Good Ideas. Embarking on an entrepreneurial path is an exciting venture, and finding the right business idea is often the first, most crucial step. This article delves into a range of impactful business concepts.
From large-scale, visionary undertakings to strategic approaches for developing existing businesses. It’s especially useful for school leavers or anyone looking for guidance on future career paths, as deciphering what to pursue isn’t always straightforward.
Good Ideas, Big Business Ideas.
Venturing into High-Impact Industries.
The distinction between large-scale business ideas and standard business ventures lies in their inherent requirements: they typically demand substantial venture capital, significant initial funding, and access to professional investors who are willing to back your startup.
These aren’t your typical small businesses; they’re designed for considerable societal or industrial impact, often with multi-million Euro valuations.
Quantum Computing, the Next Frontier of Processing Power.
Quantum computing machines represent a revolutionary class of computers, with capabilities estimated to be hundreds of times greater than current devices. This exponential leap in processing power allows for the manipulation of data at unprecedented speeds.
Imagine the implications: for instance, in the realm of finance, constructing financial models that involve colossal datasets could allow investors to make highly informed decisions with unparalleled accuracy. Currently, the sheer volume of data that humans can input and traditional computers can process is limited, hindering the true potential of complex analytical models.
While this technology isn’t yet fully commercialized, its imminent market arrival presents a golden opportunity. A pre-prepared business strategy in this field could provide a significant competitive edge.
This is undeniably a large-scale business idea, as the development of quantum-powered models and data processing tools requires highly experienced professionals.
Programming for quantum computers is significantly more complex than developing software for contemporary machines. It necessitates not only computer technology specialists but also physicists specializing in quantum mechanics.
The development of applied systems powered by quantum computing hinges on the remarkable capabilities of these machines. The target audience for such technology is primarily large corporations that can afford high-performance application systems to meet their extensive data processing demands.
Quantum computing programming is, without a doubt, a large-scale business idea!
Another powerful application of quantum computing lies in creating more profitable value chains. For example, a company could integrate a network of sensors using Radio-Frequency Identification (RFID) or Wireless Sensor Networks (WSN) for real-time monitoring of all production processes.
A quantum computer could rapidly process this vast amount of data and provide immediate recommendations for efficiency improvements. For more on commercial application systems leveraging quantum computing, you can explore resources from companies like IBM.
If you need further inspiration, ask yourself: how many groundbreaking ideas could you generate with the ability to process extremely large volumes of data instantly and accurately? The possibilities are truly boundless.
Vertical Gardens and Vertical Farming.
Revolutionizing Agriculture.
The development and construction of vertical gardens (also known as vertical farming) offer a compelling solution to the escalating problem of expensive land acquisition for agricultural purposes.
This is a critical issue globally, where land sales benefit owners, but the expansion of traditional farmland often leads to increased food imports. China serves as a powerful example of this dynamic.
Such a large-scale business idea necessitates the creation of a modern, advanced construction company specializing in vertical gardens.
Instead of standard residential skyscrapers, these companies would erect tall structures specifically designed for cultivating various plants. There’s even potential to integrate residential spaces with vertical gardens, creating truly mixed-use buildings.
The beauty of vertical farming is the ability to create a controlled indoor environment on each floor, with precise regulation of humidity, temperature, UV levels, and irrigation. This allows for year-round cultivation of all types of fruits and vegetables, utilizing only a fraction of the land area compared to traditional farms.
It’s important to note that while vertical gardens offer advantages like diverse crop cultivation and reduced land usage, there’s a trade-off: the cost of hiring personnel for building maintenance and plant care, or alternatively, the investment in developing robots to automate these tasks.
This will undoubtedly be a very large-scale business requiring substantial capital investment. However, consider the immense benefit to numerous small businesses and communities that could arise from a 20-story garden building providing fresh, local produce.
Energy-Efficient Technology for Sustainable Water Desalination.
Clean drinking water is fundamental to life. It’s now widely recognized that nearly every country faces a looming water crisis. Environmental researchers project that by 2025, 60% of the world’s population will experience water scarcity.
Already today, some nations rely on seawater desalination to produce potable water. Desalination, the process of removing salts and other impurities from seawater, is currently an expensive, time-consuming, and energy-intensive endeavor.
For example, in Saudi Arabia, approximately 10% of the nation’s electricity is consumed by seawater desalination, and in Abu Dhabi, desalination plants contribute over 22% of the Emirate’s total CO2 emissions—from just one city.
