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Suppose you have all the ingredients needed to search for an entrepreneurial project idea that will bring you additional profits in addition to your main job, or you are one of those who are tired of their boss’s bullying and decided to make their way based on their project. In both cases, you need a map to follow its instructions, to show you the upcoming turns and warn you against falling into any hole, as the enthusiasm alone to see the sign on the treasure site is not enough to reach it. You must study the road well, set possibilities, and experiment.
You will find all of that in this article, so we advise you to read it carefully and keep it because it is your map that will lead you to your treasure. Now, prepare your scouting kit so that we can start together with you the first step in your journey to search for your project idea. You can read the article What’s the difference between an entrepreneurial venture and a small business? 4 key differences between success and failure .
Innovative ways to find an entrepreneurial project idea
There are many ideas around us, but we need to break them down and organize them to see what suits us. So we have arranged this list for you to make it easier to find an entrepreneurial project idea:
1- Find a problem and provide a solution.
Since we face problems every day at work, at home, or even in transportation, why not think of serious solutions that can help us and others and then offer them as a service to provide us with a source of income?! The truth is that the customer does not buy the service just because he wants to buy it, but because it helps him solve his problem, so your customers will be ready to buy from you when you provide them with a useful solution and know where they are.
Here is an example of a person I follow who asked a programmer a while ago to create an application that shows the excess consumption of the Internet package, and then offered it for free to his followers. Note that this person was aware of his problem and the problem of many who want to know the remaining Internet packages, but there are no easy applications that provide them with this feature. So, if you are suffering from a problem that you have a solution to but it is difficult for you to implement, you can resort to specialists to help you implement it and then sell the solution to those interested. This is considered one of the most profitable projects. There are opportunities for the entrepreneurial project and the privileges it provides (Top 5 Opportunities).
2- Be creative with one thing to create an entrepreneurial project idea
It is enough to work hard at something you love and excel at for it to later turn, perhaps without you realizing it, into a source of income. Most successful entrepreneurs started their projects as hobbies, then made some developments to later turn into large companies with hundreds of workers, including the Turkish company Ulker, which is known today as the Yildiz Holding Group, the largest food company in Central Europe, Eastern Europe, and Africa.
It started with the young Sabri Ulker selling some pastries and biscuits that his mother used to bake in their humble home oven, but this simple business later developed into a huge company that exports its products to 110 countries and includes many products such as juices, dairy, soft drinks, and baby food. The lesson that we can draw from the idea of working with something you love is that you don’t necessarily have to start your project with a large capital. Just think about the resources you have available, and add a special creative touch to them. You can find out the establishment and operating expenses of the entrepreneurial project and sales expectations at a rate close to 100%.
3- Follow news and trends around the world.
The young man (Ryan Petersen) took advantage of the incident of the MV Ever Given blocking the Suez Canal by writing a children’s story entitled The Big Ship and the Little Digger. And selling it on digital book sites. This is a pioneering project idea that you can start from, which is writing educational, entertaining, or cultural stories for children inspired by global events such as the coronavirus pandemic or the ship floating incident and other events that occur every day. Learn about the main activities of the pioneering project (3 stages with a detailed explanation of each stage). Project ideas in the field of the most famous Alaa k Seller since and months alaa k Seller Buyer for two years and months.
Remember the viral photo of beloved Senator Bernie Sanders sitting in a chair wearing wool gloves and an olive coat at Biden’s inauguration? Toby King, owner of Toby Time Crochet, crocheted a cute doll of him and sold it for more than $20,000, according to The Guardian, and it’s still selling on Amazon, making a profit.
4- Get an entrepreneurial project idea from your academic major or work.
Several years ago, a graduate student at the university launched her project, which was to hold courses that explain subjects to students in a fun and simple way, far from the usual complexity in curricula. Today, she has become known to hundreds of students from different years. When asked why she chose this job, she once answered that she finds her happiness in working by teaching the specialization she learned. I also know a young man who loves working online. He was able to turn his love for his work into a project that provides him with an additional source of income in addition to his main job, which is holding courses that cover the basics of working online up to professionalism. He says: 12 years ago, I was organizing training on working online, and about 45 people applied. Today, I announced the same training and more than 300 people joined in two days.
