Generating Business Ideas

Generating business ideas seems hard, but that isn’t always true.  Don’t try to re-invent the wheel, but think small – an improvement or modification of existing products or services.  Facebook was a better version of MySpace and Friendster, for instance.  Google was an improvement to Alta Vista, Lycos, and Yahoo search.

GI Joe was a boy version of Barbie.  The inventor, Stanley Weston, a Hasbro executive put a plastic soldier figure with a gun and called it “an action figure.”

How does one generate business ideas?

  1. Via work experiences (insider information)
  2. Hobbies that you like (expertise)
  3. Collect complaints and think of a solution
  4. Take an inventory of your skills and knowledge
  5. Note things that you need to make life better

These graphs are from Peter Baskerville, an entrepreneur I found on Quora.com.

generating business ideas

Here are some checklists with examples of ideas generated both for products (top) and services (bottom).

generating business ideas

Generating Business Ideas

After figuring out the next iPhone or Pet Rock, test the idea on friends if well-received, create a prototype.  Put the prototype on Facebook or Pinterest and get comments or criticisms.