Therefore, sustainable and energy-efficient desalination represents a massive, multi-billion Euro industry opportunity. We’ve already witnessed the effectiveness of solar-powered water desalination technology, indicating a promising path forward for innovation in this critical sector.
Industrial 3D Printer Manufacturing: Building the Future.
The capabilities of 3D printing have expanded dramatically over the past five years, but the most incredible advancements are yet to come.
Experts are already developing prototypes of machines capable of constructing entire houses. These machines are expected to process various materials to create complex structures.
Developing the files for industrial 3D printers, particularly those aimed at house construction, is a monumental undertaking. The creation of such intricate files would necessitate an enormous investment in software and human resources.
Ensuring structural integrity and adherence to specifications for these 3D-printed buildings will require the collaborative efforts of engineers and 3D printer specialists. To make the final product as aesthetically appealing as possible, graphics and interior designers will also be essential.
The implementation of this business idea could enable the construction of entire settlements in a matter of days, without relying on pre-fabricated templates often seen in many modern suburbs.
The most compelling aspect of this business is the ability to produce dozens of custom-designed homes simply by uploading a file to a 3D printer along with the necessary materials. This offers unprecedented flexibility and customization in the housing market.
AI-Driven Investment Firms.
The Future of Finance.
AI technology (Artificial Intelligence) and self-learning systems are profoundly simplifying business operations across various sectors. AI refers to a software’s ability to adapt to specific inputs from the environment it controls.
Leveraging pattern recognition and “conceptual learning theories,” self-learning automated systems will enhance adaptive software capabilities.
Imagine a self-learning automated term investment management system. Such a company would be comprised of investment experts and programmers working together to create AI-driven investment portfolios for middle-class individuals.
One significant benefit is the significantly lower cost compared to traditional investment funds, where fund managers command substantial fees. Self-learning systems would manage portfolios by adapting to market changes, utilizing real-time data alongside input from human fund managers.
This blend of human expertise and AI efficiency could democratize sophisticated investment strategies.
Smart Apartment Construction.
Modern Living Redefined.
The construction of modern, smart apartment buildings in large and medium-sized cities presents an excellent opportunity to establish a substantial business. For many years, major cities have faced housing shortages, leading to rapidly increasing housing costs.
Realizing this business idea involves selecting a city with a clear demand and market attractiveness for such housing, then assembling a team of like-minded individuals to present your plans. Following this, construction can commence.
The originality of this business idea lies in the ability to create smart apartment buildings that incorporate eco-friendly technologies with a personalized approach for residents.
The integration of cutting-edge technology and the Internet of Things (IoT) will allow housing to adapt to the owner’s lifestyle, with building maintenance managed through real-time notifications.
When implementing this technology, careful consideration must be given to numerous factors, particularly the selection of appropriate sensors and the quantity and utility of embedded cabling. This will ensure a seamless and efficient smart living experience.
Electric Vehicle Manufacturing.
Driving Towards a Sustainable Future.
Electric vehicles (EVs) are gaining immense popularity and are destined to become the standard mode of transportation. Several European countries, such as the United Kingdom, are actively planning to ban all gasoline and diesel vehicles. EVs and vehicles utilizing other renewable energy sources represent the future of mobility.
If you’re looking to enter the renewable energy business, establish a large-scale enterprise, and capitalize on the growing demand for new types of vehicles, consider founding an electric vehicle company. When contemplating this business idea, you must decide on your EV’s market positioning.
Will it be a luxury car? A budget-friendly option?
Perhaps you’ll target the middle class, a segment that currently lacks abundant high-quality EV choices. An innovative EV company could begin operations in one country, like the USA, and then expand internationally, establishing offices in Europe and even China.
While China, by many observations, is already a leader in electric car manufacturing, there’s still ample room for new players with unique value propositions.
Blockchain Company.
Ensuring Transparency and Trust.
The emergence of blockchain technology has the potential to revolutionize entire industries by providing a higher level of transparency and openness in their operations. The food and restaurant industry is an ideal sector for disrupting old traditions with blockchain, as consumers are increasingly discerning about what ends up on their plates.
By assembling a team, you could develop a blockchain-based system that connects suppliers, stores, and restaurants, making the entire supply chain transparent to all participants. This would allow consumers to easily verify the exact origin of products, rather than simply relying on the word of restaurant staff.
Supply chain control would be achieved by implementing software on the suppliers’ end.
This would also benefit suppliers, as the technology would clearly demonstrate their reliability and the high quality of their produce and such suppliers are always in demand. This creates a win-win scenario, fostering trust and accountability across the food ecosystem.
