How do you develop a business idea?
How do you create innovative million dollar business ideas?
How do inventors and great entrepreneurs think up great product ideas?
Well, I advice you read on to find the answers you seek.
The world is filled with brilliant unique business ideas; but the world lack seasoned entrepreneurs.
Most people are crazy or excited about their new found innovative business idea.
But million dollar business ideas don’t excite me and the reason is because a good idea does not guarantee success.
It’s just a starting point in the entrepreneurial process; for there is more to starting a business than just the idea.
“A business idea is just another idea. But an idea backed by a strong feasibility study, a thorough business plan and a smart business management team is no longer an idea. It’s now a solid business opportunity worth pursuing.”
If you are an ardent reader of this business blog, you will note that I have covered virtually every aspect of building a business; from raising capital, finding a business team to buying or selling a business. But I have tactically stayed away from the subject of developing business ideas. Why?
The reason is because it’s the least most important piece for building a business. Now I am not saying that a business idea is not important; all I am trying to stress is that it doesn’t hold the key for long term success and business sustainability.
Now back to the subject of developing million dollar business ideas. What does it take to develop or crank up a winning innovative business idea? What’s the process involved? Well, in response to these questions; I have decided to highlights three steps to creating a million dollar unique business ideas.
How to Create innovative Million Dollar Business Ideas
1. Be creative – think outside the box
“Study conventional wisdom; then shun it.” – The Mafia Manager
Creativity is one of the keys to developing winning ideas. You must learn to think outside the box; you must learn to challenge your perception and reality. Creativity is all about seeing through the looking glass; it is all about bringing into reality what isn’t. To be creative, you need to keep an open mind. You must always be on the edge, ever ready to learn. And ultimately; you must not believe in the word “impossible.” One enemy of creativity and innovation that you must be on the look out for is “conventional wisdom.”
Humans by nature are resistant to change or anything outside their reality. I have seen people discard their ideas just because it is against conventional wisdom. I have seen people hide their skill or ideas just because of the fear of what others will say. I have seen people ignore business opportunities just because someone said it’s impossible. To be sincere, I have actually done this a couple of times.
The key to fully unleashing your creative spirit is to ignore conventional wisdom and criticism. If the Wright brothers had listened to conventional wisdom; humans won’t be flying today in aircrafts. If Christopher Columbus had listen to conventional wisdom that the earth is flat; there will be nothing like international trade today. So learn to see beyond conventional wisdom.
“The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it’s enormously useful in life.” – Larry Ellison
2. Be curious
You can come up with good innovative business ideas by simply researching and experimenting existing trends. I have seen people bump into ideas unexpectedly. Scientists and inventors use this technique a lot. A little positive curiosity can lead you to the next million dollar idea; if only you will recognize the opportunity.
3. Re-invent the wheel
Most people are so busy, wasting time and energy on developing pioneer products and inventions because they believe that being the first is the key to becoming a successful entrepreneur. Most people don’t know that inventing or trying to be the first is the most risky of all business ventures. In fact, it has the highest failure rate in the business world. Do you know how much big corporations waste each year on research and development; all in a bid to be the first?
I will advice you save yourself the headache. Don’t stress yourself inventing the wheel; just re-invent the existing wheel and you are in business. Facebook wasn’t the first social networking platform; Google wasn’t the pioneer search engine. Thomas Edison didn’t pioneer the light bulb; he only made it better by commercializing it and he took credit for it. Michael Dell didn’t invent the personal computer; he just found a way to sell directly to consumers at a cheaper rate and he became a billionaire.
“We didn’t re-invent the wheel; we just painted it black.” – Robert L. Johnson
As a final tip, I want you to know that developing good, unique business ideas does not require any special skill or talent. Just possess the right mindset and your eyes will be opened to the opportunities that abound in this world.