Business Ideas for a Project (Problem & Solution)

Question

To start, I am actually struggling with this since I am not very creative.

So I was given a project, and it's rather really simple, but the project cannot begin without the "main idea".

The main idea in question is that I need to create an "innovative" business or a "new" business that targets a problem, and offers a solution to that problem; kind of like a Shark Tank episode. An "innovative" business is a business that already exists, but that business has something unique; something that most business doesn't possess. The problem can be simple or complex.

What potential business ideas are available that targets a common/uncommon problem and have a solution for that problem?

Answer 1

Are you looking to solve a problem for consumers or businesses? There are over 1,500 different SIC (Standard Industrial Classification) codes for businesses, and millions of Americans. Therefore, you must first identify the problem you'd like to solve. To narrow it down, start with your inner circle. What problems do you see in your life, that could be resolved with innovation? If you can't think of any, start your research by visiting Facebook Groups for instance, forums, networking groups, etc. See what people are complaining about, and see if you can address the need. If you're trying to solve an issue for a business, do the same on LinkedIn. Research is the key. If you still can't find problems to solve, create a survey to a targeted market and ask "What's your biggest challenge with xyz" Once you've identified the problem, research the many ways others have tried to solve it, and create a cost effective, faster, easier or better way to solve it. There are many resources that will help with this, but you must first know what you're looking for. Btw, one of the easiest way to innovate for businesses, is to implement a solution to a problem from a different industry into the industry your addressing. Good luck with your project.