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Idea generation

For many Entrepreneurs, writing a business plan is the first major step. This is critical for planning and evaluating the business model but how do we come up with ideas?

Look Around
It is far more difficult to generate idea’s in a vacuum. Trade shows, exhibitions, conferences, seminars and even holidays are all great ways to give you sparks that your brain can combine. Some ideas take time to form as the brain gathers, stores and correlates various pieces of information.

Objective Advice
While family & friends can be a great support, it is important to seek objective & honest advice. While family are trying to help, sometimes they tell you more of what they think you want to hear and less of the possible harsh realities.

You don’t have to create a ground breaking new products or services to be innovative. Innovation can be seen as disruptive (something completely new such as the first telephone) or incrementally continuous (Each phone after the first one). So look at products & services and see how you could offer something similar but better

Spot the Gaps
Some companies are too big or under-resourced to do everything in their chosen field. Imagine what product/services would help you in your world or personal life, if they don’t exist, that could be the start of your next big idea.

Talk to People
Many people say that there are no bad ideas but ideas that need to be tweaked. If you have an idea, discuss it with friends and people in the industry. You uncover flaws in your idea, gain new insights and develop extra parts of your original idea.

Post by Robert Farrell,

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