How To Generate Great Business Ideas

You may wonder, with millions of people slaving every day to hit upon that one inspiration, that one true idea, that can give the world its next Apple, Google, Coke, or Disney, only a handful manage to achieve that feat. What makes them tick? It’s the way they see, perceive, and absorb the world. Great business ideas are all around you – I’m not kidding. You just have to have the eye to spot it and turn it into successful business. In this article I present you with tips on ways to find great business ideas.

Socialize

The human mind is a treasure trove of ideas, so why not tap this great source of inspiration and ideas. Join social groups, attend seminars, discussion forums, and other social events and use the opportunity to start conversations, share your views, and learn how the thought process of people functions. Meeting new people is a good way to get your creative juices flowing and influencing the brain to think differently. This method is not restricted to professional gatherings alone. A trip to the museum, park, or picnic with friends can do wonders to your cognitive ability.

Innovate from an Existing Idea

Why invent when you can innovate. Take a preexisting concept or product and make it better and more efficient. Look around you, there are thousands of products and services around, if they don’t meet your high standards work on them and offer something better. That’s what Jerry Greenfield and Ben Cohen did. These two ice cream zealots were of the opinion that existing brands are not good enough. So, they started their own, hugely popular, company Ben & Jerry’s Homemade Holdings Inc, which makes rich and tasty ice creams.

There’s just a tremendous amount of ideas already on the table, you just have to apply your mind and adapt it to suit the changing trends and expectations.

Hear It from the Horse’s Mouth

There is no better way to produce new ideas than by interacting with the people concerned. A good case in point: Kevin Brooks, a triathlete, had an issue to contend with. His friends and relatives who came to his races found it impossible to spot Kevin among hundreds of participants. Kevin came up with a solution to this problem, but to convert this solution to a profitable business idea, he had to first make sure his fellow racers too face this problem. He talked to hundreds of triathlete participants and realized this was a widespread issue. He then started Brooks Air Brush studio and used his air brush skills to design and paint customized triathlon helmets.

Similarly, if your area of interest is educational software, consider sending a survey to parents to understand their issues, interests, and needs. Even better you can directly talk to them. People will be more forthcoming if they are approached in person than sending surveys.

Business Pain Points Notebook

The main objective of any business is to solve problems, either by offering a product or service. That’s what successful companies do. They identify problems faced by their target market and find a solution. These business pain points or customer problems are everywhere, and they may grab your attention anytime. To record these sudden bursts of ideas keep a Pain Points Notebook to write down problems that are all around you. You can review the book regularly and develop ideas to solve them. To start with, you’ll get plenty of bad ideas, but never give up. Practice hard and pretty soon you’ll land a gem.

Read and Surf the Web

Reading books is a good way to stimulate thinking and generate new ideas. If you’re not an avid reader, start slow; spend six hours a week on reading books that interest you. Follow this regime for 6 weeks; I guarantee you’ll find plenty of material that’ll rouse your thinking machinery.

Another fun way to hunt new ideas is by web surfing. Start with guru Google, search terms such as ‘what is the latest trend’ or ‘what is new’ or use the ‘I’m feeling lucky’ button to browse your subject of interest. Become a member of Facebook communities that are related to Business, Branding, and Entrepreneurship. In Twitter, look up for hash tags in niche fields that interest you, observe what’s being discussed there, learn from others, and share your ideas with others.

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