Smartphone Manufacturing.
Customization and Ethical Practices.
Apple, Samsung, Huawei, LG, and many other smartphone companies are notorious for releasing new phones every 6 to 12 months, encouraging consumers to purchase new, “improved” models. In most cases, hardware and software upgrades and updates are minimal, with changes often limited to cameras and frames.
These companies haven’t offered truly innovative solutions in a long time. Yet, they still manage to persuade consumers to buy a new phone for €1000 (or more) annually. Typically, if a phone has a minor issue, you’re charged a hefty sum for a fix, or they refuse to repair it, advising you to buy a new one.
Now, for the idea!
This is an intriguing and engaging concept: Create a company that manufactures modular smartphones, allowing users to assemble any smartphone model they need and update it as required.
The competitive advantage of this “smartphone constructor” idea would be an advanced platform where users can create any smartphone model with their desired features. Consumers could expand their phone’s capabilities and replace any part if it breaks or if they want to upgrade to the latest and greatest version.
Another operational segment for such a smartphone company could be affordability. Unlike Apple, which often recommends a full phone replacement even for issues that would cost €100 or more to repair, an ethical smartphone company could perform quality repairs at a fair price.
This unique differentiator in terms of cost and convenience would give you a significant market advantage and attract a large number of consumers seeking flexibility, longevity, and fair service.
Greenhouse Gas Conversion.
Cleaning Our Air.
Did you know that technology already exists that filters carbon dioxide and other impurities from polluted air and converts them into breathable oxygen?
The application of such technology will be hugely significant as coal and other fossil fuels continue to be burned daily, contributing to widespread air pollution.
What if you could license carbon dioxide filtering technology, manufacture systems based on it, and sell them to all major cities?
Potentially, existing technology could be simplified and transformed into a consumer product. This is a large-scale business idea that would require significant research and development. This innovative approach could offer a scalable solution to combat air pollution on a global level.
Electric Vehicle Charging Station Provider: Powering the Future of Transport.
Another renewable energy business idea with the potential to become a multi-billion Euro enterprise is the provision of electric vehicle charging stations.
As you drive through your city, you see numerous popular gas stations. Within five to ten years, many of these could transform into EV charging stations as demand for them surges.
To capitalize on this, you could establish a company that charges people for vehicle charging. Another aspect of this business idea is setting up EV charging stations in apartment buildings and parking lots.
In this scenario, you could generate profit immediately, without waiting for technology to advance to the point where EV charging takes only minutes. This offers a pragmatic approach to entering the growing EV infrastructure market.
Internet Infrastructure in Developing Countries.
Connecting the World.
The internet is still in a massive growth phase, with many experts believing that the increase in user numbers is largely due to emerging economies. As more countries develop their infrastructure and improve living standards, access to computers and the internet becomes increasingly essential.
Life in these nations is becoming more technologically advanced, driving a greater need for internet connectivity. Billions of people currently reside in unconnected areas.
However, for these individuals to access the internet, an infrastructure must be in place to allow them to connect to the global network.
Here, you could establish a company that partners with local and federal governments in developing markets to build their internet infrastructure. Infrastructure deals and payments received over a set number of years can be highly attractive.
Furthermore, this business has the potential for global growth as new markets emerge worldwide, fostering economic development and connectivity.
Sensor Manufacturer for IoT (Internet of Things) Technology.
The Data Backbone.
One of the biggest challenges facing the industrial sector in terms of technological advancement and efficiency is the implementation of the “Internet of Things” (IoT). This type of technology would provide significant business expansion and cost savings, as computers could track and optimize all equipment, parts, and labor.
To prevent downtime due to equipment failure, signals from sensors would be sent via the IoT to notify a company that specific equipment requires urgent repair before it breaks down.
In practice, this technology is currently used by only a few, making now the opportune time to transform this idea into a multi-million Euro company.
By bringing together a team of sensor experts, you could create custom code and sensors that inform industrial manufacturers when their equipment needs maintenance, along with other timely and useful information. This proactive approach to maintenance could save industries billions in avoided downtime and repairs.
Artificial Intelligence (AI) Implementation Company.
Bridging the Gap.
The development of Artificial Intelligence (AI) will profoundly impact several industries. However, one of the biggest hurdles businesses face is the ability to implement AI technology in a useful and valuable way. When you start working in a specific industry, such as retail or manufacturing, you can choose to specialize in that niche.
