Successful Business Ideas - What Should You Do With All Those Great Ideas?
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What Should You Do With All Those Great Ideas?
Now more than ever, the value of acting on a great idea can be your ticket to a successful business and financial freedom. So what should you do when the next brainstorm arrives?
By: Steve Smith
Now more than ever, the value of acting on a great idea can be your ticket to a successful business and financial freedom. So what should you do when the next brainstorm arrives?
By: Steve Smith
Great ideas are a dime a dozen. However, one good idea that gets acted on can be worth millions! The origin of this quote was difficult to track but its still incredible relevant today. We’ve all had that bout with fleeting genius, like the brainstorm that hits you while you’re in the shower or taking a long trip on an empty highway. What causes this phenomenon? And why can’t we conjure it up when we really need a great idea for the boss or the business?
Rarely is an idea new. In fact, the vast majority of ‘new’ ideas have already been thought of by someone else. Ideas are simply thoughts stored in your subconscious mind that under the right circumstances, get mixed with personal experiences and come to the surface of your brain during certain dormant periods. Oftentimes, it’s impossible to figure out how you even came up with them. And sometimes, the fact that you did can be down-right scary!
Ok, so you weren’t the first to think up this money-maker. But wait, how many times do these ideas get action? For that matter, how many truly great ideas are remembered long enough to convey to someone else? Random thoughts and ideas happen so frequently in the course of a day that most of us never consider doing anything about them. Sure, its fun to chat with a co-worker and ruminate about making millions but once the coffee is gone, it’s back to work.
Most great ideas are not new and an extremely small portion ever gets serious attention. It only takes one really creative idea to completely change your life or your business. The key is ‘Action’. That’s why there are companies that do nothing but solicit individuals for ideas and inventions hoping to snag a winner and take it to market.
So what should you do if you get a thunderbolt to the back of the head? Whether you’re searching for a new business opportunity or you’re looking for that perfect idea to expand your current operation, here are few tips to separate the truly innovative ideas from the ones of ‘bad-dream’ origin.
1.Write it down- Get as much of the details on paper as possible. Later when the inspirational fog clears, you’ll need those details to piece together the concept. This action also serves to qualify the idea in case a second review confirms the idea was not true genius.
2.Is it being done by someone else? - While the majority of good ideas never see the light of day, some do get put into practice. Do some investigation to find out who may already be doing it. The internet and local periodicals are good references for this.
3.If your idea is already taken, innovate- In the world of consumer products, most new products are not new but twists on an existing idea. Focusing on improving what’s already in play is not only a smart business move, but you can gauge its viability from the existing market.
4.Get the advice of a subject matter expert- If the idea you have is out of your experience league, find someone who specializes in that area and get their input.
5.Test your idea thoroughly- Find a way to measure the results in a small, controlled market. You can assemble a customer focus group or run it by a trustworthy networking group. Depending on the idea, sampling at an appropriate venue could provide useful information. Any feedback you get before investing large sums of money will be well worth it.
6.If everything checks out, run with it- while nothing in life is guaranteed, success isn’t realized unless you’re willing to take some risk. Depending on your entrepreneurial spirit, it maybe wise to develop a partnership or alliance to share the risk and ultimately any reward. Depending on the size and scope of your plan, seeking out legal advice is highly recommended.
Everyone has the ability to generate great ideas. Just be aware of when your flood typically shows up. Remember to keep a pen and paper or your PDA handy to capture the details when they arrive. Only the folks with the passion and desire for success will take them forward and make them a reality. So what will you do with your next great idea?
Rarely is an idea new. In fact, the vast majority of ‘new’ ideas have already been thought of by someone else. Ideas are simply thoughts stored in your subconscious mind that under the right circumstances, get mixed with personal experiences and come to the surface of your brain during certain dormant periods. Oftentimes, it’s impossible to figure out how you even came up with them. And sometimes, the fact that you did can be down-right scary!
Ok, so you weren’t the first to think up this money-maker. But wait, how many times do these ideas get action? For that matter, how many truly great ideas are remembered long enough to convey to someone else? Random thoughts and ideas happen so frequently in the course of a day that most of us never consider doing anything about them. Sure, its fun to chat with a co-worker and ruminate about making millions but once the coffee is gone, it’s back to work.
Most great ideas are not new and an extremely small portion ever gets serious attention. It only takes one really creative idea to completely change your life or your business. The key is ‘Action’. That’s why there are companies that do nothing but solicit individuals for ideas and inventions hoping to snag a winner and take it to market.
So what should you do if you get a thunderbolt to the back of the head? Whether you’re searching for a new business opportunity or you’re looking for that perfect idea to expand your current operation, here are few tips to separate the truly innovative ideas from the ones of ‘bad-dream’ origin.
1.Write it down- Get as much of the details on paper as possible. Later when the inspirational fog clears, you’ll need those details to piece together the concept. This action also serves to qualify the idea in case a second review confirms the idea was not true genius.
2.Is it being done by someone else? - While the majority of good ideas never see the light of day, some do get put into practice. Do some investigation to find out who may already be doing it. The internet and local periodicals are good references for this.
3.If your idea is already taken, innovate- In the world of consumer products, most new products are not new but twists on an existing idea. Focusing on improving what’s already in play is not only a smart business move, but you can gauge its viability from the existing market.
4.Get the advice of a subject matter expert- If the idea you have is out of your experience league, find someone who specializes in that area and get their input.
5.Test your idea thoroughly- Find a way to measure the results in a small, controlled market. You can assemble a customer focus group or run it by a trustworthy networking group. Depending on the idea, sampling at an appropriate venue could provide useful information. Any feedback you get before investing large sums of money will be well worth it.
6.If everything checks out, run with it- while nothing in life is guaranteed, success isn’t realized unless you’re willing to take some risk. Depending on your entrepreneurial spirit, it maybe wise to develop a partnership or alliance to share the risk and ultimately any reward. Depending on the size and scope of your plan, seeking out legal advice is highly recommended.
Everyone has the ability to generate great ideas. Just be aware of when your flood typically shows up. Remember to keep a pen and paper or your PDA handy to capture the details when they arrive. Only the folks with the passion and desire for success will take them forward and make them a reality. So what will you do with your next great idea?
Steve Smith is the OneCoach Business Partner for Saddleback Valley-CA, where he now coaches and mentors small-business owners and entrepreneurs, helping them get the answers they need to grow the businesses they want.
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