5- Review the times you have helped.
Make a table to count the number of times you provide the same service to a friend or family member. The table will show you which services are most requested for free, and then you can turn them into a small project and a source of income. One girl discovered her talent for photography when she was taking spontaneous pictures with her phone camera for her friends until she decided one day to open an Instagram account and publish a picture she took. This picture garnered hundreds of likes and comments and opened the door for her first project. You can Computer Analysis for Your Business. Study the projects patiently for 4 months. Employment of Computers .
6- Think about what you wish was in the market.
How many times have you entered the app store to search for an application that you thought would help you but were surprised that it was not available, or entered Google to search for a specific service and did not find it? So this is your chance to turn what you are looking for into an entrepreneurial project idea. Look at the search rate for the word you entered in Google and you will see that people are searching for what you are looking for as well, then by using some tools that reveal to you the audience interested in this service and some important information about it, you can start marketing your project.
How to plan to implement an entrepreneurial project idea
1- Choose your project idea.
2- Work on it for a quarter of an hour every day.
3- Determine the programs you will use if your project is online, or the materials needed for your project if your project is field-based.
3- Determine the programs you will use if your project is online, or the materials needed for your project if your project is field-based.
5- Create a business plan for your project.
Good planning involves conducting a feasibility study for the project. This step precedes the implementation of the project because it shows the likelihood of its success or failure while taking into account the resources that will be provided for it, whether money or time, and the possibility of achieving the desired profits. Then, based on the positive results, the project is approved. A feasibility study can be conducted for your project through these steps that you can apply to any project:
First, study the market research: to know the percentage of demand for any entrepreneurial project idea and the extent of the need for it and to determine the target segment, whether is it unique or repeated, and what method will you follow in promotion and sales? Also to collect more data about your competitors, their locations, and their customers. Don’t forget to use the 2 most famous entrepreneurial project analysis tools. Learn about them in detail.
Second, the financial and economic study: Through it, you can set estimated numbers for the amount you will spend on your project and determine the size of the initial amount to enter the market. If you create paid campaigns to promote it and assume the period it will need to start generating income for you. You must also focus on the return on investment and ask yourself, will the project generate an amount greater than what I invested in building it? This is called (an economic feasibility study): where you study whether the project can cover its expenses and compensate for them in the future through a continuous income. Learn about economic feasibility, its importance, standards, and characteristics – 5 steps to implement it.
Third: Technical study: It studies the budget of the project tools, whether they are machines, equipment, or labor, and all other costs such as transportation, storage, and human resources costs and evaluates them until the product or project reaches the market, and shows you the necessary resources that your project needs.
Obstacles to starting a project
Challenges are inevitable when starting any project. We do not discourage you, but we try to shed light on the most famous of them through our discussion of these challenges so that the reader who has an idea for a pioneering project feels that their presence is something natural that everyone faces, not just him:
First, not planning the project: We cannot do the smallest tasks without planning, so what about a project that you want to last a long time?! Skipping this stage means that your project will not be able to continue, unlike projects that start with a solid plan that covers the marketing, financing, and sales stages. You can learn about the article Marketing Plan from Scratch 0 – How to Promote Your Entrepreneurial Project Step by Step.
Secondly, poor financial management: This is the biggest challenge facing projects, especially in their early stages. You must be aware of the costs your project needs so that the costs are not greater than the revenues, which would cause the project to lose. You must also pay close attention to the pricing stage of your project.
Thirdly, low demand for the project: What is the benefit of opening a project that no one needs or that there are other projects exactly like it with the same specifications? For your project to succeed, you will need to conduct a comprehensive study of the market, understand the needs of the target group, and establish competitive advantages. All of this will help you know the size of the demand for the project and the ease of its spread.
Fourth, lack of knowledge: Most of those who start planning an entrepreneurial project idea do not have sufficient knowledge and experience about it and want to start it because it is a market demand and only makes profits. For example, you may invest an area of land to cultivate it, but you do not know anything about the principles of plowing, planting dates, and plant care. Also, a lack of knowledge about successful management matters can negatively affect your project even if those in charge of it are experienced in their field. We are pleased to inform you of the article Customer Segments – The Basis of Any 100% Successful Business Project and a Strong Competitive Plan.
