If you’re in business, or are thinking about running a business, chances are that you have lots of ideas that could transform your fortunes. But how do you know if they’re ‘good’ ideas, Ideas that will bring new revenue streams and profits? Fortunately, there has been research undertaken that can help you narrow down your options, and determine which of your ideas are the ‘winning ones’. Start by considering the following…
- Does your idea provide a solution to a specific problem?
- Does your idea provide further improvement or development of an existing product or service?
- Does your idea fill a gap in an existing product or service?
- Does your idea fill a gap in the marketplace?
- Does your idea provide a product or service at a lower cost than existing alternatives?
- Does your idea provide a product or service that addresses a need that is not currently being met?
- Do you listen and act upon to your hunches?
If you are actively involved in generating new ideas for your business make a start by trying this. Set a timer for 25 minutes. Create one idea for each of the categories above and see if you can generate some good business ideas that could transform your business. You can do it!