How to find a suitable business idea: six tips for aspiring founders

Are you excited about the idea of starting your own company? But as soon as you take the first step, you start to doubt: What is the right idea for your company? Maybe you have hundreds of ideas, or maybe none — both can be equally overwhelming at this stage of your entrepreneurial journey. Looking for a business idea is a process. There are steps that help you refine all the ideas that go through your head without losing the fun and excitement of trying out new ideas.

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1) The reason for founding

Entrepreneurship is primarily a question of passion. Many may be attracted by the overnight successes of start-ups and the gigantic wealth of billion-dollar entrepreneurs. Nevertheless, it all starts with the desire to bring one's own ideas to the world. So let's start by clarifying your own wishes: Do you want a Founding a company to show the world your artistic works and unique products? Or are you responding to an external need that you think will help others?

In this phase, you should take the time you need to develop ideas. Online research is always good. An idea diary can also help: Write everything that comes to mind about your future business in a journal. The nice thing about a personal journal is that there are no bad ideas. Write down everything that comes to mind about a business idea, because you never know what an idea really looks like until you've written it down. Discuss your ideas with friends: Share your ideas with family and friends (but don't reveal all your secrets). Some of the best advice and critiques you can get for your first ideas come from those who know you best.

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2) Find out what makes you happy

It's incredibly important to find out what you really enjoy doing. What would you do every day even if you didn't get paid for it? Can a business idea be developed from this? Keep in mind that an entrepreneurial activity is likely to take more than an average 40-hour week — that's a lot of time that you have to spend on something if you don't enjoy it.

A hobby can turn into a great business idea. Josh Wardle, the inventor of word game sensation Wordle from 2021, initially developed the game for himself and his partner because they enjoyed playing word games. He soon made it available to the public and in 2022 it was bought by the New York Times for a seven-figure sum.
When you look at your hobby as a potential business, you shouldn't just think about the potential income. Do you really want to turn your hobby into a job? Will you regret it at some point because it is no longer the same when you do it full-time?

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3) Identify strengths

A business idea should be a combination of something that inspires you, what you love to do and what you're also good at. The strengths can be practical skills (are you a secret master potter?) , extensive knowledge (do you always help your friends build their own website?) or interpersonal skills (can you convince someone to buy a ballpoint pen even if they don't need it at all?)

Maybe you have a great idea, but you don't have the software development skills to implement it. Or your software development degree is lost in a boring office job, and your most creative friend is looking for someone like you. Many start-ups are the result of cooperation because we can all contribute something to an idea. Perhaps you can convince your convincing sales friend and your computer-enthusiastic brother with your idea?

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4) Evaluate niches

Today's market for ideas is a niche market. While there's always room for a new search engine, a car sharing app, or a meal delivery service, competition in these markets is fierce and likely requires a lot of capital and experience from the founder to be competitive. In contrast, niche markets are about creating new demand rather than competing with existing demand. If the spread of the Internet has taught us anything, it's that one person's interest can be the favorite hobby of a million others. Try to find out which service is missing in your niche for your audience. Because we only recognize the potential of our niche interests when we present them to a wider audience.

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5) Be inspired

As you read this, you might be thinking, “How can I come up with ideas when I have a full-time job?” A lack of time is certainly a challenge when looking for a business idea, but as an entrepreneur, you should seek inspiration where possible. Where you spend most of the week can be a hotbed of ideas. The idea that comes to you is likely to require one or more of the skills you need for your normal job, and with that, you've already done half the work to refine your skills.

During regular work, you can also observe what is happening in the company and draw important insights for your own business. Take a close look at the following areas of your employer:
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• Work efficiency
• corporate culture
• employee satisfaction

• Product acceptance
• customer satisfaction
• marketing campaigns

Think about what you like about them and what you would do differently in your own company.

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Watch trends

An overview of the current cultural and economic landscape is a good source of inspiration. An understanding of what works and what doesn't will help you refine your ideas by excluding what seems out of date and focusing on what's flourishing.
Good online and offline sources for researching trends include the following:

• Competitor blogs
• Startup-oriented media websites
• App Store Rankings
• email newsletter

• YouTube channel rankings
• Social media surveys
• Conversations with customers at work
• Ask friends and relatives what they have been interested in recently
• Start-ups in the region

• Conferences and talks

Are you looking for someone who will competently support you on your way to founding a company? Then get in touch with us. We're here for you.

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Findings

• Find out why you want to be an entrepreneur
• Keep a journal and take time to develop ideas in peace
• Test your hobbies for potential as a business idea
• Decide whether you want to turn your hobby into a career

• Build on your strengths and don't let your weaknesses discourage you
• Multiply your strengths with other business partners
• Find the niche that fits your idea
• Explore trends online and offline
• Recognize the potential of new technologies

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