Business Idea

You know you want to start a business, but what do you do next? Many people dream of starting their own business, but how can you find an idea that will be successful?

1. Start by identifying a need or a want.
A simple and practical way to come up with a business idea is to consider existing needs or wants in the world, coming up with a solution, and finding a way to make that solution profitable. In the classroom, you can guide students with real life examples of innovators and business owners who found ways to meet the needs of their consumers. You might also focus on smaller, more local figures who have solved a problem or met a need in your own community.

Questions to have students ask themselves:
Have I heard friends or family express a want or a need that does not currently have a solution?
Are there wants or needs I have that do not currently have a solution?
Have I noticed a problem that does not have a good solution?

2. Start with an idea for a product or service.
All too frequently when a great new product or service comes around, we say to ourselves “why didn’t I think of that?!” These sparks of inspiration and innovative ideas aren’t necessarily in direct response to an explicit want or need, but can be game changers in a market.

Questions to have students ask themselves:
Do I already have a product or service idea I think could be successful?
Will people pay for this?
What is the business model I should use to make this solution profitable?

3. Start with your own passions and abilities.

A great place for young entrepreneurs to start is to consider their own passions, interests, abilities, and skills, and find a way to leverage them for a profit. Encouraging students to start with their own lives when thinking of a business idea can result in excitement, passion, and enthusiasm about business.

Questions to have students ask themselves:
What am I passionate about?
What am I good at?
What do I enjoy doing?
Is there a want or need that I can meet with my passions and abilities?
How can I leverage my own passions and abilities for a profit?

4. Start with an existing solution, and make it your own.

Not every business idea needs to be completely new or out of the box. There are plenty of great businesses already in existence that can be either improved up, or brought into a new area.

Question to have students ask themselves:
Are there any solutions to wants or needs that I can improve upon?
Are there any solutions to wants or needs in other communities that I could bring in to my community?