Often, entrepreneurs make the mistake of relying solely on their expertise and own ideas without consulting or reviewing other business models and leaders. While a narrow focus is great for creating a solid brand identity and staying true to your business’ ethos, it can hinder your chances of securing a gap in the market and finding inspiration.

This guide will show entrepreneurs where to find ideas from other businesses that they can build on.

Build a Support Community

Building a community of successful people to support and motivate you throughout your business venture is a vital first step. You can create a community by networking, which is a tool entrepreneurs use to access opportunities you might not be able to find on your own. Networking events include careers fairs, virtual workshops, industry-specific seminars and more.

Work With Your Community and Colleagues

Not only can you be encouraged by your professional network, but you can work with one another for mutual inspiration and financial success. For instance, sharing a solar energy source with other businesses in the local community with choosesolar will guarantee discounted electric bills, and you will not have to spend any money on installing equipment. Collaborating versus delegating with your employees can also provoke inspiration. Brainstorming sessions and meetings are an excellent way to spur on communication and get the ball rolling.

Find a Mentor

More experienced entrepreneurs can mentor you towards success. A mentor could be a family friend or someone you met at a networking event – they come in all shapes and sizes. Being able to access first-hand knowledge is an excellent advantage for a start-up. You could ask your mentor how to tackle potential challenges and make a mark in the industry.

Research Other Business in Your Field

Gut instinct in business is essential, but those feelings are more likely to be on the right track if a wealth of industry knowledge supports them. Researching and learning from past and present businesses is a sure way to avoid failures and build from their successes. Research can come from reading books and industry news, web searching, and talking to other entrepreneurs.

Market Research

Performing market research is vital for inspiration as it helps entrepreneurs learn about their target audience and broader consumer patterns. Market research also helps you assess the competition and discover gaps in the market. Some effective kinds of market research include surveys, focus groups, interviews and customer observation.

Personal Growth

A lot of inspiration stems from within. Business ideas are more likely to come naturally if the mind and body are calm and healthy. If you have not recently made much time for yourself and are stuck on ideas – it might be time to schedule a day or two off so you can get back to basics. Exercising, spending time in nature, and socialising outside of work are some ideas that will prevent you from ruminating and increase the likelihood of a eureka moment.