If you want to start a business and short of business ideas, forget the cliche advice of following your passion.
Instead, take a leaf from the famous words of Jeff Bezos,
founder of Amazon, “Your margin is my opportunity”… and you’ll plenty of new business ideas that you can work on.
Where there is a middleman, there’s an opportunity for you to oust the middleman – pass savings to the customer and build a business. Think Uber displacing cab companies.
Where there is an inefficiency, there’s an opportunity for
you to improve the process – and offer a better improved solution. Think Netflix replacing DVD rental stores.
Where there is waste, there’s an opportunity to turn waste into a product and then a business. Think how companies are recycling dirty baby diapers into plastic roof tiles and many other great products.
It’s way easier to find a business idea and grow it quickly around these principles vs following your passion.
And whenever you need inspiration, turn to Jeff Bezos’s quote, “Your margin is my opportunity”, and it should get you thinking.