Tag: businessideas

How to Spot Business Ideas Worth Pursuing

How to Spot Business Ideas Worth Pursuing

Nothing propels a company more quickly than innovation, and nothing stifles it more quickly than a “that’s how we’ve always done it” attitude. News startup Axios is an excellent example of a company breaking barriers and thinking outside the box. The company is making a big bet that other companies will pay to learn how to write like Axios reporters.

The new communications platform, AxiosHQ, launched in February and enables companies to send Axios-style, just-the-facts internal newsletters. Its cost? At least $10,000 annually. It remains to be seen whether executives will be willing to invest that kind of money, but it’s a fascinating proposition.

Related: Why Your Marketing Team Should Be Journalists

What does it take for organizations to vet, approve and develop similarly innovative ideas? The answer is not simple, and it varies from company to company. Innovation efforts get plenty of lip service, but it’s much harder to perfect a process for selecting and implementing top ideas.

No magic wand for innovation

In the same way that data-driven decisions run many aspects of an organization, leaders need to use data to create a rubric for vetting innovative ideas. This enforces discipline and keeps everyone on the same page.

Without an evaluation process, innovation programs become short-sighted and may fall out of alignment with long-term organizational goals. Having an organized process also removes emotion from decision-making to keep project focus and dollar spend as data-driven as possible.

For innovation to succeed, leaders also have to be aligned around critical factors. This forms a living rubric that can be adapted throughout the organization as business needs shift and evolve. Generally, some sort of innovation leader — a chief innovation officer, a chief strategy officer or a business unit leader — will lead this team to ensure the process runs smoothly and stays on track.

When we developed our rubric at Coplex, we struggled to find a technical solution that was flexible enough while still enabling us to manage our ideas. We ended up building one ourselves. We now use this tool to drive the underlying engine of our entire idea management process, and it works because effective innovation strategy always starts at the top. Bring your entire leadership team together from the beginning of the process to discuss priorities and foster conversations about ideas, outlining your concrete vision along the way.

Related: Did Someone Reject Your Idea? Because of Coronavirus, They Might Reconsider

Here are three ways to evaluate your innovation ideas and create a framework to make them a strategic reality:

1. Create an innovation blueprint

Before you begin to gather ideas from your team, you have to first come up with a blueprint — such as Google’s Eight Pillars of Innovation — that defines the initiative’s overall structure. This helps put up guardrails around the problem spaces the organization is willing to play in and, more importantly, which problem spaces are off-limits.

An innovation blueprint consists of three distinct components: statement, antithesis and thesis. Your statement defines your company’s ambitions and outlines why you believe in what you’re doing, why now is the best time to do it and what makes you the best candidate for the job.

From here, develop an antithesis that defines the problems, business models and core technologies you don’t intend to address. Why? It removes distractions and keeps the focus on priorities. Finally, create a thesis that gives you a clear lens into how you’ll invest in problem spaces, business models and technologies to create the change you want to see.

2. Define innovation themes

Once you’ve developed a solid blueprint, it’s time to identify the themes of problem spaces you intend to solve. This step will define the categories in which your innovation ideas should fall while clearly outlining how your solutions could come into play.

Think of this as similar to how the National Association of Engineers (NAE) outlines the many challenges left to overcome in its field. In its report on the grand challenges of engineering, NAE defines themes (e.g., joy, sustainability, health and security) as areas ripe for innovation and abundant with opportunity.

The core reason for taking this approach? It allows you to consider potential ways to innovate beyond what the organization had imagined before — and to set goals with those parameters in mind.

Related: What Sustainable Innovation Might Look Like in 2021

3. Map measurement criteria back to a rubric

Once you’ve defined your innovation themes, it’s time to develop the criteria you’ll use to measure your success. Global design firm IDEO made it a goal to quantify innovation by looking at its clients’ internal team dynamics as well as other companies focused on innovation.

The firm identified six areas key to innovation and then sent its survey, coined “Creative Difference,” to larger organizations to understand how team members were performing when it came to innovation. Once the survey was complete, IDEO sent results with tangible innovation metrics and recommendations on how to follow and meet them moving forward.

