In this article, the writer explains that the base of any successful business is a great idea. It can be sometimes very simple and can be complex in some instances. There are different ways to think about different ideas. Most importantly, new business ideas are generated in response to some problem and this is base of many successful businesses. So first of all, think what is bogging you and what could be the solution and whether there are people to buy that idea or solution?
Then, people sometimes think that entrepreneurs are only young people looking at some of the great tech entrepreneurs like Steve Jobs or Mark Zuckerberg. However, this is not the case and most of the entrepreneurs are middle aged or even old age people.
So the first step in idea generation is clearing your mind that you can do it and then brainstorming with problems that you are personally invested in. Once you realized a problem, you need to think out of the box and try to find a way to solve that problem in the way no one else is doing. One way to do this is to look beyond the industry that problem relates to. One should use his or her creative side and everyone is innovative and creative but we do not realize it until unless it is must to find out some way and we are stuck somewhere.
Also, allow your mind enough time to relax so that your subconscious can find innovative ways to solve problems you found out through brainstorming initially. Although there are so many business ideas but the important thing is to try them out. This is what makes people entrepreneur.
In finding ideas for the successful business, attack real life problems. One way to do so is taking notes about any problem we encounter and then see if we can solve it in a unique way effectively to generate revenues. Search for the better ways to do routine things and always think big. There are opportunities to make money by building businesses that slightly improve on existing products or services, but the actual breakthrough comes in when the decision is made to go after a massive idea that seems somewhat mad.
A great idea cannot be successful until taken to the market in successful way. Also improve your offering with the help of customers and employees feedback. For that purpose, listen to other people, learn from history of successful entrepreneurs. Finally, being an entrepreneur, you should be ready to loose and give up your first, second, or third idea for a better one.
This is a great article that explained entrepreneurship in detail. With reference to successful entrepreneurs, it also helps us understanding how a successful business can be constructed from mere a problem that needs to be solved or something that can be done in a better way. It really inspired me and I thought about several business ideas during reading this article.
This article is totally relevant to this week’s topics as it discusses innovation and entrepreneurship directly, the topics of this week. It also discusses how to think business ideas innovatively and how to get your entrepreneur mindset straight. Even this article can also help identifying merger and acquisition opportunities. This article can also help in strategy formulation, another topic of the week.
Reference
Kawasaki, G (2013). How Entrepreneurs Come Up With Great
Ideas. Retrieved from: https://www.wsj.com/articles/SB10001424127887324445904578283792526004684