The Origin Of The Idea

How does something go from being a thought to a good business or better still, an international, multi million [insert currency] value business?

Several factors inevitably come to play, but the most accessible side of everything is the start. How did the initial idea come about? In this blog post, I aim to break down some sources of good business ideas and shed some light on how anyone can come up with something special.
My selected categories are as follows.

1. Personal Need
a. Example - Netflix
b. The General Gist - Many a person have in their day to day lives realised there has been a lack of products/ services which cater to particular needs they may have. This thought is then followed by a brief or detailed search of the landscape and the void is either confirmed, or found to be catered to ineffectively. The entrepreneur then proceeds to provide the product/ service as needed. This route has one key distinct advantage, in that the honest, genuine need allows for a real, and natural understanding which can give valuable insight. On the flipside, the product or service may not always be needed (thus it’s lack of existence) or the demand may not be sufficient to prove financially viable.
c. In Application - Pay attention to your life and adapt your view. See things from the commercial side view – Tasty Snack : Food Retail, Flight to Maldives : Commercial Transportation, Haircut :Hair/ Beauty Service. Go through your day to day, with sharp focus observing the component elements of work, play, travel, love life, entertainment etc. If you have an idea, act on it!

2. Search For Demand
a. Example – Mccam Nestcam
b. The General Gist - In this case one explicitly “explores” existing and potential markets in a search for demand, with the aim of supplying a product or service to the selected market. This route has the added advantage of “filling” as opposed to “creating” demand. The former option is an easier stroll in the park. It may be advisable to look in markets which one has been a part of or understands to a certain degree. Note also that with the advancement of the internet, a small niche market can be highly profitable. As search engines allow users to seek and find the most specific of products/services; coupled with the low cost advertising opportunities provided by the same platforms (Google Adwords for instance), your supply meets demand and everyone is happy.
c. In Application - As there are infinite markets in existence, one key factor includes narrowing these down to a select few using some preselected criteria. This could be markets you have a genuine passion for or an understand to a certain degree. It can also just be a market you have great access to. Keep it simple, don’t go looking on Mars. Find your market, select your product, test it and if the results are good, go for it!

3. It Can Be Better
a. Example – Bannatyne Health Clubs and Spas
b. The General Gist - This classic group simply entails an analysis of a product/service, which produces the result “This can better...”. Quoting Duncan Bannatyne on the subject “...you don’t have to be the first to do something, so long as you can do it better”; This model has particular attractions in that you have a great sample template, which gives you a relative “head start”. The wheel works fine, don’t reinvent it. You will also know why you can do better (which was where you got the idea from in the first place), even before you decide to take this to a business level, which can automatically translate to a competitive advantage. There is also the classic move of posing as a potential customer to garner more information about the company.
c. The Application – Research before action. Make sure you really can do it better, and obviously have a route to market (copy the competition). As long as this is something you can really see yourself doing, there’s no need not to go for it.

4. Doers, Reapers
a. Example – Facebook
b. The General Gist - They say everyone will have a good business idea in their lifetimes. The difference is that entrepreneurs do something about it. More likely than not, you have participated in a conversation with someone pertaining some business idea. It is also very likely that you finished that conversation, on a high note, but that idea is currently gathering dust on the shelves of someone’s mind. Now, Picasso put it well – Good artists copy, Great artists steal. If they aren’t going to do it, by all means, help yourself! If guilt or other such emotional sentiments linger in your heart, bring the idea originators in on it, but only if they will add value to operations. The fact you “feel bad” is insufficient premise to have them mess things up. Legal documents - the likes of non-disclosure agreements, are particularly advised in this case for all parties interests. Of course, the lone cowboy option is always available. Bottomline - better stolen than wasted.
c. The Application – Make sure you get the right protection for your venture, as this can creep up on you when the entity has substantial value. Also, ensure it really is a good idea.

5. Inventions
a. Example – Viagra
b. The General Gist – Only the truly gifted need apply! Well, not really these days. In this class, we have the many failed ideas, but also the likes of those who create something (almost) absolutely novel and often very very special. These have the likes of technological, science or art elements embedded in their basic structure. In most cases, you will know if you have it in you or not. Other people that fall in this category include musicians and artists. There is also the entrepreneur who takes 2 (or 3 or 4) things, already in existence and puts them together (in whole or part) to create something “new”. The originality of these type of products/services often serves as a fantastic competitive advantage (for a while anyways).
c. In Application -It often takes great personal and mental strength to create something novel, as one needs to overcome varying obstacles to get to completion. As your opinion givers often do not have something tangible to go on, it is very likely that you will receive substantial amounts of negative feedback. Test marketing also doesn’t always produce substantial results as illustrated in the book, Blink, and unsatisfactory results may hold back a fantastic idea. Also, the product/ service can often get overwhelming so much so, that one loses clear focus of the commercial side which is as important as product development. The bottom line remains – you owe it to the world to try!


6. The "Accident"
a. Example – The Praire Tumbleweed Farm
b. The General Gist - I truly believe there is little to no technique decipherable from this method. The only thing I can say, is that in being productive and/or trying to better one’s self, good things happen!
c. In Application - Be productive. It makes good things happen. If you aren’t even on the bench, you aint gonna play ball!


Generally, a few things apply broadly to all the above
1. The numbers must add up – make sure your idea has potential positivity. No half hearted unrealistic financial plans here, so it properly.
2. The wheel is still fine – don’t reinvent the wheel, when you don’t need to. Use what exists and works. Copy or Steal!
3. Have a route to market – the best product/service is useless if it cant get to the market.
4. Test before you invest – try out your market before you throw funds and time into your product/service.
5. Without action, there is nothing – ideas are useless without action! Make like Nike and Just Do it! One of four things is the destiny of every idea. Take your pick!
a. I’m rich!,
b. I gave it my best and it just didn’t work,
c. I did it but not properly,
d. What if...
6. Self serve – Want to talk about developing a solid plan for an idea you have had? www.dfstudios.biz.

I hope this inspires some good ideas!