As you define how you measure innovation and create your unique rubric, keep in mind that you aren’t limited to traditional metrics. Feel comfortable being creative and innovative as you decide on those! It’s possible to measure everything from societal impact and economic value to organizational scale and new market discovery.

The process of pursuing innovative ideas requires much more than a quick brainstorming session or selecting an appealing idea from a list. By creating an underlying philosophy and structure governing the prioritization of ideas that flow through an organization, you can retain control over your innovation program’s outcomes instead of leaving anything to chance.

Business ideas that solve problems are fundamental to developing the world and companies such as Curemark are one of many who do this. Curemark is a biotech company founded by Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Curemark to solve this problem. Curemark has now raised $50 million and is on its way to solving a problem that truly exists.

Profitability is a business’s ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. Profitable ideas need a strong revenue stream against its costs and this tends to create the success of the business, however, some companies defy this and make losses to begin with, yet are still exceptional business ideas that are worth billions.

Brenda Schmidt

By: Brenda Schmidt / Entrepreneur Leadership Network Contributor

 

Source: How to Spot Business Ideas Worth Pursuing

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References

Newcomer, Eric (30 June 2015). “Uber bonds term sheet reveals $470 million in operating losses”. bloomberg.com. Retrieved 29 October 2015.

Want Influence? Use Intelligent Curiosity

One of the most beneficial skills entrepreneurs can develop is how to apply intelligent curiosity to everyday situations. Even better is to develop situational awareness alongside the skill of intelligent curiosity. Situational awareness is commonly taught in law enforcement. It’s where you are consciously aware of what’s going on around you. It’s a 360-degree awareness of both threats and opportunities. An example of this strategy is to sit with your back to a wall or in a position where you can see everything and everyone around you.

With a high level of awareness, you are more prepared to recognize opportunities others will walk right past. However, “seeing” opportunities is not enough. Being curious enough to investigate those opportunities is where entrepreneurial success is often found. This is where the application of intelligent curiosity comes into play.

Intelligent curiosity is directed, focused, strategic, and intentional. It is not conventional curiosity where we find things to be “interesting.” It’s where we become deeply interested in not only what’s directly in front of us, but pay attention to the periphery — the edges around the focus of our desire that very likely impact or influence it. This is called edge learning, and intelligent curiosity is a key element of it.

Related: Curiosity Is the Key to Discovering Your Next Breakthrough Idea

As an example, an entrepreneur’s focus might be on the development of a single product or service. An edge learner widens their lens to see what other opportunities this product or service might create or what threats there may be against the development of the product or its need in the marketplace. This wide-angle lens creates situational awareness. Are there accessories that might make the product or service more useful such as protective cases for mobile phones? Are there other uses for the product that requires a different type of marketing? 

Proctor & Gamble launched Febreze as a spray that could remove bad smells such as cigarette smoke or pet odors from fabric. It bombed. People who live with bad smells every day aren’t often aware of them. Developers decided instead to add a perfume to the product and market it as a spray to be used after cleaning. Instead of an “odor eliminator,” it sold well as an “air freshener.”  

Those who develop and use intelligent curiosity are more successful entrepreneurs and they often become recognized as thought leaders. Having worked with and studied dozens of thought leaders in today’s marketplace, I’ve noted their high levels of intelligent curiosity. They’re always asking questions, seeking knowledge from everyone they encounter. No matter their industry or level of financial success, they’re always on the alert. They tune in to what I call their “frequency of greatness,” their ability to dial into the problems and solutions, and ask questions such as, “What caused that to happen?” “Why was that the best solution?” “Who or what was impacted by that situation and in what ways?” 

Legendary thought leaders like master sales trainer Tom Hopkins and business expert Sharon Lechter dispense volumes of wisdom to entrepreneurs worldwide, but when I first sat down with them, they wanted to know about my experiences and what I was focused on and why. They exercise intelligent curiosity in every encounter. Working with Tom taught me that he practices what he teaches, “When you’re speaking, you can only deliver what you already know. When you ask questions of others, you are learning — gaining new knowledge that allows you to better understand them and their needs.”

