Trouble finding innovative business ideas?
Posted on June 28, 2008
Most often people are afraid starting a new business because they can’t find that unique idea that would make their business great. They think that if they don’t come up with an innovative idea, they are unable to make money and their business will fail.
I remember having these thought myself 3 years ago when I founded my company. It seemed that everybody was doing the same and that meant a new business couldn’t stand a chance.
Funny thing is that actually most business are completely non-innovative, and my advice is as well to start with something, even if it’s not unique. Starting with something is always better than not doing anything waiting for that great idea to happen.
I have 2 resources to support my thoughts. First would be Jessica Livingston’s book “Founders at work” (my review here). Jessica has collected an impressive set of stories and interviews how big boys (now) actually started their businesses - Hotmail, Bloglines, Gmail and all the rest. If you go through the book, you will get that most of the business that now worth millions started by something simple (i.e. a site done in college years) and some don’t even made money for quite a while. And most importantly, their founders never started thinking it’s going to be the next holly grail, and some failed few times before doing it right.
The second resource, is Angus Loten’s article called “The Accidental Millionaires“. “Some of the best business ideas happen almost by accident. From the inventors of the Slinky to the couple behind the software that powers much of the blogosphere, a look at entrepreneurs who took adversity and half-baked ideas and turned them into wildly successful companies.”
Here are some samples from Angus’s article:
- Richard and Betty James
Previous Life: Navy tool worker and homemaker
Big Break: Saw a spring coil fall off a table
Bottom Line: Called it a Slinky and sold 250 million of them - Josh Abramson and Ricky Van Veen
Previous Lives: College students
Big Break: Created a website to trade jokes while attending different colleges
Bottom line: The site now boasts more than 8 million unique visitors a month - Carole Nash
Previous Life: Laid-off receptionist
Lucky Break: Was given a small portfolio of insurance policies as a severance package
Bottom Line: Recently sold her insurance businesses for more than $100 million.
What about me? As probably any entrepreneur out there, I’m still looking for that great idea. But in the meanwhile I’ve founded a “regular business”. And this greatly improves my chances to find that innovative business idea.
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- Entrepreneur interviews
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2 Responses to “Trouble finding innovative business ideas?”
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In response to Trouble Findind Innovative Idea, first i would appreciate the underlying motivation that the article effuses to would-be entreprenuers, however, at the same time it should not be taken “caution thrown in the air” and just jump into the business , read just any business , against sitting idle and prospecting for that “THE idea”. Certain things which i reckon are necessary before taking a plunge would be :
a)Even if it’s a non innovative business you plannin to enter into, try to find out whether the market for that business has already matured or even worse declining.
b)what would be the product life cycle? and how much scale is needed to be acheived within that life cycle to made the business profitable
c) and most importantly the support infrastructure in place.
Among other factors, these combine to give a much needed confidence regarding your business idea ,be it innovative or non-innovative.
Wish you all , good luck towards your start-up endeavor.
A Future Entreprenuer
Absolutely! The article itself is not a call to jump head ahead in any business. Like everything in life, a new business means new risks, it should be done through planning, determination and getting knowledge about it any way you can.