Entrepreneurs play many different roles, and one of these is the role of “one person think tank.” Nobody will hand you the next great business idea on a silver platter; it’s up to you to think of it yourself. But when inspiration refuses to strike, it can be hard to think of new ideas, and entrepreneurs can’t afford to sit and wait for inspiration anyway. Here are some ways to generate new business ideas as an entrepreneur.
How aware are you of the world around you? One way to generate new business ideas is to become more inquisitive and learn more about the world. Take the time to read the latest news not just in your industry but also in other sectors. Maybe there’s a new startup that’s doing well, and you can create some healthy competition for them. If you’re already successful in one industry, it may be time to step out of your comfort zone and start over in a new industry.
Be an artist
Another way to generate new ideas, especially if you want to create new products, is to think like an artist. Or, if you don’t have an artistic streak in you, hire artists to your team. Everyone knows the ideal is to create a product that hasn’t been invented yet, but that isn’t easy to do. The next best thing is to create a product that looks like it hasn’t been developed yet. After all, if given a choice between two otherwise equal value products, customers will pick the more aesthetically pleasing one.
Look at annoyances
Everyone has minor problems that bug them that they may not think about. Take the time to examine what your minor annoyances are and how you can solve the problem. Chances are you’re not the only one who’s annoyed by something, and you can create a product or service that solves these little things. For example, King C. Gillette was annoyed by the time-consuming process of sharpening his razor. His solution was to invent a disposable razor that could be used multiple times before throwing it away and replacing it with another. People laughed at his idea, but Gillette trusted his gut, and the rest is history.