Implementing strategies of intelligent curiosity can help entrepreneurs more fully enjoy the roller coaster ride of business. It allows them to open their minds to new ideas, to pivot, transition and adapt as the marketplace requires. In fact, the edge learning skill of intelligent curiosity will lead them to celebrate the inevitable challenges or failures and capitalize on them. 

Rather than walking away from stumbling blocks, they’ll learn who put the blocks there and why. The knowledge gained from intelligent curiosity will help them to move the blocks out of the way, climb over them or, on some occasions, choose an entirely different path. 

As a former private investigator, intelligent curiosity was instrumental in my success. When I would get a case, I would work diligently to explore multiple avenues to get the answers I needed. I’d allow myself to fall down the occasional rabbit hole in doing so. Being open to many different possibilities helped me to uncover the truth. My law-enforcement background taught me to tune in to valuable information through my eyes and ears. I discovered more through listening and through what is known as kinesthetic sense — how our muscles and organs of our bodies react. Heightening awareness allows us to quickly understand much about how others are feeling and how they might react to situations.

Intelligent curiosity is a learnable skill; it requires a commitment to the craft and ongoing practice. But do not mistake it for an add-on or luxury skill. It’s vital to your success in all areas of life. It provides the insights necessary for envisioning innovation. It will help you recognize when to put ideas across, when to act and when not to act.  

Related: Cultivating Curiosity Is What Drives Innovation

Intelligent curiosity goes against the grain of our own tendencies because of the depths it can take us to. Our innate curiosity desires quick answers and simple solutions. But that is not often what’s required of success. More often, success is not a product of doing what everyone else would do — success is mutant behavior. You cannot follow normal processes and become largely successful. Those processes may work for a short time, but without constant innovation, they will inevitably become outdated and fail or fade over time. Intelligent curiosity drives people to act and think creatively, be more attentive and thereby create new ways of knowing. Ultimately, the results of intelligent curiosity are the origin of success. 

By: Lisa Patrick Entrepreneur Leadership Network Writer

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How a Sketchbook Helped Me Capture a Million-Dollar Idea

Every entrepreneur has had some burst of creativity — the aha moment that set them on their path. But sustaining that creativity can often be the most challenging part of the process. We’re continuously bombarded with new information and demands that can cause good ideas to get lost in the rush of our everyday lives.

That’s why I carry a sketchbook everywhere I go. It’s the key ingredient in a super simple practice that helps me develop new products, brands, and business strategies. No matter what industry they are in, I recommend this to other entrepreneurs as a tool to fuel their own creativity — and the best part is that drawing skills are not required.

I’ve never considered myself an illustrator by any means. In fact, I started sketching in an environment most would consider nonartistic: I grew up in Vancouver, British Columbia, working at my dad’s plumbing manufacturing plant. For years I watched him sketch the sinks and toilets he wanted his teams to make. It taught me at a very early age how even the most basic illustrations can bring big ideas to life. Drawing validates the idea. It makes it more real. 

Related: 9 Ways to Rewire Your Brain for Creativity

Years later, I started dating a man named Sunny Chadha (whom I’d eventually marry). He sent me a bouquet for Valentine’s Day — but the flowers arrived damaged and sparked an idea on how the industry could be improved. I started out by sketching how florals could be arranged in elegant, durable containers. Soon after, Sunny and I formed a luxury floral company based on those sketches called Venus et Fleur, and it has thrived for five years. We recently launched our second company, a crystal energy infused candle and skin-care  brand, Chiji, which began life with drawings, too. 

Image Credit: Sketch by Seema Bansal

To continue innovating for both, whenever I have a thought about a new product or concept, no matter where I am, I do a quick drawing of it in my sketchbook and jot down a few words to remember why I created it in the first place. Once every quarter, I set aside a few hours to review them and everything I’ve done over the past few months. This is when the ideas are processed — and when new ones are born.

