How To Find A Million Dollar Business Idea?

How To Find A Million Dollar Business Idea

How do you find a million dollar business idea?

Nowadays it seems that startups are only willing to invest if their idea is a billion dollar unicorn type of business. But where to multimillion dollar business ideas com from? Some entrepreneurs come up with no more that 1 or 2, and most never make it.

But if you are willing to take the leap, you can grow to become the unicorn.

1) Take a moment to relax

It might sound silly, but creating a huge business idea take allot of brain power. Often the best ideas seem to come when your mind is in a relaxing state, or when you were focusing on something else. Taking a bath, going for a walk or listening to music can distract the brain, and suddenly you can come up with that eureka idea.

2) Get inspiration by visiting places.

Go to places that inspire you. That could be a walk in your favorite park or on the beach, or go to your favorite vacation spot. Go travel or visit some great cities like Amsterdam or Tokyo to get new ideas and be inspired.

There are tons of places to visit that can give you inspiration, dont just sit behind your laptop or phone. The real experience can help your brain come up with something truly amazing. Where ever you want to go, go with an open-mind and make sure to take it all in.

3) Find big problems to solve

The most successful are those that solve the biggest problems, think about water, food and living spaces with the obvious ones. Everybody has needs, as well as problems, like health issues, transport, logistics, and more. Find a big problem to solve, and you have a potential business idea.

4) Find companies with large addressable markets

Not all of the successful startup stories from the past decennia are at all necessary needs. Did we need Google or Facebook before they were invented? Not really. Now, however, we seem to not be able to live without them. They created a huge market, nearly everyone on this earth knows them or used them. There are billions of people on earth and all will be connected to the internet, sooner or later. Just a small percentage of them giving you 1,- USD would make you a billionaire.

5) Find a business model that works

Some of the geniuses that became very successful have found their idea simply by looking at other proven business models and giving them a new spin. Find multi-billion dollar companies from the past and see how they fared. Your job is to see how you can improve upon that model for your own product or brand.

Reinventing the wheel takes allot of time and energy (and money). If you launch a total new product, you have to convince everyone that it is worth the price, that is it useful, etc. But by building upon an existing concept or model you can leverage the knowledge that is already out there. Don't forget, before Facebook and Instagram, there were already others that created social media platforms, but non as successful as Facebook.

6) Find other entrepreneurs with great ideas

While some investors still believe that the idea itself can be half of the company's success, it's the execution that makes the difference. Think of the millions of failed startups in recent years. Suppose each of those entrepreneurs had many more ideas before launching them. Perhaps even more important than the basic idea is how to run and scale it into a million dollar business. Learning from other successful entrepreneurs is undoubtfully and important part of your success.

7) Finding a way to run a big multimillion-dollar business

Perhaps one of the greatest trick to making a unicorn is to just use an existing multi-billion dollar product and sell it to a huge company.  Many of the ultra-wealthy people in the world got there simply by supplying a small piece to a really big cake.

For example, make a car part for Mercedes and earn royalties for life. Or provide oil refining services to those who have all the resources but no technology to unlock its true value. Or even provide waste services to major urban areas.

Today, this can be creating a product or service that Google can add for its customers. Or a new feather for Facebook or Instagram.

8) Turn your passion into millions

There are many very successful startups that started out by improving a personal challenge or concern. Or have grown their hobby into a successful business. So, think about that, what problems do you face every day? what could be a good business opportunity? What are you good at? What are your hobbies that you could turn into a business? And above all, what are your most passionate about? Write it down and brainstorm about it!

Keep being committed.

If you really want a million dollar business idea, start thinking big. successful Startups didn't just magically become Unicorns, they were raised and have grown into them.

However, be sure to address the most critical factor. Are you willing to do whatever it takes to make it a million or billion dollar company? Are you going to put in the effort, hire, get high level advice, invest in learning and raise the money?

About the author:

Hello, my name is Ron Hoekstra and I am the founder of The Liberty OnDemand. I hope you like my content, and if you want to know more about me, please read more here or subscribe to my newsletter where I will keep you up to date with new posts and other useful content.

Thank you!