Many young entrepreneurs who are just starting up today are getting stocked, wondering about what to do due to lack of business ideas. With the current economic hardship we are experiencing in the country today, it’s recommended that we start businesses and have a secondary source(s) of income and cut down on our expenses in order to survive the recession.

In response to the above, many have read books, watched hundreds of hours of YouTube videos and attended seminars on entrepreneurship, but they still find themselves at the same wondering spot. Do not give up on yourself and on the journey to becoming an entrepreneur for many of us have been through that phase before.

Take A Look Around
As you begin to think like an entrepreneur, you’ll notice that business ideas can come from anywhere. When you go to the store, pay attention to the way they display the signage. Check the prices on restaurant menus not just for your own budget but also to compare them with the prices at other places. When you see an ad, ask yourself: What is the most important message the company is trying to communicate? While thinking like this, you’ll notice opportunities for micro-business projects everywhere you go.

Inefficiency in the marketplace
Ever notice when something isn’t run the way it should be, or you find yourself looking for something that doesn’t exist? Chances are, you’re not the only one frustrated, and you’re not the only one who wants that nonexistent thing. Make what you want to buy yourself, and other people will probably want it too.

New technology or opportunity
When everyone started using smart phones, new markets cropped up for app developers, case manufacturers, phone charging shops and so on. But the obvious answer isn’t the only one: Makers of nice journals and paper notebooks also saw an uptick in sales, perhaps in part because of customers who didn’t want everything in their lives to be electronic.

A changing space
Many business spaces can be found around that have either folded off it’s not fully in use. Think of one such places and convert them into lucrative business outfits. Examples of such places include petrol stations that have been abandoned by their owners for reasons best known to them. You could get in touch with the owners and rent a space there for car alignment and wheel balancing. It depends on the city you are in, the least you can get an alignment on your car would be 300 and balancing from 1000 upwards.

A spin-off or side project
One business idea can lead to many others. Whenever something is going well, think about offshoots, spin-offs, and side projects that could also bring in income. So many school teachers these are involved in taking students on extra lessons which pay them equally well and doesn’t take much of their time as their primary responsibility.

Tip: When thinking about different business ideas, also think about money. Get in the habit of equating “money stuff” with ideas. When brainstorming and evaluating different projects, money isn’t the sole consideration—but it’s an important one.

Source: http://youngnaija.com/entrepreneur-5-ways-to-get-new-business-ideas/
Lalasticlala, Mynd44 and the rest of the Mods, can you share your experience with us here?

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