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?
- Via work experiences (insider information)
- Hobbies that you like (expertise)
- Collect complaints and think of a solution
- Take an inventory of your skills and knowledge
- Note things that you need to make life better
These graphs are from Peter Baskerville, an entrepreneur I found on Quora.com.
Here are some checklists with examples of ideas generated both for products (top) and services (bottom).