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

idea

In the previous blog, we summarized ways to create a winning business idea. In this blog, we will overview several ways that author and entrepreneur Alan Hall explains can help you take your idea further through the process of successful idea generation.

Test the idea
Good ideas can become so by utilizing the scientific method, a process that begins with an observation of a situation; perhaps a problem or opportunity. The observer then asks what is happening and why. This leads to gathering of information followed by a thoughtful prediction. The process continues with an experiment to test the prediction, followed by the collection, analysis and interpretation of data. The process concludes with a tested and viable solution.

Timing of ideas
Some innovative ideas will meet the needs of customers today while some others are futuristic. Think about some of your everyday office equipment—a collection of must-have utilities that were imagined 30 years ago, some of which have only come to the market recently.

Good idea?
An idea is just that—an idea—until it is commercialized and there are paying customers. Not all ideas will be successful, but the trick is to eliminate the bad ones quickly; to eliminate wasted time, energy and money. In the end, remarkable ideas lead to compelling products purchased by vast markets of enthusiastic buyers. The goal of any dreamer is to determine what idea will ultimately be the best choice among several options.

To conclude, the following are some general steps to help with generating new and unique ideas and concepts:

  • Know your ideas, find them and name them
  • Be observant of your environment—there are problems and opportunities
  • Based on your knowledge, imagine solutions to what you find—this is how ideas are born
  • Be zealous and passionate about your idea
  • Test your idea—will it work and will consumers want to buy it?

For the full article, please visit: http://www.forbes.com/sites/alanhall/2012/07/10/how-to-create-a-world-class-business-idea-in-six-easy-steps/

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

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This entry was posted in bootstrapping, business, entrepreneurship, innovation, Leadership, marketing, new ventures, opportunities, Risks, skills, small business, start-up ventures, technology, women in business and tagged , , , , , , , , , , , , . Bookmark the permalink.

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