How to Get the Idea for Your New Business
You're itching to launch your own business and you're the kind of high-energy, indefatigable person born to be an entrepreneur. But there's one stumbling block: You need an idea. How to come up with a winning concept for a startup? These pointers should help:
--Start with what you know-and love. Most successful entrepreneurs launch businesses in areas they're not only familiar with, but enjoy. That means either considering something connected to your field of expertise or a hobby you're passionate about. Take Melinda Olson. A registered nurse, Olson often made herbal remedies for pregnant friends. They were such a hit that, eight years ago, she decided to start a business called Earth Mama Angel Baby, to sell organic products for pregnant women and babies. One suggestion: To get yourself started, make a list of ten things you like to do.
--Look out for everyday problems. Think about situations you face regularly and products or services that could help. Case in point: SpeedDate. The one-year-old San Matea-, Calif.-based startup is an on-line dating site that, as the name suggests, combines speed dating with the ability to interact live with potential partners. Its founders got the idea when they became frustrated by the lengthy process of reviewing profiles on existing dating sites-and often finding that, once they met their choices in person, they didn't click. "Live interactions are very important to understanding whether you have chemistry with another person," says co-founder Dan Abelon. Remember: Keep a notepad with you wherever you go, so you can jot down ideas when they occur to you.
--Forget about changing the world. Your idea doesn't actually need to be new. Instead, look for an existing business concept that can be improved. "You don't have to invent a rocket ship to the moon," says Fred Kiesner, chair of the Center for Entrepreneurship at Loyola Marymount University in Los Angeles. For example, John Schnatter, founder of Louisville, Ky-based Papa John's Pizza, didn't come up with the idea of fast-food pizza. But, he did envision selling pizza with fresh ingredients-and, with that twist, built the company into a $1.06 billion giant.
--Seek out experiences hat help you think outside the box. That means making a point of putting yourself in situations that inspire creativity. For example, try to take a few days off and go somewhere completely different, so you can step back from your usual routine.
--Consider franchising. If you find you just can't come up with an idea you're satisfied with, but you still have the entrepreneurial bug, one interim step is to buy a franchise. That way, you can have the experience of running your own show, but with an already-proven idea.
For more information, try these Web sites:
National Federation of Independent Businesses
About the Author: Anne Field is an award-winning small-business writer based in Pelham, NY
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