October 23, 2021
6 Easy Ways to Find Business Ideas for Young Entrepreneurs

6 Easy Ways to Find Business Ideas for Young Entrepreneurs

Today many young people prefer to leave their comfort zone as employees and decide to start a business. The businesses they are involved in also vary, some are following the latest trends, but some are building businesses based on hobbies.

Fashion, coffee, vape are some of the business ideas that follow global trends. Ornamental fish, hydroponics, or photography is a business that usually starts from a personal hobby. Then there are also business ideas based on needs analysis.

Rice stalls, laundry, or refill water are some examples of business ideas that can be obtained from needs analysis. You can analyze what is needed and is not in your environment.

How many business ideas have you mentioned above? Does anyone fit your criteria or taste? Or you have your own idea about the business you will run so that it is authentic and different from others.

Try scribbling on a paper how the business ideas you have in mind. If you have already described it, read and compare it with the conditions or trends that exist today.

Is your business idea in accordance with current conditions? Or it looks like how come it’s still utopian or not suitable if it’s run at this time. Maybe the idea is still suitable for the next two or three years.

Then look again, can your business idea have the potential to get at least enough profit for you and your employees? Because no matter how good a business idea is, if it can’t bring maximum profit, it is not a business, but a social activity.

Basically, finding a business idea is not difficult. However, many novice entrepreneurs find it difficult to get a business idea. In fact, if we look closely there are many methods that can be used to capture these brilliant ideas.

So how do you find great ideas for different businesses? If you are still confused and need guidance, here are some ways you can catch the right business idea for you aspiring young entrepreneurs.
Business Purpose

The first question that needs to be asked of yourself is determining what we want to get from the business to be run. In other words, it is important for us to find out the goals we want to achieve when we decide to leave the office and start our own business.

We can ask some of the questions below to find out our goals in doing business:

Am I looking for additional income?
Do I start a business just to get gifts or awards from other manufacturers?
Am I starting a business because I want to spend more time with my children and partner at home? Or
Did I start a business because this is my hidden passion?

Some of the questions above can dig up honest answers from our hearts regarding our business goals. If our intention is to find additional income, then we need to design a business idea.

However, if we just want to get gifts, awards, and new products for free from other manufacturers, then we can do business by becoming a reseller of their products and selling them to other consumers.

What if we want to do business in a relaxed manner, so that we have plenty of time with the kids at home?

We have to choose a business idea that doesn’t take much time, because we will be overwhelmed to take care of the kids from 9am to 5pm every day.

  1. Knowing Ability

As young people, we feel that our abilities are limitless. We often hear a creed that when a young man has a great will, his ability will multiply and become large.

That sentence is not wrong, but it is also not right when it is practiced in the business world. Because the business world is not only about high vision and ideas, but also a strong foundation on which to base the vision and mission.

Therefore, you should know your abilities and to what extent the abilities you have. This is an effort to reduce the passionate nature that is usually synonymous with young people.

In the business of being passionate, it is also considered bad because it will lead to misleading calculations.

Ask yourself what are the things that you are really good at, you like or even that you are hard to have. For example, you have an idea to create an online business marketing agency in Indonesia, but you don’t know the basic science of selling through e-commerce.

It is the same as when you enter a dark, empty house without a light. You will not know how the business processes are in it and you cannot make estimates of how to start and run the business.

  1. Starting from a hobby

Besides starting a business from one thing that is your ability, a hobby can also be a source of business ideas. Some experts also suggest starting a business doing whatever you enjoy.

Because if you start with something you enjoy, you will enjoy the process because you do what you love, as Confucius once said, “Choose a job you love, and you will never have to work a day in your life”.

That way you can grow, as well as the business you run. Now, so that you are more focused, find out how to monetize your hobby or expertise.

If you like photography, try selling your photos on websites like Shutterstock or 123rf.

If you like photography, you can open professional photo services for pre-wedding, wedding, family photos, or graduation photos.

If you have a hobby of raising ornamental fish, then start by keeping a hickey, guppy, or koi. All ornamental fish are definitely worth selling, depending on the quality of the fish.

  1. Looking for Trending Products

Even though it doesn’t guarantee that it will last long, trending products are always attractive as a starting point for starting a business, especially if you’re still not sure where to start.

Trend is very important to note, because this will be a trigger to be able to generate an idea that will eventually become a business opportunity. Therefore, make sure you really know what is the current trend or is being loved out there.

A trend is something that a large group of people are interested in at one time or another. Therefore, a business idea that follows trends will have the opportunity to be popular and attract many consumers in a short time.

There is nothing wrong with following the trend, as long as you are able to make the business different from the others. However, because a trend is usually fleeting, then make sure you have a solution in case the business trend starts to fade and is no longer popular.

For example, last year we had a milo ice cream trend, but today this trend is over. Many sellers have gone out of business because they did not anticipate a downward trend.

If someone wants to innovate with a more varied choice of toppings or flavors, I’m sure the seller can survive until now. Besides having more variants, also because now similar sellers have decreased.

  1. Absorb Other People’s Problems

Does it mean that absorbing other people’s problems is that we take problems away from that person? Correctly!!

But we are not absorbing the problem not to be an outlet, but we will be the solution to the problem. Because some business ideas emerge initiated by a problem then a solution that can be monetized emerges.

The simplest real example is the laundry business. The large number of students who do not have time to take care of laundry and the difficulty of finding household assistant services for working mothers, make the emergence of laundry services the most effective solution to overcome this problem.

Then a ride-hailing startup or online transportation service, arose because at that time people in housing had difficulty finding ojegs because they had to come to the club or hangout first. So that the idea emerged so that how to call a motorcycle taxi with the application

  1. Learn From Other Entrepreneurs

There are two things you can learn from an entrepreneur, failure and success. All entrepreneurs must have experienced failure, those who survive and rise later will find success.

Businesses that are successful and are able to survive for a long time certainly have advantages that are worth learning. From there, you can filter and apply it as an idea for a business idea that you want to start. But duplicating a successful business doesn’t have to be exactly the same.

Don’t forget to observe, imitate, and modify the business so that the business you will be working on is slightly different, has distinctive features, and has more value than the existing business.

It doesn’t have to be better, but a little different can make your business look distinctive and can attract consumers.

Then why should you also learn from failure? Because with that you can do an analysis of why that person failed in building a business.

Is it because he is not competent in the field, or because there are some details that were left to do and that he failed.

  1. Market Research

What is very basic for a business is market research. By doing this, you will know what the market really wants and needs so that it will help you to be able to find new ideas and give birth to a business opportunity that only you will know.

Conduct market research by going directly to the field of observation and also interviews with market participants.

You will learn and also add a lot of experience, at the same time it will help you to add lots of links and of course it will be very useful in terms of helping relationships when you are ready to start a business.

From several ways of business ideas above, a prospective young entrepreneur can find out that it turns out that ideas to build a business can be found anywhere.

Choose the one that is most likely for you to run and make sure it is in accordance with the abilities, budget, and interests that you have in order to be successful and liked by consumers.

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