5 great business ideas - and the eureka moments that brought them to life

5 great business ideas – and the eureka moments that brought them to life

It may sound like a cliche, but great things do come from small beginnings. Indeed, many successful businesses started from innovative gems of an idea. These thoughts can hit at any time, though often seem to be born when we’re relaxing, or half-asleep. They’re moments when we figure out something that could really work ‒ a eureka moment, if you will.

There certainly are many great business ideas that can work in the real world.

1. Do what you’re good at

One of the oft-heard pieces of advice from successful entrepreneurs to people looking to start their own business is to turn their passion into profit. This is actually a great business idea as it lets you earn a living and do what makes you happy all at once.

This is what crossed legendary skater Tony Hawk‘s mind while he was in his prime. He decided to stick to skateboarding instead of going to college and used his fame and expertise to build himself a business empire.

2. Find a new audience

You may say that what clicks with one group may not work with the other, but the reality is much kinder than that. Many times, a product loved by one particular audience can prove highly profitable in a different market.

Dietrich Mateschitz experienced this firsthand. After discovering the popular Thai energy drink Krating Daeng, it quickly became his favorite, and he thought it would work with a global audience. He then partnered with the beverage’s creator Chaleo Yoovidhya and came up with Red Bull. After introducing this Asian drink to the West, it has become a widely successful energy drink brand that we know and love.

3. Make things easier

We all love convenience, and what better way to profit from this fact than introducing portability to certain commonly-used items? True enough, this is the concept behind the success of furniture maker IKEA. The idea of selling furniture that’s easy to transport and assemble at home made the brand a literal household name.

It all came to being when IKEA founder Ingvar Kamprad saw one of his employees disassembling a table so it would be easier to transport by car. It dawned upon him that there would be a market for a similar product. Not long after, IKEA introduced their line of self-assembly furniture, and time has proven Ingevar right.

4. Fill a void

Established markets may have a highly competitive environment, but they are not all-encompassing and may have gaps. A great way to start a business in such markets is by identifying an underserved niche and setting up shop there.

This is the case with Alibaba founder Jack Ma. He was introduced to the Internet in Seattle in 1997, where he learned how to use a search engine. He looked up “beer” and found various brands and varieties from all over the world, but could not get any result when he typed “Chinese beer.” Realising this meant a China-shaped void in the online market, he thought of a web company catering to the Chinese market. Thus, Alibaba came into existence.  

5. Capitalise on an emerging trend

There are many benefits to being first in a new market. You get to be leagues ahead of the competition, and you end up becoming a successful industry leader once the market expands.

Former Yahoo! programmer Jan Koum realised that this would be the case for mobile applications when he bought an iPhone in 2009. Looking at the App Store, he saw that apps are going to form an entire digital industry. He then teamed up with his former colleague Brian Acton and created WhatsApp.

Finding a business idea that you are sure will work and bring in profits certainly is not easy. You will need to think creatively and draw inspiration from everyday experiences. Keep looking around and making observations, and you may one day come up with a business idea that will lead you to serious success.

About Sam P

EnterpriseZone Staff Writer

Leave a Reply