How to generate lucrative business ideas

Every successful business starts with a unique idea which is developed and implemented by a determined team of people. However, if you hang your business’s success on one idea, this could result in serious limitations and put the future of your business in jeopardy.

Finding innovative ideas should not be challenging, especially if you are able to establish a vast pool of ideas where you can draw inspiration from. The reality is, ideas are quite random and there is no set formula to creating the perfect idea. Much like a popular work of art or a good piece of music, an idea is only as good as an individual’s perception of it.

The famous painter, Vincent Van Gogh, created hundreds of artistic masterpieces during his lifetime. However, the sad reality is that he only sold one painting while he was alive and appreciation for his art was only realised after his death. This is proof that to have a successful business you must take advantage of the ideas you are having today and turn them into existent opportunities before it is too late.

Every successful entrepreneur will tell you that their business was built on an idea or a variety of ideas. However, the only similarity in their success story would be the vast difference in the origination of these ideas.

“Apple doesn’t make four billion semiconductors. Apple is only its ideas – which is only its people.” – Steve Jobs

To effectively create a strong source of ideas, use all the resources at your disposal. When looking for a new idea to market a product or service, draw on the experience and knowledge of trusted staff members, colleagues and friends. Not only will this provide you with a fresh perspective on your business, it could also help you identify key individuals who could help you bring the original idea into reality.

Before you can start generating excellent business ideas, you should have an in-depth understanding of the market you intend to operate in and what you want to achieve in this market. To do this successfully, read market research papers, case studies and competitor movements.

“Research your idea. See if there's a demand. A lot of people have great ideas, but they don't know if there's a need for it. You also have to research your competition.” – Magic Johnson

Doing research this will give you a fair understanding of the state of the market and allow you to eliminate the failed efforts of others. Once you have the information required to make well balanced decisions, you are one step closer to mastering the art of generating a steady flow of good quality ideas. Creative thinking plays an important role in the idea generation process. However, to think creatively you need to inspire your mind by providing it with the knowledge required to make a decision.

Building a network of people that you can bounce ideas off or even source ideas from will definitely benefit your business prospects. If you decide to have a brainstorming session with trusted employees, share you research with them before the meeting so that they get an understanding of the knowledge required to generate new ideas.

During the brainstorming session try to encourage everyone to participate by maintaining strict control over the flow of ideas. People tend to speak over each other, eagerly trying to share their ideas. Encourage everyone to write down their ideas as and when they arise, especially if someone else is speaking. This will allow you to listen to each idea carefully and reduce any interruptions. Monitor the group closely, if they look tired or disinterested, take a break. Drained people generate worn-out ideas.

The old adage, there is no such thing as a bad idea, exists for a reason so discourage everyone from laughing or insulting the ideas emanating from the brainstorm. Limiting yourself to only having great ideas could result in the waning of your confidence levels but aiming to have many ideas will allow you to identify and pursue the best ones.

To identify the strongest ideas, ask your team to vote on five of the best ideas generated during the brainstorm. The idea with the most ‘yes’ answers to the following questions is usually the winner:

• Does this idea add value to the business?
• Would you wish that you thought of this first if you saw it elsewhere?
• Can we build on this idea?
• Will this challenge our competitors?
• Am I willing to invest time and money in this idea?

As with any creative process, practice makes perfect. To identify the strongest ideas, pay attention to the world around you. When having dinner at a restaurant try to find innovative ways to improve the service you receive. Of course, if you come across a lucrative business idea that you wish you thought of first, investigate it, find innovative ways to build on this idea and bring it to the market. 

This will get you into the habit of constantly thinking about new ways to improve your business.

It doesn’t matter where you get your ideas, write them all down in a reliable notebook and revisit them frequently with the aim of improving each one. This will help you separate the wheat from the chaff.  Many of the best ideas are often forgotten or replaced by less lucrative opportunities. Failure to record your ideas immediately could result in a missed opportunity which is left open for another entrepreneur to capitalise on. 

Just putting it out there...