HOW TO COME UP WITH BUSINESS IDEASl

There are several ways to come up with winning business ideas. 

First is to come up with a completely novel or new product or service which people need but is not currently available. 

The second is to think of how you can provide an existing product or service in a unique or different way. In this case your strength lies in the way you deliver the product or service, for instance, more efficiently or conveniently for buyers. Think of McDonald's delivering the humble hamburger via an efficient franchising system.

Third is to introduce an existing product or service to a new market without any modification. For example, you buy an item or take a concept in Pom and sell it in Hagen. Or you purchase items in China and sell them in PNG.

Fourth is to take an existing product or service and modify or improve it to meet specific requirements of an existing market. For instance, if you are looking at running a taxi service, all your taxis could be tinted and air conditioned to set your service apart from other taxi companies. In a hot city like Pom, people would prefer your taxis to others.

Fifth is to come up with novel products or services or innovations (modifications, improvisations) of existing ones in anticipation of future needs and problems of society. This is part of consumer engineering, which is the process of converting wants into needs and creating new wants.

The above and more on business idea generation is in Chapter 4 of the upcoming book "Becoming Your Own Boss: 10 Steps To Starting A Business From Scratch."