Related: 4 Ways to Unlock Your Inner Creativity

I prefer to be alone for this part. I kick everyone out of the house and find a place where I’m most relaxed, which is usually my bedroom. I meditate first and put on soothing music — mostly instrumental, because lyrics can be distracting. I’ll often use the Calm app and sometimes drink tea. None of this is required for your creative process, but I think it’s important to be in a serene space. 

Once I’m settled in, I look through my sketchbook for any potential winners and spend time tweaking them. I let myself envision all the new products I want to create. I draw in more detail, and sometimes I take out my computer to look up the history of a name or word. After a session, I show the sketches to my team, and it becomes a more collaborative process. 

So many of our products have come to fruition this way. I had an idea for an advent calendar that looks like a book. It’s actually a box with 12 hidden compartments; when you open each, there’s a different-colored rose in a lipstick-like container. On the sketch I wrote “12 lipstick minis” and “$299.” We’ve been selling this exact product for two years. I also typically draw all the products we’re planning to roll out for the next three or four months on the same page. It lets me see how they line up together, and if something feels out of place. 

Related: Why Creativity is Key For The Post-Crisis Rebuild

That’s not to say this always works. Once I drew a foldable tray table filled with flowers. I thought, This is going to be such a cool SKU! Who wouldn’t want a nightstand or a coffee table that has a full bed of roses covered by glass? We went through a year of product development and ordered multiple samples. After going back and forth with the engineer, it just wouldn’t ship properly. 

But my advice to other entrepreneurs? No idea is a bad idea — and whenever you feel stuck, all you need to do is go back to the drawing board.

Make smarter business decisions with Entrepreneur Insider. Members get actionable business ideas, best practices and advice from our network of experts, contributors and authors.

By: Seema Bansal / Magazine Contributor

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How the Average Person Can Actually Start An Online Business

A 2018 study from Bankrate revealed that only 39% of Americans could have enough savings for a $1,000 emergency fund and 44% couldn’t cover a $400 out-of-pocket emergency expense. 

Starting a business can be a difficult task regardless of your financial status, but the degree of difficulty climbs much higher the lower you are on the economic class scale.

Related: The Complete, 12-Step Guide to Starting a Business

If you happen to be an average person, with an average bank account, a normal job, a family to feed and bills eating up a large percentage of your earnings, then the deck is stacked against you. 

Why?

It takes money to make money. Online sales are all about eyeballs. How many people can get you to see and interact with your offers?

I tell my eBook students — “youcan write the best book in the history of the universe, but if no one ever sees it, you’ll never get a sale. On the other hand, you can publish the worst book ever published and with the right marketing techniques and finances to back it, you’ll get some initial sales, at least until you get a few bad reviews.”

If you start your own website, open a Shopify store, sell on Amazon, social media or any other online marketplace, you will be paying for those eyeballsthrough either advertising or fees. Sometimes both. The only potential exception would be those with a large and active social media following.

Long story short — if you are the average person without a legitimate budget, you’re kind of screwed. 

Learn from my mistakes 

Sometimes we all need a reality check. I wish someone would have sat me down and told me this when I was 23 years old because I wasted tens of thousands of dollars on failed online business over the years and it was money that I didn’t have. 

I’ve been the average guy with the average income, the average job and above-average bills. There was a point in my life that my monthly earnings were negative $1,000. I had to get a $20,000 personal loan to plus up my income to pay my bills for a year. 

Honestly, I don’t know what the bank was thinking by giving me that loan, but I’m glad they did because I had seriously considered filing for bankruptcy and if I’m being honest, I probably should have. 

This was one of the worst and most stressful time-periods of my life and if this article can save one person the heartache I went through, it’ll be worth it. 

Move over success 

A few years later, I was supporting US Special Forces as a military contractor in Syria. While I was sleeping in a tent, eating food out of a can and stealing WIFI from a neighboring country, I started an online jobs website for aviation professionals with security clearances interested in deploying to combat zones. 

Related: Need a Business Idea? Here Are 55.

The website itself did become profitable, but it was only a few hundred dollars of profit per month. While it wasn’t a massive win, there wasn’t much like it within the industry. 

