Week 2: Ideation – Developing ideas for new businesses

Last week we looked at the preliminary stages of starting your business. This week we’ll be exploring ideation

So, what is the ideation process and why do we use it? In this guide, I’ll take you through the core practices of ideation, and hopefully prove to you that that ideation is more than just a fancy marketing word for ‘having ideas.’ This process helps you to assess if your business is a good idea. 

The ideation process also helps you to determine whether your business idea is feasible. At the end of the day, one of the main reasons you’re starting a business is to make a profit. There will be other reasons too! But the ability of the business to sustain itself is crucial for its long term survival. The ideation process will help you to find those ideas that are going to make you money.

This week’s topic is split into the following articles: 

Starting a business – the risks and rewards of entrepreneurship

This blog post does what it says on the tin. It explores the risks and rewards of entrepreneurship. If your business doesn’t get off the ground in quite the way you’d expect your personal life could be affected. It’s good to be aware of the risks that come with starting a business so that you can attempt to reduce the chances of them happening. Equally, it’s good to know the rewards that you reap as a result of entrepreneurship can impact your life positively. Knowing the ways that starting a business can impact your life can help you to evaluate whether starting a business is right for you. 

How to find profitable business ideas using the ideation process 

In this blog post, we will be exploring the ideation process in depth. We’ll guide you through the steps that you need to take in order to find an idea that you can turn into a profitable business. As we explore the ideation process, you will learn how to match your existing skills to a profitable business idea. We’ll also be looking at some common startup ideas. This is a useful exercise as you’ll get an idea of the most profitable business ideas. 

For more resources on this topic, check out these articles.

  1. A quick guide to starting up your own startup
  2. 6 effective ways to make money online – how easy are they?

Next week we’ll be exploring market research!

It’s a vital process and frankly, a lot of hard work. But, especially if you are just starting out, market research provides the bedrock you’ll be basing all of your ideas, business decisions and financial forecasts on. See you next week for this important step to starting your own business.

Want to start your own business? Why not read last week’s articles to catch up on the 90 Day Challenge.

This blog post forms part of our series on how to start a business in 90 days. For an overview of the series and all the blog posts so far click here.

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