How to develop your project
You have now established your project with a small capital and made profits from it, and you are thinking of expanding further to achieve your goals from the project. This is of course a good thing, there is no dispute about it, but how do you start?
1- Study your project idea more
Analyze its strengths and weaknesses. You may notice a shortage of some resources such as the need for more workers or materials and equipment. Read the article on entrepreneurial projects and 7 steps to making glory and reaching the top.
2- Expand your project base
Even if the project is based on the ground, it has become necessary today to be present on the Internet and build your identity there to reach a larger audience. The most important means that are indispensable today are social media networks, and if you have already created an account there, think now about creating a website that includes the services you provide. A statistic from Weebly indicates that 56% of consumers will not trust you if you do not have a website. Do not just display your products on it, but add an attractive description of the products that increases your sales and publish educational articles about your specialty so that the audience trusts you more.
3- Make presentations from time to time.
If you have a pioneering project idea based on selling products, it will be appropriate for your customers to announce a discount for specific days and this will make them feel that you care about them.
4- Diversify the project and target new products.
Introduce some products that complement your main products, or add activities related to your project idea. This plays a major role in increasing the size of your target segment and increasing your sources of income when targeting new products.
5- Monitor the performance of your development plan.
To make sure that everything is under control, this stage will be an indicator to measure your ability to adhere to what you have set. Then write a final report that includes a general summary of the project, the changes you have made, and their success rate, to keep the important points of the stages of your project’s growth and benefit from them in future projects.
We believe now that we have covered more than one topic that you have started preparing for an entrepreneurial project idea, so we congratulate you for taking this step and we will be by your side to help you in the next stages. This article will also give you a deeper look at how to find an entrepreneurial project that opens up horizons towards a bright future and 6 points for managing entrepreneurial projects. We can liken finding an entrepreneurial project idea to finding a treasure, as your interest will be focused on how to invest in and develop it, so remember after finding it make a plan in which you study the market, customer, resources, and potential risks, taking into account the presence of some challenges. We are happy to receive your opinions in the comments and share with us the story of your journey in searching for your project, and if you have not started yet, ask for help from Khatana to walk you step by step on the road to success.
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Questions about the article Your Comprehensive Guide to Finding a Successful Entrepreneurial Project Idea with 5 Ways to generate ideas
How do I start my entrepreneurial idea?
1- Think about if there are tasks you can make easier.
2- Think about your daily life problems and then solve them!
3- Build on existing products or services.
4- Ask family and friends.
5- Rely on your hobbies.
What are entrepreneurship projects?
1- Facilitating obtaining licenses.
2- Facilitating obtaining financing.
3- Spreading the culture of freelance work.
4- Consulting.
5- Incubation.
6- Training.
7- Guidance.
What are the basics of the success of an entrepreneurial project idea?
1- Idea generation: Every new project starts with an idea. An idea is a description of a need or problem that some people have coupled with a concept of a possible solution.
2- Evaluating the Opportunity: This is the step where you ask the question of whether there is an opportunity worth investing in. Investment is capital, whether from individuals in the company or from outside investors, and the time and energy of a group of people. But you should also consider other assets such as intellectual property, personal relationships, physical property, etc.
3- Planning: Once you have decided on the opportunity, you need a plan for how to take advantage of that opportunity. The plan starts as a simple set of ideas and then becomes more complex as the business takes shape. In the planning phase, you will need to create two things: a strategy and an operating plan.
4- Establishing/Launching the Company: Once there is a compelling enough opportunity and plan, the entrepreneurial team will go through the process of choosing the appropriate form of corporate entity and actually establishing the project as a legal entity.
4- Growth: After launch, the company works to build its product or service, generate revenue, and move towards sustainable performance. The focus shifts from planning to execution. At this stage, you continue to ask questions but spend more of your time executing your plans.
What are the pioneering projects in Saudi Arabia?
The first ski resort in Saudi Arabia
The Red Sea Project
Jabal Omar Project
Jeddah Tower Project
Al Widyan Project
Trojena Project
The Line Project
Qiddiya Project
NEOM Project
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