The site’s uniqueness along with the targeted audience I was able to build via Facebook advertising piqued the interest of the right people which lead to a single dinner and ended with me consulting with a multimillion-dollar corporation. 

Since then, it’s been all downhill. Sometimes all we need is a single breakthrough. 

If I can do it from a tent in Syria, you can do it from your couch. It didn’t happen overnight though. Here is the process I had to go through to get to that point. 

Overcoming average people obstacles

The mistakes I made that put me in the worst financial position of my life are the same mistakes that many others make on a daily basis. 

If you are in a position where you don’t have expendable income but want to start an online business, read the following advice carefully…

Be realistic

  1. Realize that until you fix your own financial problems, starting a legitimate business will be out of the question. This was a tough realization for me, but I’ve learned that you can have the best business concept in the history of the universe, but if you can’t fund it and do it right, it’ll never succeed.  
  2. Sell everything you can possibly sell. Especially liabilities that have monthly payments. If it wasn’t nailed down, I sold it. I lost money on most everything, but it was worth it in the long run. 
  3. Consolidate debt and cancel all unnecessary subscriptions. This allowed me to lower my monthly obligations, decrease interest rates on certain debts and pay bigger chunks towards the debt. 

Focus on the money

  1. Search for a higher paying job. Often, we underestimate ourselves and what we are capable of accomplishing. Put yourself out there and see what’s available. What’s the worst a potential employer can say, no? This is actually how I ended up in Syria. I was able to more than double my salary by accepting a position that most people wouldn’t touch with a ten-foot pole. I even grew to love the job, but initially, I was simply making a personal sacrifice to achieve a long-term goal. As an entrepreneur, if you are not willing to make sacrifices, you are in the wrong line of work. 
  2. Use a skill, learn a skill or try something new. Stop worrying about starting a business and focus on actually earning money. I was able to earn an additional $1,500 a month by writing content for people’s blogs, creating social media content and writing small informational eBooks. Here is a solid hint. If you want to make money, be willing to do the grunt work. Do the things that people don’t like to do themselves. 

It wasn’t glamorous, but it accelerated my debt pay off. I was able to get most of my business by joining niche forums and Facebook groups. Here is a solid hint – niche forums and Facebook groups are two of the only places on the internet that you can get those eyeballs for free, but you have to be offering something they are actively seeking. 

I actually hadn’t ever done any of the services that I started offering, but with a little practice and learning from people on YouTube, I was able to surpass customers’ expectations.

Related: 5 Steps on How to Start a Business and Get It to Market Quickly

Starting a business and scaling

Once you are out of debt or close to it and have at least $2,000 to invest, it’s time to start your online business. 

Here’s the process I like to follow:

  1. Don’t think major corporations. Rather, start small and build. Use the new skills you learned to earn extra money during your debt payoff phase and start something you know can be profitable. We all have our dream business, but at this point, it’s more important to start something low risk and stable. Learn to be passionate about the process and business in general rather than a specific idea or concept. 
  2. Once you have a steady flow of business, figure out how to outsource using freelancers. Implement processes to take yourself out of the equation to the point that you are simply managing the businesses and dealing with customers. This will allow you to continue earning from the business, but it’ll free you up to work towards your next business. 
  3. Take the earnings from the first business and invest them into your next business concept. Ideally, you will only be investing the profits from business number one into business number two. This will allow you to continue to build your personal savings from your day job while still allowing you to invest in online businesses. 
  4. Rinse and repeat. 

Don’t rush the process. Enjoy the journey. 

Personally, I like to have three to five businesses running at any given time. Two or three of them will be low-end grunt work type businesses that fund my ideal businesses.

The grunt work businesses are profitable because everyone hates to do their own grunt work. It’s the reason people pay to have their houses cleaned and their lawns mowed. 

You can easily and successfully scale without having to invest money earned from your full-time job. This allows you to continue to save and grow financially while you are building something real.

Takeaways

Starting a business can be difficult and is a process that shouldn’t be rushed. 

In reality, it’s a fairly simple process if you are patient. 

