Business ideas

How the global giants came up with their billion dollar business ideas (and how you can find yours)

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The origin stories of some of the world’s biggest companies are now almost folklore. But maybe the lesson of these giants is not “how to become the next Google”, but simply how to get started. think about ideas in a way that these mega-companies did when they started.

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So how do you come up with a great idea, and how do you know if it’s a winner?

If you’re sitting at your kitchen table scratching your head, then this article is for you. We’ll walk you through the idea generation process, and provide professional advice.

Let’s go. It’s time for ideas.

HOW TO COME WITH IDEAS

Let’s call it the generation of ideas. Like most things in business, if you break it down into a series of steps it suddenly becomes much more manageable. So here are four steps to get you started.

1. Absorb If you want to become a writer, the first thing to do is read a lot. If you are thinking of starting a business, you need to constantly collect information. Here is your starting list:

  • Read blogs Whether it’s big mainstream articles about the usual suspects (Elon Musk, Steve Jobs, Richard Branson, etc.) or more niche entrepreneurs which may not be household names, everyone’s journey can help drive yours.

  • Listen to podcasts Of How i built this on NPR, listening to Clubhouse talks by business leaders, hearing firsthand stories can not only inspire, but just could be the turning point in your generation of ideas.

  • Read books Yes, it takes longer, but if you do what Bill Gates does and set aside an hour a day, you can go through a lot of books in a year. What they offer compared to podcasts and blogs is unique: an afterthought digested version of an entrepreneurial story. Valuable information at all levels.

  • Watch industry new Whether it’s subscribing to industry-specific channels on YouTube or just streaming on Bloomberg TV, keeping up to date with your industry as well as your local business environment gives you a great insight into the current climate – the climate you are in. go in.

And while you’re doing all of that, take some notes. Lots of notes. Which brings us to point 2.

2. Explore Think of it all as your basic research. Now what are you going to do with it? Well, it’s time to make it work for you.

Start looking for links, ways to which ideas connect and generate new ideas. If a particular idea interests you, go down an alley, and explore it as much as possible, knowing that you can always go back to “base” if that turns out to be a dead end.

A quick way to check if you’re on the right track: Ask, “Does your offer solve a customer problem in a way that is not currently being addressed?” If the answer is yes, you are already on a good footing.

Related: Risk and Reward: How Smart Entrepreneurs in the UAE Put Their Money to Work (Even in Times of Crisis)

3. Share After awhile, you may feel like you are too trapped in your own head. Sharing your ideas with trusted friends and family members (with an emphasis on “trusted”), as well as with any mentor figure in your life, is a great way to take the ideas you have. started to develop from point 2 and really start testing them. .

You’ll get comments you don’t like and comments you like – the question, however, is what do you do with it? Head to point 4.

4. Narrow You did the rough research, you did ideas formulated from this research, and you’ve asked for other people’s opinions on your ideas. Now is the time to start narrowing it down to one or two key ideas, streamlining them, looking for the holes you need to fill. And finally, come out with an idea that you think is worth pursuing.

The result of this four-step process may be the emergence of a brilliant idea, or it may just take you back to point 1 and the drawing board.

It is important to know that there is no “failure” at this point, and no matter how much time you take, or how many cycles of thinking, writing, sharing, intrigue you take. you cross over, it’s all worth it if the end result is a great business idea.

GENERATION OF IDEAS: LESSONS FROM THE PROS

Now let’s take a look at how some of the giants in their industry started their journey and what you can use from their experience.

Google Starting out as a research paper, and initially named BackRub (due to its reliance on backlinks), it did something different: determine the relevance of a website by taking into consideration the number of pages (and their importance) that link to the original site. . Later renamed Google, it was an original variant of the search engine.

Hargreaves lansdown Excellent idea generation and innovation can be found even in the the oldest and most traditional industries. Hargreaves Lansdown, one of the UK’s most successful investment firms, started in a spare with £ 500 and a phone. So, whatever company you choose, starting small, with minimal costs, gives you the time and freedom to think outside the box.

Zoom Zoom solved a problem: Its founder was in a long-distance relationship, and this new technology meant he didn’t always have to take a day-long train ride to see his significant other. While Zoom has now grown into one of the world’s most recognizable brands, it continues to solve the same problem – for its millions of customers.

Red rabbit After struggling to find healthy food for their children at school, the initial idea was to start an online catering business that parents could order and have delivered to school. But the lesson here is the ability to pivot. Realizing that the basis for this idea was solid, but that something needed tweaking, the the founders have changed their model, and makes the schools themselves the end customer, rather than the parents.

THE TIME OF YOUR IDEAS

The first step in any process is to take action. So by just taking a notepad or reading a blog, you are already on your way. The question is: where will this take you?

Related: Riding the waves of business as an entrepreneur: the user guide


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