10 Great Ways to Generate Great Business Ideas All around you. Just open yourself up to the possibilities, and you will be bound to find a winner. To start your research on that no longer existing idea that will set the world on fire, start with the following resources
10 Great Ways to Generate Business Ideas
A good business idea is an idea
(1) It can be transformed into a product or service
(2) It will have a sufficiently large market
(3) It can be implemented
(4) It is profitable.
If the idea does not meet both of these criteria, then it is not a good business idea.
If so, the stronger it is in relation to each of these points, the better the business idea.
Ideas on how to generate good business ideas.
Be a diligent student of what works. The first thing anyone wanting to generate a good business idea should do is study what ideas worked and what didn’t.
This sounds easy, but in reality it can be very difficult to distinguish between what works and what doesn’t (an idea might be great, but the team that is implementing it might not be very good). Moreover, the reality of anything is often more complex than it appears on the surface, and public explanations and urban myths about why something works or doesn’t can be very far from the mark.
As a “diligent student of what succeeds,” you need to go down the pit of success and failure and delve into the finer details and small dynamics. This little world is where you need to set up a store.
Make what works better. The next way to generate ideas is to take something that works and make it better. There are quite a number of ways to improve something, but in general, the main ones are:
Improving quality (using better pizza ingredients)
Lower cost (offer the same pizza as the competitors at a lower price)
Adapt the product for a new use or market (use ingredients that appeal to the local market such as a sushi pizza in Japan)
Facilitate product or service delivery (reduce pizza delivery times)
New ways to solve old problems
Come up with new ways to solve old problems. For new ideas, the best place to start is what causes people problems, discomfort and pain. Instead of focusing on the person sitting happily in the restaurant, you want to focus on the 100’s on the street fighting for parking spaces.
Anyone wishing to generate business ideas should train themselves not to focus only on the problems that concern them (the “market is me” fallacy) but rather those that affect the largest possible number of people.
If solutions arise right away to these problems, that’s great. If not, a very good way forward is to ask people with different views of how to solve it and use that as a starting point for developing ideas.
Of course, the first people to ask are the people who are directly affected by the problem because they often try to solve the problem on their own and can provide good advice about the barriers to the resolution they have encountered. This can save you time and put you further down the path of a solution.
Next, the next step is to seek out other people’s perspectives even though their outlook does not appear to be directly related to the problem. It may seem as though an industrial engineer will not consider how to make a pizzeria more profitable but may be able to demonstrate ways to make the pizza baking process more efficient and therefore less costly.
Likewise, it may not seem like the comedian will advise on how to run a pizza business, but perhaps having the pizza serving people tell jokes is a way to create a relationship with customers and enhance customer service.
Once you get these perspectives, you then have to practice implementing them through the good idea formula described above and test the idea against each of the criteria in the formula. If the idea fails one of the criteria, then you have to repeat the process.
New ways to solve new problems
Devise new ways to solve new problems. The most innovative thinking is required to come up with new ways to solve new problems because the product or service and the market are not all tested.
The main idea that generates wisdom here is that just as new problems can come from anywhere, so can solutions. For me, the two different methods that are most helpful are:
deep thinking . People have an enormous amount of wisdom and experience but often they do not benefit from it due to the many distraction factors in life. If one simply focuses on a problem in a noisy environment, then often many types of ideas flow. Some of these ideas will be much better than others, but in the mix of ideas, some will often be fine. Often all you need is just one.
Observe the science and art of solutions in practice. Everything that works tells a story of how things work. So by focusing intently on the things that are at work in the natural world or the world of work, we can often see glimpses of new problem-solving methods. Make everything around you your university to solve problems.
The final suggestion is that practicing generating good business ideas is a creative process, just like writing books or composing music, it is something that gets better with practice. The better you can generate ideas, the more you can analyze whether these ideas are average, good, or great.