Entrepreneurship : How to get that Big Idea

Over cups of coffee in crowded cafes, many of us dissect the successes of entrepreneurs across the world. Their stories of wealth-creation and growth inspire us. Their stories help us draft our dreams. Surely, we'd be as successful, we think, only if we had their idea. Only if we could make the iPod, think Amazon (online book-selling) or write search algorithms. Our big-ticket to fortune and fame is limited by the absence of merely one thing - The Big Idea.

So, in order to help myself and many like me, I thought of writing this note - On Idea Generation.

I have been able to identify five ways to get to that Big Idea :-

1. Imagine the Future - To slip into the uncertain future with much conviction is a source of many ideas. How will products look five years from now, the nature and need of services in the next decade. And the evolving technologies that will shape the future. "Imagination is more important than knowledge", said Einstein. An entrepreneur will agree. Without doubt.

2. Address Pain Points - Two ways to address them :-

a) Observe your own life from a distance. Notice how certain instances create much annoyance. Going through the day starting from the quality of the alarm until the time you rest your head on the pillow at night - each day is filled with the opportunity to create great value for customers. 

b) Observe, overhear, listen with eyes, watch intently - the Big Idea, as one of our professors advised, can be found at the Railway station, on airports and in public places with much chaos. Here, people congregate, discuss their lives, and unknowingly gift entrepreneurs that one little seed, that one seemingly simple, obvious idea.

3. Read - Magazines like Entrepreneur, DARE and other such. Personally, I have found very good advice here on other aspects of entrepreneurship but innovative ideas are usually not the kinds that would be gifted in black and white ink for the world.  

4. Attend Events, Conferences etc. - Startup Saturday, Barcamp, Tedx and other such idea-sharing events in and around your city will allow you the opportunity to get exposed to hundreds of new ideas. Who knows, you might just find your eureka moment at one of these places. Try it. In either case, you will return well-networked.

5. Become a Copy-cat Entrepreneur - No shame this. Makemytrip.com, Flipkart.com based on Amazon and other such success stories are a by-product of taking a successful idea from the West and tailoring it for the domestic consumer (India in this case). Infact, I see the world as a wonderful bank of ideas - some successful, some not. If you can identify customer needs and map it against one of these ideas - an unprecedented success awaits you.

Certainly, there are more ways to generate business ideas. Please do share if you know of any other techniques. I am convinced that an idea must be pursued, like most things we seek in life. 

Also,

The Big Idea is certainly not your ticket to wealth creation. Infact, I have seen many, including myself, spend much time waiting for that breakthrough idea. We wish that it fall in our laps. Alas, no such thing happens. Most successful entrepreneurs I have read of, struggled with mundane businesses and prototypes until they landed upon that fine idea. Pursuing the idea is important. But equally important is the phenomenal execution of any idea. Invariably, the latter is what leads to success. 

On execution, I will write later. 

Until then,

Happy Idea Hunting