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7 Tips to generate a Great Business Idea

7 Tips to generate a Great Business Idea

Business Idea

Are you interested to become an entrepreneur ? If yes, you don’t need to look farther than the Bay Area for some motivation. Risk taking startups have become billion dollar businesses in a span of 5 to 6 years. And that’s no mean feat.

You can also do something big. All you need is a really great business idea; not just a good idea will do, but a great one. Something that actually solves a problem, makes our lives easier. It needs your guts,proper planning besides some of the tips as discussed below.

There’s no cheat-book to generate a great idea… however, there are a few things you should focus on. Here’s the list:

1. If you don’t find a solution then you’re part of the Problem
Because every problem brings with it, a solution. You just need to find it,nothing is impossible.

2. Think through, where you can improve
We human beings are more likely to be sluggish. Sometimes we don’t think twice before spending our money & efforts, which could have made our lives easier. There’s always scope for improvement here.

3. Evolving Needs
Don’t punish yourself if you didn’t find a really new idea. Things can be bettered. Remember, Gmail was not the first email service provider.

4. Cost Cutting Measures
New ideas on cost cutting are always welcome, in today’s money obsessed world. It’s important to know where can we save, rather fill our wallet.

5. Be a good listener
This is probably the most important of them all. You got to pick ideas from wherever possible. A lot of great business ideas have come over a round of beer. Party gossips may contribute to innovative ideas too.

6. Fulfill a Wish list
Maslow’s pyramid says that human needs are unlimited. Single out any one of those needs and assess if your product/services serves the purpose.

7. Be an Explorer
Read books, travel when you can, talk to successful people & you’ll surely get a lot of information; more than you’ll ever know from your desk.

Remember, your ideas will always look good to you, your family & friends. It’s not wise to get carried away. Usability and acceptance in the mass are what makes an idea great.

Besides these you may willing to know the difference between a Proof-of-concept (POC) & a Minimum-viable-Product (MVP) to evaluate the potential of a business idea.

I’d appreciate if you can share your thoughts here…

Jayadev Das
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