  1. Fix yourself
  2. Focus on the money
  3. Start with something low risk
  4. Outsource
  5. Invest earnings into other business concepts
  6. Repeat

In my opinion, this is the one process that gives the average person the best chance of being able to start a successful online business. 

By: Austin Lawson – Entrepreneur Leadership Network Contributor / The Combat Entrepreneur

When Business Becomes a Global Force for Good

Entrepreneurs start businesses for a variety of reasons. Some want flexibility over their time, some want to make a life-changing sum of money, some want to be able to work from anywhere and some want to prove to their ex-boss that their idea was a good one. Some entrepreneurs start businesses to change the world for the better. 

From tragedy to positive impact

Zareen Ahmed’s driving force is about creating a legacy. Zareen founded an amazing business called Gift Wellness in 2013. The business offers a range of toiletries and sanitary products made with a total commitment to wellness, the environment and society. Every time a customer buys products, they help to fund a gift of sanitary products to women living in refugee camps. To date, Zareen’s company has given over 5.5 million sanitary kits to these women living in hardship.

Additionally, Zareen and her team are on a mission to eradicate plastic from bathrooms, and she Zareen has also founded the Halimah School of Excellence and the Halimah College in Pakistan which provides education for hundreds of vulnerable girls.

Related: 8 Kobe Quotes That Will Challenge Your Views on Competition, Leadership and Death

Doing all of this in under 10 years requires drive, passion and relentless innovation that can only come from someone who has a burning mission inside them. 

In 2007, Zareen was working as the CEO of a national charity in the UK. Her career was demanding but rewarding; she was frequently speaking to large audiences, commenting in the media and leading a team of over 100. It was in the midst of this that tragedy struck, her teenage daughter Halimah was murdered by a man with mental health issues who had become obsessed with her. 

Zareen was thrown into a pit of despair and pain that no mother should ever experience. In a bid to make sense of what had happened, Zareen committed that she would turn her daughter’s tragedy into a legacy of hope and inspiration. Zareen and her daughter had shared a passion for causes that could change the world work and had made a pact that one day the two of them would start a charity together. 

Zareen envisaged creating businesses and organizations that would do massive amounts of good in the world and would honor the commitment she and her daughter shared. Zareen launched a trust in her daughter’s name and began fundraising, those funds went into establishing a school and college for orphaned girls. 

Related: How This Female Founder Never Lost Herself When Starting a Successful Business

Zareen believes she is only just getting started. Her vision and mission have never been stronger and her commitment to work together with her daughter to create a positive legacy is helping millions of women globally. She’s connecting women and girls from the most upmarket bathrooms in Mayfair to the most difficult camps on the Syrian border. 

A brilliant entrepreneur whose only client is the planet 

In London there is a top 50 law firm with 200+ employees that you can not become a client of – this firm only has one client, planet Earth. 

Client Earth was started by James Thornton as a way to use the legal system to protect the environment. To date, the firm has mobilized tens of billions of dollars away from coal and into green technology, it has successfully sued the UK government three times over air pollution and won hundreds of cases against companies that harm the natural world. 

Thornton is a perfect example of the rebel and the misfit that Steve Job’s famously referenced when talking about who he was building computers for. Not content to follow in his father’s footsteps as a more conventional lawyer, he decided to blend his passion for the natural world with his family heritage in law. The result was a deep knowledge of the underpinnings of how the law is created and used focused on how it can protect the environment.

“Humanity sits on top of laws,” says Thornton. “If you change those laws, you change the way humanity runs.”

As an ordained Zen priest, he believes that entrepreneurs and change-makers can perform at their best when leveraging a mindfulness practice. “I’ve been involved in some insanely hard legal fights that last for years, involve billions of dollars and massive, negative outcomes if I fail; without a Zen practice, I wouldn’t be able to stay centered and focused.”

Related: 8 Books for Shifting Your Entrepreneurial Perspective

Entrepreneurship is a way of creating change. And these two inspiring entrepreneurs are showing exactly how business can be the engine for positive change for people and the environment we live in. 

By: Daniel Priestley Entrepreneur Leadership Network VIP CEO, Dent Global

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