Four ways to generate business ideas

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Meet Dr. Shokunbi, a professor of Psychology at Ahmadu Bello University, Zaria, Nigeria. “Irrespective of my ‘fat’ retirement fund, I am still jittery about retiring in 9 months’ time. I don’t want to wake up each day without the challenge of an occupation. Worse still is the fact that I have no clue at all on what business I might want to venture,” she lamented.<br>&nbsp;<br>The truth is; developing business ideas and grooming them into viable opportunities is always a daunting task for both new and experienced entrepreneurs. It gets easier with experience though. Dr. Shokunbi’s case is in no way peculiar. So here are few ways to ease the tension and generate successful business ideas.<br>&nbsp;<br><strong>Meet needs</strong><br>Develop a lifestyle of responsibility by doing what no one else wants to do. Always be the first to take up the challenge and never stop asking yourself, ‘Can I make money from this?’ Several businesses have been developed from doing what people will rather delegate. Typical cases include the laundry and dry cleaning business, and the delivery business.<br>&nbsp;<br><strong>Examine your passion</strong><br>The best business is the one you build around your passion. Because only passion can get you through the lean days when all the business has got is prospecst. There is always a way to commercialize your passion, you only need to figure it out.<br>&nbsp;<br><strong>Meet people and visit places</strong><br>Invest some time with quality people from whom you can bounce ideas. This helps give form to the seeming business ideas you might be considering. Also, different businesses have been developed in different countries. A visit to these countries will open your eyes to opportunities that are yet to be explored in your own country.<br>&nbsp;<br><strong>Document your ‘what-coulda-shoulda-beens’</strong><br><a href="http://www.excellaid.com.ng/blog/two-books-you-must-read-in-2016" target="_blank">We all have those moments</a> when we criticize existing products and services. We are full of ideas for improvements. You should document these ideas, moments and emotions. And when the opportunity presents itself, develop the business ideas of the century from them.<br>&nbsp;<br>Above all, never stop dreaming!