Coming up with an Innovative
- Idea Begin with getting a masterplan for your business. Great plans reside beside you
Initially start by looking at the problems you face in your daily life
- Find the problems you face and the services you are deprived of sometimes that can help you to find a loop for the perfect business idea Search if there is already something available in the market for resolving your problem, examine it properly- Is that service ample for solving the need of yours or not? If not, Maybe it will lead you to a great business opportunity!
Start observing the needs of the society
- Not able to find a business opportunity from your own daily life problems and needs, go for a bigger picture. Start looking and noticing the needs and wants of the people around you. Talk to people about their daily lives, routines, What services they are lagging off? Is there any product or service they want in the market? Look at an even bigger picture, identify the needs of society if any service masses are deprived of, research on that, think is there any way to resolve it, how many people want to avail that service keep all that picture in your mind from the beginning of your startup plan like if people are facing transportation problem and fuel problem any way to solve that? All this above research can lead you to a brilliant business idea.
Coming up with an innovative idea isn’t enough.
- You continuously need to modify your startup according to the needs of the market. You need to introduce some more comfortable and better service for your survival in the market from time to time. Let us see some of the business startups that came up with innovative ideas in the market for making people’s lives easier, modified themselves continuously, introduced new services from time to time and now they have reached the heights of success.
- Apple is the world’s largest company by revenue since January 2021 Apple Co, was founded by college dropouts which was based on an idea to make computers small enough for people to have them in their homes or offices. Then they came up with other ideas also like introducing the iBook (a personal laptop), and introducing music related products (i.e. iPod and iTunes). They have become the company’s most profitable sector
- Changed the taxi business.Uber was founded on a single idea: “What if you could request a ride from your phone?”Came up with a brilliant idea of online booking and became one of the most successful companies in the world.
- Changing retailing When Amazon first launched in 1995 as a website that only sold books, founder Jeff Bezos had a vision for the company’s explosive growth and e-commerce domination. He knew from the very beginning, he wanted Amazon to be “an everything store.”
Creating innovation in existing products and services
- It’s never too late to do something or to bring a revolution, if you want to try your luck in a heavily competitive market and want your startup to actually survive and grow in it, you just need to do a proper briefing. Everytime it’s not necessary to bring up an idea of a new service or product, You can also do your startup in a competitive market by providing better services to the consumer. Survival is very important in the competitive field which can be possible if a startup provides better services than the existing ones. Achieving the edge over the other firms is necessary for growth which can be achieved by offering better and convenient services, giving services and products at better prices, making the available product better.
One of the best of example of this is Reliance JIO
- The company faced a huge competition from various competitors in mobile networking field like airtel, vodafone etc, But came up with new ideas to make people’s lives easier, provided better and cheaper services, and offered such offers no mobile company ever offered in India that before. Mukesh Ambani’s Jio changed India’s system of mobile networking. Earlier the rates of calling and data were way too high. They identified the exact needs of their target market and came up with a revolutionary idea of providing free mobile networking services(data+roaming) for a year and was the first company in India to lower the prices of data, introduced unlimited (data+roaming) offers at cheaper rates which changed the whole indian market of mobile networking and made JIO the most competitive firm in the market because its primary motive was customer benefit.
- A startup needs only a brief planning, a new idea can only give a good start but it needs itself to be modified from time to time for its growth and survival. Also starting a business in a competitive field and ensuring growth and profits is also possible if services provided are somewhat different and better from the rest of the competition which can be done from identifying the needs of the target market. All it takes is a positive energy and a good business mindset.