How to find the best business ideas
How do you find your next business idea? Let me tell you in less than 60 seconds.
During the IT era in the late 90’s the key to success was ”first mover advantage”. But what later happened was that someone else copied the business idea and made it a bit better or executed it in a better way. So one morning you probably woke up being second best with no chance to make another first impression.
Today we have refined the methods and focus on finding an existing business idea, which has already proven itself. Then we copy that business idea and add one or several ingredients as below:
- Make it better. Examples: In the early days, there were only one search engine; AltaVista, founded in 1995. In 1999 Google, founded a year earlier, took over the position as the number one search engine in the world by producing a much better search engine and concept.
In 2007 Apple revolutionized the world by launching the first iPhone and we went from mobile phones to smart phones. - With new technology. Examples: Just take the old phone book, which is now in a digital form. The old cameras or GPS navigator devices are now part of the smart phone. Mail is email. And the list goes on forever.
- On a new market. Example: One great example here is Avito, which is a Blocket replicate in Russia. It was founded by five swedes and looks and works almost identically as the Swedish version of Blocket.
We even got venture capital companies, such as Rocket Internet, focusing on finding successful online companies and replicate them on emerging markets.
So keep your eyes open for the next potential success and then copy it and make it better, with new technology and/or on a new market.
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Good luck everyone!