Once you gain experience in implementing AI within a particular sector, this business idea can be expanded and easily applied to many other industries. An AI implementation company acts as a crucial bridge, helping businesses harness the power of AI to optimize operations, improve decision-making, and gain a competitive edge.
Blockchain Company in the Fashion Industry.
Sustainable and Ethical Fashion.
Fashion is another industry where transparency is critically important to consumers. New reports constantly emerge about manufacturing closures due to poor management or low safety standards within the fashion industry.
When this happens, buyers of these brands are sometimes angered that their purchases have supported companies that disregard their workers’ well-being.
Blockchain technology can help solve this problem by adding transparency to retailers’ operations, openly showing all supply sources to stores. Blockchain will allow a specific verification tag to be linked to a particular piece of clothing, so the consumer can access information about the supplier.
This way, consumers can trace where their clothes are sourced from and immediately decide whether they support companies that use questionable business practices in their clothing production. This move towards ethical and sustainable fashion could resonate strongly with a growing segment of environmentally and socially conscious consumers.
Textile Waste and Old Clothing Recycling.
Closing the Loop.
The EPA estimates that textiles constitute 5% of all US landfill waste, and only 15% of unwanted clothing is actually recycled. For instance, the average American discards approximately 32 kilograms of textile waste annually.
Textile or clothing recycling services exist, but the market is incredibly fragmented, and sometimes you have to pay more than the original cost of the clothing to recycle it.
If a company could make recycling as straightforward as recycling cardboard boxes, and transform old textiles into yarn ready for knitting or weaving into new clothes – or even create new fibers for use in brand-new polyester fabrics – this could be a multi-billion Euro business.
If successful, you would secure a strong position in an ever-growing market. This idea will require significant initial investment, but if it succeeds, you will earn substantial profits.
Beyond the financial gains, there’s the undeniable public appreciation for the implementation of new, sustainable technologies. Go forth, everything is achievable, you just need to think in the right direction.
Developing Your Small Business.
Strategies for Growth and Success.
So, the initial phase of starting your business is complete; now you must move forward. Small business development is a highly responsible task. The future of your company depends on your ability to address this challenge.
To not develop means to degrade. After all, if your competitors’ businesses are growing while yours isn’t, you’re losing ground every day. This section provides some guidance on what you need to do to develop your small business.
Delegation: A Prerequisite for Small Business Development.
Delegation is the act of entrusting your responsibilities to staff. To successfully develop a small business, it is incredibly important to delegate production and sales functions.
If you are the primary producer of services or goods, or the main salesperson in your company, then the company’s development is limited by your capacity to work.
There are only 24 hours in a day. You won’t be able to hold two business meetings simultaneously. Therefore, it is necessary to free yourself from these duties as much as possible.
When you do this, your current profit will likely decrease initially, but there will be immense potential for business development, and you’ll have the time to seriously focus on it.
However, you need to carefully choose which functions to delegate. We don’t live in an ideal world, and you likely won’t be able to delegate everything.
With some responsibilities, it’s simply dangerous, as you lose control over the company, and another person gains it. For security reasons, it’s often better to break down certain functions into components and have different people perform each.
For example, different individuals should handle negotiations with suppliers and make purchasing decisions to reduce the possibility of commercial bribery. The delegation process can be significantly simplified if you rethink the organization of business processes and reduce the number of functions.
After that, functions should be formalized as much as possible so that their execution does not depend on a specific employee. It also makes sense for delegated duties to overlap slightly so that a random mistake by one employee does not negatively affect the outcome too much.
Applying the Pareto Principle (80/20 Rule) in Business Development.
The Pareto Principle, also known as the 80/20 rule, is a rule of thumb stating that 20% of your efforts yield 80% of your results, while the remaining 80% of your efforts produce only 20% of the results.
This creates an efficiency difference of 16 times. If you manage to apply the Pareto Principle in your business, it will enable a breakthrough in its development.
The Pareto Principle is highly versatile and more or less applies to all areas of business: 20% of employees do 80% of the work, 20% of customers bring in 80% of the money, 20% of products generate 80% of the profit, and so on.
Carefully analyze your business and concentrate your efforts and resources on more profitable activities.
Pay attention to the services that are easiest to provide. Do they lose profitability, given that they do not require expensive highly qualified personnel, lengthy training, and narrow employee specialization?
The Pareto Principle can also be applied to cost reduction. Determine where most of your money is being spent. While not always possible, try to reduce the consumption of the most expensive goods and services, or negotiate different terms for their acquisition.
