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5 Unconventional Lessons for Entrepreneurs

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How To Come Up With Great Idea For Starting Your New Business

Aha! MomentContrary to common believes, discovering a great business idea is not always the result of an aha! moment.  Most aha! moment ideas end up in failures, and we only hear about the very few that make it.

Successful entrepreneurs follow a process to come up with their next business idea. In many cases good ideas take between six months to one year to be developed. While searching for my next business idea, I asked many business owners how did they come up with their business ideas.

Here is a bullet point summary of the steps that many successful entrepreneurs follow to come up with new business ideas:

1. Define The Parameters:

  • Location
  • Budget
  • Time and Involvement
  • Skills and Talents
  • Knowledge, Expertise
  • Partners
  • Employees
  • Type of Business (Lifestyle or IPO)
  • New Product or Improve on an Existing Product

2. Make a List of Ideas:

  • Start with areas where you have knowledge and expertise.
  • Look at the lives of the people you know including your own. Find out what problems they face, and what unmet needs they have. Which of these problems or needs you can solve?  One way to find out what people needs are is to ask “what irritates you?”
  • Other Sources for Ideas:
    • Internet Business and Technology Publications.
    • Domains For Sale.
    • Businesses For Sale.
    • Successful Business stories.
    • Browsing through local stores.

3. Do the Research:

  • Brainstorm and critique the ideas with your team. Don’t have a team? Discuss your ideas with close family and friends.
  • Market Research
    • Competing products
    • Barrier to entry
    • Production and manufacturing
    • Legal and regulations
    • Do you need to do a patent search.
  • Seek the advise of experts

4. Choosing the One:

  • Remove all the ones that don’t meet the parameters.
  • Consider your team critique of the ideas.
  • Remove ideas that don’t meet your criteria:
    • Too Much Regulation
    • High cost of production
    • Patent Considerations
    • Too Small of a Market Share
    • Tough Sell
  • Factor in the experts advise
  • Keep only ideas that excite you

5. Check Feasibility:

Answer Three Questions:

    1. At What Price Can You Make This Product or Provide this Service?
    2. Do Customers Really Want It?
    3. How Much Will Customers Pay for It?

6. Test Test & Test:

  • Build the prototype.
  • Let few potential customers test it.
  • Get feedback.

What is your method for finding a new business idea?

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The Wrong Reasons For Starting a Business

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CEO Crash Course

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What’s Keeping Your Business From Succeeding (Infographic)

small-business-mistakes-infographic
Via: BOLT Insurance

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A Special Thanks To All Small Business Owners

We see small businesses everywhere, in the plaza down the street, the office building across the road, and at the shopping malls.  So what is the impact of small businesses on the economy? It is huge and mainly in the area of creating job opportunities and innovation.

According to Entrepreneur Magazine there are between 25 million and 27 million small businesses in the U.S. that account for 60 to 80 percent of all U.S. jobs.  In addition to the support that small businesses provide to the local economies, they also drive the wheel of innovation and creativity.  Corporate giants started as small businesses.

Being a small business owner, I know first hand what it takes to start and run a business, with all the ups and downs, the uncertainty, the tough decisions time, and the sacrifice. So I would like to say a few words of appreciation and encouragement to all small business owners:

To all my dear small business owners, thank you very much!  Thank you for all your courage, vision, commitment, hard-work, patience, sleepless nights, leadership, service to your communities  and sacrifice.  Be proud and stand tall.  Your small business is key for job creation and the growth of the economy.

When things get tough, you stay focused on what is important because you know that the rewards are multiple and it is well worth it. If starting a business was easy everyone would have done it.  But you choose to start and run your own business because you have it in you.

You are not afraid of failure, you learn from it!  Then you pick yourself up and build something better and never look back. You know what it takes, you know what is at stake, and you are ready and willing to do what is needed.  You don’t need someone to give you a job, you will create your own job, and you will also provide career opportunities to others.  And best of all you are doing what you love to do.

Again thank you very much my dear small business owner. Your entrepreneurial mission is noble and honorable.