Is there a formula for generating great business ideas?
By James Caan,
Guardian Professional,
Entrepreneurs often talk about that eureka moment, their Newton and
the apple epoch, the "A-ha" after a long and dry spell. What they are
actually referring to is that instance when everything finally clicks
and they come up with that special idea. Getting to this point, however,
is the difficult part. So the question remains: is there a formula for
generating entrepreneurial ideas?
There are certain steps you can take to help get the creative juices flowing. The first place any individual should start is thinking about your passions, as well as the products and services you would like to see in market. More importantly, if you align these thoughts to your own skills set, you are more likely to succeed. When Larry Page and Sergey Brin came up with the concept for Google in their dorm room at Stanford University, they were already immersed in the study of technology and computer science. They were passionate about it, and this is the area where their skills set lay. Capitalising on your interests and talents seems the most natural place to start.
As the great philosopher Seneca said once, the best ideas are common property, and this couldn't be truer of brainstorming. You don't have to come up with a wacky new invention or a new life-changing product or service to be classed an entrepreneur. Indeed, some of the greatest entrepreneurs are those who have seen an opportunity to develop ideas that are already on the market. These people have wanted more and believed they could enhance the design and concept to improve it.
The secret here is to do things bigger, better, faster and more efficiently than others. This could be combining two ideas or solving the problems faced by previous products and services you believe have room for improvement. It could be as simple as streamlining something in a better way than your opponents have or bringing two complementary services together.
In the same way, all your ideas don't have to seem feasible immediately. If you constrain the creative process early on, you will stifle your imagination and potentially discard exciting notions. It's important to think outside the box as well. Ultimately, it's your judgment call to nurture your idea or make it redundant.
An example of this was seen on the first episode of The Business Class, where I spoke to the entrepreneurs behind Blippar, a mobile platform that turns physical imagery, print or products into instantaneous digital experiences. One of them was looking at a £20 note and thought it would be great if you could almost bring the Queen's head to life. Two weeks later they came up with a prototype and then decided it was feasible, as well as imaginative. Now more than 3 million people use their app and, as they explained on the show, they secured deals with some of the world's leading brands. It is stories exactly such as this that show when you allow your imagination to take control of the idea generation process, it can be one of the best decisions you will make.
Another great way to do things better is to bring the consumer into the equation. Find out what they want and how they want it. Start-up loan recipient Alex Schlagman has included the consumer in the development of the prototype for his company Zim.io, a personalised mobile shopping app. By working with a user-centred design while integrating user experience and the interface for his app, he ensures he engages users first, adapting his product from regular feedback, constantly evolving to satisfy the customer. >>>
Coming up with a successful business concept is not easy. James Caan identifies steps to help entrepreneurs get the creative juices flowing and find their eureka moment
Entrepreneurs often talk about that eureka moment, their Newton and
the apple epoch, the "A-ha" after a long and dry spell. What they are
actually referring to is that instance when everything finally clicks
and they come up with that special idea. Getting to this point, however,
is the difficult part. So the question remains: is there a formula for
generating entrepreneurial ideas?There are certain steps you can take to help get the creative juices flowing. The first place any individual should start is thinking about your passions, as well as the products and services you would like to see in market. More importantly, if you align these thoughts to your own skills set, you are more likely to succeed. When Larry Page and Sergey Brin came up with the concept for Google in their dorm room at Stanford University, they were already immersed in the study of technology and computer science. They were passionate about it, and this is the area where their skills set lay. Capitalising on your interests and talents seems the most natural place to start.
As the great philosopher Seneca said once, the best ideas are common property, and this couldn't be truer of brainstorming. You don't have to come up with a wacky new invention or a new life-changing product or service to be classed an entrepreneur. Indeed, some of the greatest entrepreneurs are those who have seen an opportunity to develop ideas that are already on the market. These people have wanted more and believed they could enhance the design and concept to improve it.
The secret here is to do things bigger, better, faster and more efficiently than others. This could be combining two ideas or solving the problems faced by previous products and services you believe have room for improvement. It could be as simple as streamlining something in a better way than your opponents have or bringing two complementary services together.
In the same way, all your ideas don't have to seem feasible immediately. If you constrain the creative process early on, you will stifle your imagination and potentially discard exciting notions. It's important to think outside the box as well. Ultimately, it's your judgment call to nurture your idea or make it redundant.
An example of this was seen on the first episode of The Business Class, where I spoke to the entrepreneurs behind Blippar, a mobile platform that turns physical imagery, print or products into instantaneous digital experiences. One of them was looking at a £20 note and thought it would be great if you could almost bring the Queen's head to life. Two weeks later they came up with a prototype and then decided it was feasible, as well as imaginative. Now more than 3 million people use their app and, as they explained on the show, they secured deals with some of the world's leading brands. It is stories exactly such as this that show when you allow your imagination to take control of the idea generation process, it can be one of the best decisions you will make.
Another great way to do things better is to bring the consumer into the equation. Find out what they want and how they want it. Start-up loan recipient Alex Schlagman has included the consumer in the development of the prototype for his company Zim.io, a personalised mobile shopping app. By working with a user-centred design while integrating user experience and the interface for his app, he ensures he engages users first, adapting his product from regular feedback, constantly evolving to satisfy the customer. >>>
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