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Where Do Entrepreneurs Get Their Business Ideas?

Most business ideas come from experience. One study by the National Federation of Independent Businesses found that 43 percent of new firms started by founders had previous jobs, and more than half served the same customers. It’s also no surprise that the vast majority of these startups were in the same product line. So where do entrepreneurs get their business ideas? Here are a few ideas to spark your imagination. Listed below are some ideas you can use right now to start your own business.

Solving a current problem is one way to generate new ideas, but another way is to think in terms of the future. One entrepreneur that comes to mind is Elon Musk. While his Solar City project isn’t for everyone, it could be a solution to the problem of a depleted supply of fossil fuels. Elon Musk, founder of SpaceX, has a futuristic perspective and is taking steps now to fix that problem before it arises.

When starting a new business, entrepreneurs often focus on solving a specific pain point. This is called adding value within the problem. For example, dentists often lose customers due to the complex booking process. But a simple online appointment booking system could eliminate this hassle and bring in more business. For this reason, it’s important to find a problem that you are passionate about and can solve well. This will give you a leg up on other business owners in your field.

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