Looking For A Business Idea?

This question has been asked to me on various forums time and again. I guess getting to know of new ideas is not very difficult. If you search ‘business ideas’ or ‘business opportunities’ on Google, you can get a plethora of articles having thousands of ideas on them. So now having these ideas, how do you decide?

I guess the best way is to keep going through various ideas and keep writing the ones which interest you in an excel sheet. Once you have a list of the shortlisted ones, you need to further assess them on the basis of the basic attributes of every idea, which are listed below:

Tech/Non-Tech Based: Whether the idea is a tech based solution or not.

Vision: Every idea has an inherent potential owing to the market it caters to. It is up to you to decide which idea’s potential matches with your vision.

Local/Global: Do you wish to start a local business, catering to a particular location?

Investment Required: Calculate how much money is required to start the business and keep it 

running for some period of time (working capital). Does this fit into your budget?

Sector Preference: Do you have any inclination towards a particular space?

Product/Services: Are you a product guy who believes in selling/creating tangible solutions or do you feel more comfortable in selling any service?

Once you limit the shortlisted ideas using the above attributes, I am sure you will end up with a maximum of 2-3 options. The final idea decision is one based on an inherent drive, logical thinking and gut.