12 Ways to Generate Great Ideas and Run a Successful Business

By | July 9, 07

How to generate great ideas for your business

If you have been reading my blog, it will not be new to you to know that every major business success is born out of a great idea. Ideas are golden, and are the starting point of wealth creation anywhere in the world.

This article focuses on answering the inevitable question that forms on the lips of anyone who desires to live beyond the ordinary and create great businesses and wealth for themselves and impart humanity positively: “How do I generate great Ideas to build a successful business?

Here are 12 solid ways to get those great ideas:

1) From being faced with difficult situation

Naturally, we don’t want to experience unpleasant or difficult conditions; we always strive for the good, sweet and enjoyable life. That’s fine, however, we shouldn’t also see difficulties with a negative mindset, but as opportunity to generate ideas to fix it.

If you look dip enough you would see that the primary source of great ideas come from challenges faced. The greater the challenge or difficulty, the greater the idea you would come up with.

Nike, a multibillion dollar company today would never have been created if Philip Knight had not encountered the frustration and pain that resulted from wearing American made running shoes as track athlete. It is doubtful if he could ever have considered going to Japan to import cheap, but good running shoes into the American market if the superior brands from Germany were affordable to the average athlete like himself.

2) From discussion with friends

People generally possess different knowledge, experience, contacts and exposures. Befriending and sharing your thought with the right people who you know possess the above qualities relevant to the subject you need ideas on can generate great ideas for you. Isaac Newton once said, “I can see farther because I lean on the shoulders of giants.”

3) From foreign media

Here, we have the opportunity of seeing what people in our line of business in foreign lands are doing, their creativity, innovations and success. We can easily pick up great ideas to implement in our different countries.

4) From local media

Yes, you can also generate great ideas to create a new business or grow an existing one astronomically from your local news media.

Since the news media, which comprise of television, radio and the newspaper, are primarily avenues to express the feelings of the society, people’s fears and troubles, it therefore provides you the opportunity to pick up great ideas for a business.

Each day, these media never fail to emphasis the several problems people are having in the different sectors of the society as well as reveal the thinking and aspirations of the citizenry. So, if you keep your ears close enough to the ground, you can have a bag full of great ideas.

5) From a mindset of doing it better or cheaper

No doubt, if you maintain a mindset that believes there should be a way of improving on a product or service or doing something better or cheaper, you will be amazed to find you would soon be in possession of the idea to do it.

This is the kind of mindset that drove King Gillette to the discovery of an entirely new kind of razor with a disposable blade, after, in frustration, he noticed in the summer of 1895 that the edge of his straight razor had dulled.

Today, the Gillette Company is a multibillion dollar business with its products sold in more than 200 countries worldwide.

6) From technological changes

Changes in technology can totally turn around the way industries operate and cause different kinds of needs and desires to emanate. To meet these needs, ideas for new businesses are made available.

Take the Internet revolution for instance. Millions of new and different kinds of businesses have been created on the Internet and thousands are still being created daily.

7) Government policy

When government makes a policy or reads its budget, you could see the sectors of the economy where attention is being drawn. And that means more money will be flowing into those sectors. This can provide you a great idea for a profitable business.

8) Sleeping on it

Great ideas can come to you in your dreams. Yes, many multibillion ideas have been received in dreams. When you sleep over a thought, you allow the mind to relax and process the information you have fed it, and it gets back to you in your dreams with the great idea you are in need of

9) Taking a holiday

Taking a holiday to a foreign land is another way of conceiving a great idea. Your mind is not only relax, going on a holiday also gives you the opportunity to see how things are done differently from what you are used to. From this, you could pick up one or two ideas to use at home.

10) On the Internet

For the fact that tens of millions of people all over the world use the Internet dialing, by visiting websites, forums, etc., on the Internet, you may begin to see opportunities for certain products or services you can offer for great profit.

11) Observing other business sectors

You can also generate great ideas for your business from observing the trends, and the strategies of operators in` other sectors.

12) Reading about successful businesses

Reading books, magazines, contents of websites, etc., containing profiles and histories of successful companies can throw up great ideas that have been proven to give excellent results, and which you can use for your business perhaps with some adjustments.


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