Five ways to generate business ideas
What’s the best way to come up with business ideas?
The honest answer is there’s is no “best” way.
However, we wanted to give it a go, so below is a list of 5 helpful ways to think of different concepts and also to identify which ‘category’ your idea best fits into.
1. Solve an everyday pain point
Carefully observe the world around you. Try and identify the things people are struggling with. How could you solve their pain?
Real-world example: Uber making it less painful to book and wait for taxis.
2. Ride the ‘It’s hot right now’ wave
What is popular right now? What are people wanting more of? Satisfy them.
Real-world example: The ‘fidget spinner’ craze. Remember that? Some canny entrepreneurs made millions from riding this popular wave.
3. Take it to the extreme
Think of an idea. Now imagine what it might be like to take it to the extreme. There is always a passionate and loyal audience waiting on the fringes.
Real-world example: Harley-Davidson motorcycles. Took the concept of a motorbike and made it as rebellious as possible. Did you know that even the exhaust note is artificially engineered to be loud and obnoxious to give that distinctive ‘Harley’ sound?
4. Build on the core
Take a look at the most common products or services. Work out their ‘core’ and then make them the best or the most fun version. Double-down on what works my friend!
Real-world example: Google and online search. There were many search engines before them but they were the first one to make the best one. The rest is history.
5. Cool hunting
Which cool or novel ideas are working in other countries? Can you bring them to your own country?
Real-world example: the idea for TOMs shoes came from the founder’s travels in South America where he spotted the popular but affordable espadrille and adapted it for the US market. Red Bull was from the founders trips to Thailand, there are many of these examples.
If you want more tips on coming up with great business ideas have a look at our Storytelling or Creativity For Business courses co-created with Cannes Lions.
