How to Create a Winning Business Idea – Part 1 of 2

business-plan-writerThere are two kinds of people in the business world—those whose minds are overflowing with a plethora of business ideas and others who, while brilliant individuals, they may have trouble coming up with new, viable ideas. Many people face this challenge in their lives—there is really no particular algorithm or formula to generate that one “great” idea. But there are ways to structure your thinking process to come up with that winning idea. Alan Hall, an entrepreneur and angel investor with a wealth of experience, shares a process for creating a world class idea in six steps. The following will cover the first three steps in the process of idea generation.

Infinite ideas
Ideas come in many different forms – simple or complex, big or small. Passion for a specific subject or movement can be the genesis for a great idea, perhaps event derived from a hobby. A new product could be the result of a tinkerer who sees an opportunity to transform an existing concept into a totally new one.
For entrepreneurs who may not have an idea, but who have the drive and passion to learn and create something, try investigating the technology transfer angle. Research universities have a wealth of ideas, some of which are awaiting the arrival of someone who can take products to market and license them from the university in order to commercialize the product as their own.

Because ideas are usually generated as a result of known facts, most successful business builders possess high level of knowledge acquired by study, instruction and/or experience. Ideas are formed by listening to customer needs and their perspectives on new concepts; from data gathered on products manufactured and sold; from marketing research summaries; and can be generated by observing established procedures.

Connecting the dots
Hall suggests that idea generation is an epiphany that results from a person’s ability to mentally connect the relationship between two or more different but unrelated facts. When connected, they create a clear view of something novel that has never been developed, seen or commercialized before.
Let us know the ways in which you brainstorm and generate new venture ideas. Do you tend to rely on your current knowledge base, or do you tend to have many new ideas that keep evolving over time?

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Thanks for reading, and until next time… stay WISE!

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