our societies are viral which makes it very difficult for an entrepreneur to come out of the failure.

#1 reason why businesses fail is there’s no market need.

Some startup enthusiasts even keep searching on Internet "Best business ideas for 2020" and “New Business Ideas”. But to be honest who would reveal a million-dollar idea on the Internet or Youtube. Rather nobody would want to reveal any idea on the internet. Hahaha. Common don’t be "I am not that guy" everyone in their lifetime, have done it at least once in their lifetime, including me. What I found is, most of these guys are trying to sell you their stuff under this headline, manufacturing machines, their software or some MLM schemes or something which will make money for themselves, they have nothing about Startup Ideas. Oh, ho, But the main question remains unanswered, where to get ideas from? How to generate ideas?. Let's now dive straight to the topic and explore step by step by process. Let's make your eureka moment today itself.

Step 1) Select Industry in which you want to venture.

Well everyone has their favorite Industries, make a list of your favorite industry and weigh it in terms of fundamental factors (like future scope, research topics, market trends, etc), technical factors (How much investment is happening in this industry, how many orders are getting booked, etc) and Industry factors (is the technology becoming absolute, is the competition more and saturated?)

Step 2) In this industry which is the common problems you see, which are the problem or problems which strike you and need to be corrected.

This is the most difficult part of the process because we are very much attached to the current processes that we don’t see the problem. Start scribbling small problems list and think in terms of players involved in the industry, what is their process of activities or daily schedule, what do they love, what do they hate. Get 1/2 close friends and brainstorm about the topic. Your answers should focus on time, money, efforts, and frustrations of people. You will get a pretty long lost of problems.

Step 3) Question 20-30 people from that industry "what is the biggest problem/pain that you face in day-day to life?

Now you need to get contacts of people from this particular industry via LinkedIn, Facebook, online search, and personal contacts. Get contact number or messengers, and start with a general discussion about trends in the industry and news about policies, etc. Slowly drill down to the problems they are facing, don’t ask a straight question they may run away. In this way, you will have another list of problems in the industry.

Step 4) Make a list of all problems.

Now its time to check your list and the Industry people list. You will be able to find some common problems, highlight them or make star mark in front of them. Now start writing how much wastage is occurring due to this problem in terms of time, money, and efforts. Start creating interlinks of the problems. Could the problems be clubbed together? Make a priority wise list with problems of a bigger impact on top.

Step 5) Can the solution over these problems be created

Now call up your trusted friends and relatives and start discussing the problems and start making notes for each solution you get. Check what people from other geographies have done for similar problems if a similar problem had occurred in the past what have people from history have done with such issues. Can any information technology apply to solve the problem? The solutions you brainstorm could be in 2 forms one is a product and the other is service. Some solutions could be a combination of service and product, these would be the best one to implement. Try to interlink the solutions and create a unique way to create an impact on the industry in a big way.

Step 6) List top 5 innovative solutions which are practical, these are your 5 top ideas.

Now you have a list of problems and their solutions, chunk out the top 5 solutions you have worked upon and do more research in terms of business and money collection systems (Revenue Model).

You now have your own unique New Business Ideas. If you have an interest in multiple industries the process can be done separately for each industry.

I am sorry if I made you super excited to get this done in 1 day, this process of New Business Ideas might take anywhere between 2-15 days of dedicated time. But the ideas generated will be unique, money-making, and impactful, which might make your friends & family proud and your customers & investors happy.

,Before leaving, I just wanted to ask if you are confused with a couple of Startup Ideas, if yes, get the process and template for choosing the best idea.

Thanks for Reading Till the end, always there to make your startup's Take Off Safe.

#NewBusinessIdeas #StartupIdeas