In the world of business, having an innovative idea is key to success. But where does one begin when tackling the challenge of coming up with something new? This blog post will be a guide for startups and small businesses looking for advice on generating ideas for their consumer business. We will look at common strategies used to come up with an idea, as well as provide examples of successful companies that have emerged from a founder’s idea or interaction with potential customers/users.
Five Most Common Strategies to Come Up with an Idea
The first step in kickstarting and scaling your consumer business is coming up with an original idea. Here are five of the most common strategies used to generate great concepts:
1. Pay Attention to One’s Own Problems and Solve Them – A great way to come up with a new product or service is by paying attention to your own problems and trying to find solutions. Many successful businesses have been created this way, such as Apple (which was founded by Steve Jobs after he realized there was no easy way to copy music onto his computer).
2. Follow Curiosity and Tinker – If you are passionate about a certain area, then following your curiosity can lead you towards new ideas. For example, if you are interested in robotics, then tinkering around and experimenting can lead you towards developing something unique that could potentially be sold in the marketplace.
3. Double Down on What is Already Working – If there is a certain product or service that has been successful in the past, then consider doubling down on it and building on top of what’s already working. For instance, if you had success selling products online through an e-commerce store, consider ways to make it better or expand it into other areas such as subscription services or physical stores.
4. Work Backward from Paradigm Shifts – Technology is constantly changing and evolving which leads to paradigm shifts in different industries or markets. As someone who wants to start a business, take time out to analyze these changes so that you can identify potential opportunities before they become obvious to everyone else (e.g., Airbnb identified the opportunity created by people wanting more affordable accommodations than hotels).
5. Brainstorming With Friends While Taking Note of Four Points Above – Discussing ideas with friends can help generate unique concepts and perspectives that may not have been explored otherwise (for example, Slack was born out of a conversation between two friends about how they could make work communication easier). You should also keep the four points above in mind while brainstorming so that you don’t miss any opportunities!
Examples of Successful Companies That Emerged Out Of Founder Ideas/Interaction With Potential Customers/Users
1) Dropbox – Drew Houston created Dropbox after realizing how difficult it was sharing large files over email
2) Etsy – Rob Kalin came up with Etsy when he noticed there were no good websites for buying handmade items
3) Cameo – Steven Galanis saw the potential for celebrities offering personalized messages via video
4) Airbnb – Brian Chesky identified unoccupied space in cities as a great opportunity for short-term rentals
5) Apple – Steve Jobs developed Apple after noticing there wasn’t an easy way to copy music onto computers
6) Substack – Hamish McKenzie launched Substack after realizing journalists were struggling financially
7) Uber – Garrett Camp founded Uber as a way for people get around town without having to drive
8) Hipcamp – Alyssa Ravasio identified unused camping grounds as perfect spots for people who wanted nature experiences
9) Snapchat – Evan Spiegel noticed users were frustrated because photos posted online were permanent
10) GOAT – Eddy Lu saw the need for sneaker resellers
11) WhatsApp– Jan Koum developed WhatsApp when he realized how hard it was staying connected while traveling abroad
12 ) Warby Parker — Neil Blumenthal thought eyeglasses needed an upgrade 13 ) Calm — Michael Acton Smith believed meditation should be accessible 14 ) Other Examples (Coda, Expa, Classpass etc.) — Founders found gaps in existing markets which they filled using their respective products/services 15 ) Lessons Learned From These Companies — Showed importance of identifying pain points among potential customers/users while staying open minded when brainstorming ideas
Summary & Key Takeaways By utilizing these strategies outlined above—paying attention to one’s own problems; following curiosity; double downing on what already works; working back from paradigm shifts; brainstorming with friends—you can easily come up with creative ideas for jumpstarting your consumer business! The key takeaway here is that coming up with an innovative concept isn’t impossible if you pay attention and stay open minded about possible solutions! There are countless examples out there of entrepreneurs who recognized unseen gaps in existing markets which led them towards success (such as those discussed above), so don’t be afraid to think outside the box! Good luck!