How to Brainstorm Business Ideas: 9 Foolproof Approaches

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The great thing about brainstorming is that it doesn't have to be formal. You can use one of these approaches, or a combination of any of them. The goal is to get things done and see where it goes.

In this article, we'll share nine ways to brainstorm business ideas that will help you get on the right track.



How to Brainstorm Business Ideas: 9 Ways
1. Problem-solving approach
This approach focuses on pain points. You spend one cash app database day noticing every little thing that seems even slightly inconvenient, cumbersome, challenging, boring—basically, any negative term you can think of. Then brainstorm ways to solve these problems. The more common the problem, the better, because the greater the need.

2. Approach to personal inventory
This is a proven approach to developing ideas for small businesses. Analyze what comes to mind naturally. For example:

Hobbies: Things that excite you
Core Values: Standards by which many live
Best Skills: Things You Get Good at with Practice
Talents: things you are naturally good at, without any practice
Hobbies: something you can do all day long
List them and see what ideas emerge from them. This is the best way to brainstorm business ideas because the more the business is true to the essence, the less difficult it will be to start, manage and grow it.

3. Approach to market research
This is a more practical approach to take when developing business ideas, and it should be used in any other approach. After all, you want to make sure that it is possible to bring your idea to market and achieve long-term success.

Industry trends, new technologies, and consumer behavior should be considered to gain insight into the competitive landscape, identify unmet needs, find niche audiences, and more. Marketing research involves a wide range of strategies, including surveys, social listening, reading research reports and reviews, using market analysis tools, and more.

4. Approach to competitive analysis
Technically, competitive analysis is a marketing research activity, but it is so effective that it is worth its own approach. In short, competitive analysis systematically examines the key components of other companies so that you can identify gaps that need to be filled and how to best position yourself. You can analyze strengths, opportunities, weaknesses, and threats (SWOT analysis) or use any other criteria that fits.

This approach is great for when you have a clear idea of ​​the type of business you want to start, but need additional guidance on describing the details of that business (e.g. target audience, buyer personas, value proposition, etc.).

5. The company name approach
Of course, this shouldn't be your only approach, but it's a good strategy to use when you need a break from all that marketing research. Creative business names can lead to creative business ideas, and vice versa.



6. Influence-based approach
The right way to come up with a new business idea depends on what motivated you to start your own business in the first place. And if you simply have an entrepreneurial desire but no experience, then it’s worth taking the time to get acquainted with entrepreneurial inspiration.

Read books written by entrepreneurs, listen to small business podcasts, and start following inspiring business owners on social media. This will expose you to a wide range of concepts, perspectives, approaches, and worldviews that can lead to great business ideas.

7. Network approach
Influencers can be a source of inspiration, but connecting with people like you adds an extra layer of practicality to the ideation process. Find networking events and discussions happening locally and even virtually.

8. Approach to creating websites for freelancers
Who says a new business has to be unique? You can find business ideas that use existing skills and talents, or ideas that require developing new skills to enter growing markets.

9. The Generation Z Approach
Generation Z is the next generation of consumers, and they are known for their passion for brands that articulate and stand for certain core values. If there is a cause you care about or a specific set of values ​​that guide you in life, let that be the basis for your business idea.

Examples include sustainability, civil rights, individuality, accessibility, and more. As with the personal inventory approach, building a business around something you personally connect with helps reduce friction throughout the business's development.

Conclusion
A variety of factors – consumer needs, industry trends, personal passions and more – create a dynamic ecosystem that always offers new opportunities.