At BETA* we often meet entrepreneurs and
business developers whose minds seems overflowing with superb and brilliant
ideas for new products and new market opportunities. They developed terrific
ideas every single day of their lives. They are always ‘on the lookout’, curiously
looking around, inquiring and actively seeking – and often finding – the next
‘big thing’.
On the other
hand there are people, intelligent and successful businessmen and women, who
can’t concoct a single viable idea. From time to time we have some of them in
our workshops on business development and they ask me if I could teach them a
simple method to generating great ideas. And I do.
You can learn to create a
winning business idea.
Let me share
to you what I tell them in the seminar room. : a simple process for creating
your “world-class idea”.
1.
Infinite
Ideas
Ideas
for new products and services are everywhere and there is a limitless supply of
them waiting to be developed and to be put on the market. The ideas are simply there to be seen and pursued by those who seek
them. In fact, ideas are available to everyone, worldwide, and at the same
moment. I am convinced that as I am writing this article, an innovator
somewhere in Europe and a thinker in Davao City will ‘see’ the idea at the same
moment.
Ideas
can be small and simple, or large and complex. A new compelling idea may be derived
of your passion for your favorite hobby and derived from there. It may be the
result of the entrepreneur who sees an opportunity to transform an existing
product to a totally new context. Or someone might combine elements of two
different disciplines into a totally new field.
2.
Knowledge
Ideas
are generally developed from known facts, not from thin air. Concept developers and business builders who
generate bold ideas have an high level of knowledge out of study, instruction
and experience. Many high achievers got a lot of benefits from lessons learned
from former educational and prior job-experiences that have become solid
foundations for their thinking and understanding.
Ideas
are born by listening to the needs and wants of customers and opening your mind
to their perspective on the new concepts you want to develop.
3.
Connecting
the dots
In
my opinion, idea generation is the result of a person’s ability to mentally
establish a relationship between two or more different but related facts. When
joined together, they create a clear view of something nobody has seen,
developed or commercialized before.
4.
Test
the idea
Testing
your idea begins with the observation of a situation, problem or opportunity.
Then, you ask yourself what is happening and why. This will lead to the
gathering of more information followed by a prediction that explains a possible
solution ( solution = your idea). The process continues with the ‘field
testing’ of the prediction. Field testing can be experimentation, the
developing prototypes, surveys, etc. This step will allow you to collect ,
analyze and interpret the gathered data. At the end you will have a tested and
viable idea, ready to put on the market.
5.
Timing
of ideas
Some
innovative ideas can be an answer for
the wants and needs of the customers today. Others could be conceived now but
are not really sought yet by the market.
So, in the test phase you should check if your idea is viable in the
market today. Customer might even think that your product is ‘nice, good idea,
but I don’t buy because they don’t see an opportunity to use it’. 30 years ago, scientists at Xerox Parc, the
R&D department of Xerox Corp. have already developed the technology we use
today, i.e. laser printers, Ethernet, fiber optics,, etc. and commercialized
when the market was ready.
6.
Good
idea?
Remember
that an idea is worth nothing until is it
commercialized and there are paying customers. Some ideas will be
profitable, others a failed dream. You have to learn to eliminate the bad ones
very quickly, don’t waste your time, money and energy on them. The good idea
will lead to vast markets of enthusiastic buyers; the goal of any dreamer is to
pick that ‘winning business idea’.
In conclusion, the pathway leading to great ideas is to :
·
Know
there are ideas with your name on it. Find them!
·
Seek
problems and opportunities within your environment. They exist!
·
Based
upon knowledge, imagine solutions to of what you will find, be creative.
Ideas
are born!
·
Be
zealous and passionate about your ideas. They are YOURS!
·
Test
your ideas. Will they work and will customers want to buy them?
·
Is
the market ready for your ideas? Now or later.
*BETA – Business & Entrepreneurial Training Academy offers
different courses for entrepreneurs who want to startup a business or to
develop their business. Ideas can also be developed in ‘businessAHEAD’, BETA’s Business Incubator. Info: +6382 304 4948 or +63920 675 2754
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