How Global Giants Came Up With Their Billion-Dollar Business Ideas (And How You Can Find Yours)

0

Opinions expressed by Contractor the contributors are theirs.

You are reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

The origin stories of some of the biggest companies in the world are now almost folklore. But perhaps the lesson from these giants isn’t “how to become the next Google”, but simply how to get started. think of ideas in a way that these mega-corporations did when they started.

Shutterstock

So how do you find a good idea and how do you know if it’s a winner?

If you’re sitting at your kitchen table and scratching your head, this article is for you. We’ll guide you through the idea generation process, and provide professional advice.

Let’s go. It’s time for ideas.

HOW TO GET IDEAS

Let’s call it idea generation. Like most things in business, if you break it down into a series of steps, it suddenly becomes much more manageable. So here are four steps to get you started.

1. Absorb If you want to become a writer, the first thing to do is to read a lot. If you plan to start a business, you constantly need to gather information. Here is your starting list:

  • Read blogs Whether it’s big mainstream stories about the usual suspects (Elon Musk, Steve Jobs, Richard Branson, etc.) or more niche entrepreneurs which may not be household names, everyone’s journey can help drive yours.

  • Listen to podcasts From how i built this on NPR, listening to Clubhouse talks by business leaders, hearing first-hand stories can not only inspire, but could just be the turning point in your idea generation.

  • Read books Yes, it takes longer, but if you do what Bill Gates does and set aside an hour a day, you can rip a lot of pounds in a year. What they offer compared to podcasts and blogs is unique: an afterthought digested version of the story of an entrepreneur. Valuable information at all levels.

  • watch industry news Whether it’s subscribing to industry-specific channels on YouTube or simply turning on Bloomberg TV, keeping up to date with your industry as well as your local business environment gives you great insight into the current climate – the climate that concerns you. go in.

And while you’re doing all of this, take notes. Lots of notes. Which brings us to point 2.

2. Explore Consider all of this as your basic research. Now what are you going to do with it? Well, it’s time to make it work for you.

Start looking for links, ways to access which ideas connect and produce new ideas. If a particular idea appeals to you, go down a side street and explore it to the fullest, knowing that you can always get back to “base” if it turns out to be a dead end.

A quick way to check if you’re on the right track: Ask, “Does your offer solve a customer problem in a way that isn’t currently being addressed?” If the answer is yes, you are already on solid ground.

Related: Risk and reward: how smart entrepreneurs in the UAE are putting their money to work (even in the midst of a crisis)

3. Share After a while, you may feel like you’re too stuck in your own head. Sharing your ideas with trusted friends and family members (emphasis on “trusted”), as well as any mentor figure in your life, is a great way to take the ideas you have started developing from point 2 and really start testing them. .

You’ll get comments you don’t like and comments you like – the question, though, is what do you do with it? Go to point 4.

4. Narrow You did the raw research, you got formulated ideas from this research, and you asked for other people’s opinions on your ideas. Now is the time to start narrowing it down to one or two key ideas, streamlining them, looking for gaps you need to fix. And finally come out with an idea that you think is worth pursuing.

The result of this four-step process can be the emergence of a brilliant idea, or it can simply take you back to point 1 and the drawing board.

It is important to know that there is no “failure” at this stage, and no matter how long you take, or how many cycles of thinking, writing, sharing, tracing you go through, it’s worth it if the end result is a great business idea.

IDEA GENERATION: LESSONS FROM THE PROS

Now let’s see how some of the giants in their industry started their journey and what you can use from their experience.

google Starting out as a research paper, and originally named BackRub (because of its reliance on back-links), it did something different: determine the relevance of a website by considering the number of pages (and their importance) that referred to the original site. . Later renamed Google, it was an original version of the search engine.

Hargreaves Lansdown Idea generation and innovation can be found even in the oldest and most traditional industries. Hargreaves Lansdown, one of the UK’s most successful investment firms, started out in a spare bedroom with £500 and a phone. So, whatever business you choose, starting small, with minimal costs, gives you the time and freedom to think outside the box.

Zoom Zoom solved a problem – its founder was in a long-distance relationship, and this new technology meant he didn’t always have to take a day-long train ride to see his significant other. While Zoom has now become one of the most recognizable global brands, it continues to solve the same problem – for its millions of customers.

red rabbit After struggling to find healthy food options for their children at school, the initial idea was to create an online food service business that parents could order and have delivered to school. But the lesson here is the ability to pivot. Realizing that the basis of this idea was solid, but that something needed to be tweaked, the the founders changed their model, and makes schools themselves the end customer, rather than parents.

TIME FOR YOUR IDEAS

The first step in any process is to act. So, by simply picking up a notepad or reading a blog, you are already on your way. The question is: where will it take you?

Related: Riding the Waves of Business as an Entrepreneur: How to


Source link

Share.

Comments are closed.