Thursday, 6 December 2007

Creating a Business Idea

So you want to generate financial abundance for yourself and those around you. You plan to do this by going down the entrepreneurial route. There's only one problem - you don't have a business idea.

This is quite a big problem. How can you go out and get rich if you don't have an idea. If you don't have an idea, then you can't make a plan. If you can't make a plan then you can't act. If you can't act then you can't produce any results.

So what is the solution to this problem?

An idea.

All progress stops when you don't have an idea and everything can begin when you have an idea. There is no getting round this.

This means you need to employ every conceivable strategy possible to come up with your idea.

So what is it like to experience an idea? How do you know when you have really stumbled upon a great business idea?

Before you know if you have a great idea you have to be familiar with the industry. You might have a great idea, but someone out there may have already started working on it. Alternatively your idea may not be profitable at all.

So how do we overcome this problem?

If you have an industry which you prefer, then it might be a good idea to start studying that industry. Begin asking yourself questions like "what is missing from this industry?", "what would I really enjoy contributing to this industry?".

Once you start studying an industry you will likely begin finding things that are missing from that industry. You will probably begin to see places you can add value, or areas in which there are companies who have no competition and therefore produce poor products or services. These all represent opportunities.

Another great way of generating ideas is getting out of your current environment and experiencing loads of new things. For example, go travelling, go visit some friends far away, go away to some cottage out in the country somewhere for a week, etc. This will help you get a fresh perspective on how your idea is coming along.

Some important things to note...

Do not use your lack of an idea as an excuse for not generating value. Whatever it is you are doing at the moment to generate value, it is probably worth continuing to do so, unless it compromises you ability to generate your new idea.

Also, do not allow the fact that your "working on idea" to reduce your productivity. Just because you do not have an idea is no excuse for sleeping in until midday and then watching TV until 5 in the evening before you start doing anything. You have to make your actions congruent with that of producing a great idea. You also have to look after yourself in a way that when your idea comes along you are ready to give it 100%.

I've thrown a lot of information out here, so I'll summarise my key points below
-If you want to make a big contribution or increase your wealth substantially you need an idea
-Become aware of what it will feel like when you have this idea. You may already have a good idea, but not realise it
-Explore an industry you like and find out what you might be able to add to this industry
-Get out of your current environment to get a new perspective on your situation
-Get some new experiences under your belt
-Keep generating value for people until you have your idea, unless doing so compromises you generating an idea
-Get your lifestyle to a position where you will be ready to implement your idea the second you think of it