Idea Factory
- brandonyeh24
- Oct 1, 2024
- 4 min read
Updated: Dec 2, 2024
Every successful business venture starts with a top-notch idea. Yet, it’s easier said than done to think of that million-dollar business model. This is the struggle many hopeful creators face - coming up with a concept that seems original and profitable. Hustle Crew, in this blog post, you will get some help on ways to get that perfect idea.
While inspiration sometimes hits out of the blue, most ideas for startup businesses don’t appear in some sort of wondrous way. You can generate ideas and find people or companies to go after with some concentrated effort and focused brainstorming.
Some of the best business ideas are those that entrepreneurs come up with after experiencing a real-life issue. We hear the cliche phrase necessity is the mother of invention all the time. Well, more often than not, it’s actually true - creativity stems from pain points and issues that need solving. Reflect on the pain points and struggles you have to endure every day. What is a product, event, or service you would like to have that does not exist? Chances are, there are other people out there struggling with the same thing.
Ask yourself:
Where do I repeatedly have problems or things that bother me?
What problems could I pay someone to solve?
What monotonous tasks take up a paralyzing amount of time?
What uncomfortable inefficiencies am I running into in my personal or professional life?
You can also draw on your current job and work experiences for potential ideas. Think about the pain points you notice in your industry. What changes could create a more seamless process or enhance a customer’s experience? The same goes with hobbies, side projects, or any other passions you might have - how could something as simple as a different training method affect an entire field?
DoorDash was brought to life in 2013, after a group of Stanford graduates received complaints from a local macaroon store about the difficulty of delivery services. Sometimes, all it takes is one sweet cookie!
In addition to drawing from personal experiences, it’s always great to conduct research to better understand new trends, innovations and opportunities in your desired industry.
A few questions to ask yourself include:
Which consumer segments have unmet needs in this space?
What possible new technologies or resources could be put to use in addressing this domain?
What combination of market forces, economic circumstances or demographic forces are creating this disruption in the industry?
Where does this industry feel stuck with inefficiencies awaiting a startup to disrupt it?
What are some goods or services where they seem overpriced, inconvenient, or obsolete compared to alternatives?
As you answer these questions, it’s often a good idea to think like a neutral, third party observer. Sometimes it takes an outsider’s perspective to notice the opportunities for improvement that industry veterans have been overlooking. If you’re unsure about an idea, have a friend (or two) consider its viability.
Look beyond marketplace trends to consumer motivations with the “jobs to be done” framework. What basic human needs and desires are people in this industry actually looking to meet? For example, when someone buys a drill, chances are they’re probably just interested in making holes and not the actual drill itself. Maybe there’s a more efficient way to create these little holes. Even better, understanding the social, functional and emotional “jobs” that customers are hiring to be done uncovers novel ways in which you could serve them.
The cordless drill was brought to life when Makita’s executives discovered people still needed to use power tools even when an outlet wasn’t readily within reach. Picture can be found here.
Of course, most creative ideas don’t follow popular patterns. After all, the best business ideas usually aren’t just recycled versions of old models. Freeing your mind from all preconceptions allows you to entertain possibilities that one would otherwise never consider with a more narrow lens. Here are a couple more things to consider:
Question assumptions. Question the “truths” as to how things are done in this part of the world. Reimagine basic processes from scratch.
Combine disparate concepts. Mashup ideas together from completely different industries - this is where hybrid models tend to flourish.
Embrace constraints instead of seeing them at setbacks. Very resourceful solutions are likely to be even more prevalent when there is a limitation at play, such as a low budget. Decide what you can bring into being.
Zoom way in, or way out. Take on problems and situations from a multitude of perspectives. Look at micro and macro views and for more adept details - these can sometimes reveal broad trends or new opportunities
The road to discovering creative and profitable business opportunities is never really a straight one. In reality, it is arguably one of the windiest ones. However, if you look at concepts and ideas from all directions — using your experiences, identified pain points, and creativity, you can keep the ideas coming and the brain juices flowing. And remember - it only takes one sweet idea to change a market.
That’s all for this blog post, Hustle Crew - stay tuned for the next entry, featuring an interview from a local Northern California business owner!
About the Author
Brandon Yeh is an entrepreneur and student who currently resides in the Bay Area. In addition to working on his latest business ventures, he enjoys playing golf competitively and is an avid Bay Area sports fan.
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