Every business starts with an idea. As an entrepreneur, you are going to sow the seeds of your idea which will remove the barriers and make a change in the life of your customer for the better and in the process you are going to realize your geniuses to make a difference for yourself, your family, your business, or your community.
A high-quality seed is important to get higher agriculture produce, you need a solid idea greatly aligned with the needs, wants and desires of people’s lives improving their ability to solve their problem in a meaningful. Hence, it is critical to your entrepreneurial success to have a great idea and your ability to work on the idea to turn into reality to help you succeed.
The goal of this article is to help you with following:
– Find a business idea
– Know the worthiness of the idea
– Validate your idea
How Ideas strike us
Our mind keeps working at all time. We primarily observe it through experiences and our desire to convert our experiences to make it better than what you have experienced it. You may call it a problem, opportunity or improvement.
If you start writing down all the ideas that have come to you over the last few years, you may be able to fill the notebook. They didn’t convert it into a meaningful opportunity because you allowed it to pass because you could not take action. You’d have felt the need of better experiences in food, health, housing, society, transportation, financial services, education, government, entertainment, travel, and many other areas. It is thinkers and doers like you who have been the catalyst to convert these experiences into inventions that shaped our world. Entrepreneurs challenge the obvious and disrupt the paradigm to create a new way for us to live, and work and this constant way of making today better than yesterday and tomorrow better than today are what you as an entrepreneur can signify yourself with.
How to come up with tons of great ideas?
Our mind is constantly creating ideas as our eyes, ears, nose, tongue, and intellect is constantly feeding the experiences to it. For some people, like poets, writers, innovators, etc. the ideas are constantly coming to it. They are called the idea men. For some people, it is a focused thinking or forced event that generates the idea.
In the book “Where Good Ideas Come From” and a must-see TED Talk by the author of the book, Steve Johnson, you are more likely to develop great ideas when:
– When you explore different avenues and experiences of everyday living
– You are in constant contact with the people in your community and network
– You allow yourself to experience or experiment over a period of time and allow yourself to evolve your thinking
– You open yourself to explore serendipitous connections
– You make mistakes and improve your learning
– You look at the old things to invent newer way to approach it
– You build enhancements to existing platforms to make it better and useful
You can watch the video here:
What are the emerging technology-driven ideas
Technology is eating our world – the computing abilities are getting enforced in everything that we do which is radically increasing the power, decreasing the cost and all of these are happening at an exponential rate. If you look around, these are the emerging technology opportunities which will continue to rule the market paradigm in coming years:
Beyond the hype of Bitcoin, blockchain is a fantastic evolution of a platform that allows us to securely manage access and information on a trust-based platform as it distributes and power and risk equitably across the players participating on the platform.
The blockchain is opening umpteen opportunity to be adopted as a platform to establish a global platform to conduct business providing you trust, data security, contracts and an ecosystem for seamless business relationships.
2/ Internet of things
You’d have already experienced IoT in many of the devices that you use every day. Sensors, Bluetooth connected devices, smart home appliances. IoT promises us the ability to optimize, automate, and eliminate inefficiencies with over $6 trillion opportunities available to us for a grab.
3/ Virtual Reality / Augmented Reality
You’d have seen how the adoption of Pokemon is 2016 made people go crazy. The ecosystem for VR/AR is improving by every passing moment and it is gathering the momentum by attracting startups as well as large enterprises to invest their resources into creating AR/VR driven experiences for their customers.
4/ Conversational Web Technologies
Fueled by the popular chatbot platforms like Facebook Messanger, WhatsApp, Slack, etc. bots have already gained tangible impact on the software space. Instead of building publishing oriented boring applications, enterprises are adopting the chatbot to enhance their interaction and engagement with customers leveraging artificial intelligence.
Ecommerce is on the verge of overtaking conventional retail format soon. While mega players are busy building large and globally ecommerce play, there exists an opportunity to build a niche ecommerce platform or align with large players to build a focused market for the customer. Also, facilitating ecommerce service providers are another big opportunity to be tapped.
Now, you know how the ideas are generated. I would like you to use the idea generation card to note down the ideas that have come to your mind. I would suggest start building your idea bank now. Take the print of the attached idea card and fill all of the blank fields. In the next article in this series, we will go through the tools and methods to help you filter out the noises and discover the signals to decide whether you have a worthy idea to pursue it further or you need another idea.