Improving Product and Service Quality.
Improving the quality of goods and services is not always a prerequisite for small business development. Furthermore, it’s often simply impossible (for example, if you are not involved in manufacturing). But you can always improve the quality of customer service. This never hurts.
Increasing the quality of services or goods (if you produce them) does not always lead to higher costs. You can maintain both the price of the product or service and the profit margin at the same level while increasing quality.
This can be achieved as follows: as sales volumes increase, the production of goods or services expands, and costs typically decrease. So, instead of celebrating an increase in profit margin or reducing the price, you should maintain it at the same level by, for example, acquiring higher-quality components.
If you provide services, it can help to make your remuneration dependent on the quality of your work. To do this, it is necessary to develop precise service quality criteria and communicate them to employees. Each of them should know their area of responsibility and the size of the quality bonus.
What you consider a quality improvement may not always be appreciated by your customers. Therefore, it is advisable to test an innovation on a few clients before implementing it everywhere.
Acquiring a Competitor.
A Calculated Risk.
Buying a competitor is a very risky step. It can be both a catalyst for your success and an anchor that drags you down. It is necessary to acquire a company that will either help expand sales or facilitate production.
Buying a business simply because it’s profitable will not only fail to solve the problem of business development but will even worsen it, as you will have to develop two businesses instead of one.
Problems with personnel, high legal service fees, significant time and attention expenditure, potential losses – these are substantial costs. Before concluding a deal, make sure you receive significant value from the company you are buying. Thorough due diligence is paramount.
Increasing Sales Volume.
The Engine of Growth.
It is impossible to develop a small business without increasing the sales volume of goods or services. This can be increased through marketing, strategic partnerships, entering new markets, and expanding your product range.
Marketing.
There is probably no universal advice that can help everyone develop their small business through marketing. Here are three very general recommendations:
• Attract attention, stand out from the crowd: In a saturated market, uniqueness is key.
• Use different marketing tools for different clients: Understand your audience segments and tailor your messaging and channels accordingly.
• Determine which advertising pays off and increase its volume: Track your marketing efforts, identify what works, and scale those successful campaigns.
Strategic Partnership.
A contract with the largest seller of your goods and services will greatly contribute to your company’s development. Due to the large sales volume, you may need to reduce the price, but it will pay off. The main thing is not to sell at a price close to the cost. The profit margin may be small, but it must exceed a certain minimum value to be sustainable.
Entering New Markets.
It’s excellent if you can find a new market for an existing product or service. You can open a company branch in another region or start selling goods nationwide via the internet. The ideal scenario is to devise a fundamentally new application for a product and start selling it to new customers, tapping into untouched demand.
Assortment Expansion.
Selling related products and services is a good way to develop a small business. You don’t need to spend money on advertising, hold more meetings, or search for new clients. It’s enough to simply offer existing related products together with your main offering. This leverages your existing customer base and builds loyalty.
Reducing Prices of Goods and Services.
Lowering the prices of services can seriously help attract many new customers. The volume of transactions will increase, and the cost per unit of goods will decrease, which in turn will allow you to return to the profit margin you had before the price reduction.
It is not necessary to set one price for all cases. For example, you can set a different price for the same service depending on its execution period or on the fact that you purchased other services from your company along with it.
You can reduce the price of the main product or service and keep the same or slightly increase the price of related products or services. This is a common business scheme, used, for example, by Gillette (low-cost razors, higher-cost blades).
To make the price of your goods/services stand out in a consolidated price list, you can make the number memorable, for example, by consisting of a single repeated digit or repeated pairs of digits: €777, €1616.
Opening Production.
Vertical Integration for Profit.
Opening production is a good opportunity for small business development if sales are already established. In essence, you are not risking anything new but simply increasing your rate of return.
This can be used to reduce prices, improve product quality, and enhance marketing efforts. You can also pocket the extra profit, but this won’t particularly well affect the further development of the business.
Launching production entails costs. It makes sense to incur them if the increase in profit is significant and allows you to recover the costs in a short period.
Before starting production, you need to make sure that you can produce at least the same quality product that you are currently selling. Otherwise, if you start selling what you produce, you will lose customers.
If there is no opportunity or desire to open your own production but you want to increase the profit margin, you can start purchasing goods in larger quantities with a greater discount.
Unfortunately, this is not always possible: you might need a larger warehouse, the product might spoil quickly, etc. Careful planning and assessment are crucial before taking this step.
Good luck and success! Have a good day!
