As a beginner in the business world, it’s important to consider how to generate innovative ideas and take action in the field. Many successful entrepreneurs find inspiration for their business ventures through various means. They often seek ways to increase their company’s valuation and secure substantial funding. Furthermore, they constantly ponder the challenges they face and strive to develop groundbreaking business concepts to overcome them.
5 Tips for Killer Business Ideas –
1. Network
Remember to engage in proactive networking to discover exceptional business ideas. When we talk about networking, we’re not referring to multilevel marketing. Instead, we mean:
Attending industry events and conferences to meet potential collaborators and investors.
Utilizing social media platforms to connect with like-minded professionals and industry leaders.
Rather than spending time on casual social media platforms like Facebook and Instagram, focus on utilizing LinkedIn to establish connections with professionals and industry leaders for mutual benefit. Don’t hesitate to reach out to CEOs, directors, and founders of various companies.
By networking with influential individuals such as CEOs and directors, you’ll gain access to valuable business insights and advice. Additionally, you’ll be able to tap into their extensive networks, which can lead to uncovering innovative business opportunities. Building strong connections within your industry is a key factor in achieving success.
2. Weekend Internship
Weekend internships can be a valuable opportunity for professionals to engage with startups and contribute to their growth. For instance, let’s consider the experience of Mr. X, who was in Silicon Valley three years ago, where major companies such as Google, Facebook, and YouTube were established. At that time, Intel and the University of Berkeley ran a startup accelerator program and selected only 14 companies to participate, including Mr. X’s startup.
Now, if Mr. X is currently working at a senior level in a large company, he might choose to dedicate his weekends (Saturday and Sunday) to his startup without any financial compensation. This decision is driven by several factors, such as the innovative work being done by startups, their potential to create groundbreaking products or services, and the increasing valuation of such ventures.
The Silicon Valley tradition of senior executives spending their weekends with startups highlights the value of this approach for business owners, entrepreneurs, and students. By devoting time to startups on weekends, one can gain insights into upcoming innovations, experience new workplace cultures, and even explore potential investment opportunities. Ultimately, this engagement can lead to significant financial gains as the value of the startup increases, presenting a lucrative opportunity for investors.
3. AB Testing
When you’re uncertain whether your business idea will succeed or fail, AB testing can provide valuable insights. AB testing involves comparing two different versions of something to determine which one performs better. For example, let’s say you’re planning to launch a new product called “Multani Mitti.” You create two versions of the product: one packaged in a basic bottle with a price tag of INR100, and another packaged in a fancy bottle with a golden covering and priced at INR400. By observing which version sells more and generates higher revenue, you can make an informed decision about which product to move forward with.
AB testing can be applied to various scenarios, such as testing different versions of a mobile app before investing in its development or gathering feedback from potential readers to choose the best title for a book. By seeking input from customers or participants, you can gain confidence in your ideas and make data-driven decisions.
4. MVP(Minimum Viable Product)
The concept of the Minimum Viable Product (MVP) revolves around creating a high-quality product that effectively addresses the most pressing issues for customers while incorporating only the essential features. For instance, consider the standard TV remote with its multitude of buttons – it’s unlikely that anyone uses all of them. On the other hand, the Amazon Fire TV Stick comes with a remote that has just 5 buttons, exemplifying the distinction between a regular product and an MVP.
The true value of an MVP lies in its ability to deliver a more meaningful experience to customers compared to products loaded with unnecessary features that add no real value. Embracing the philosophy of “Fail Fast, Fail Cheaply,” companies are encouraged to swiftly release an MVP into the market. This approach minimizes financial investment, meaning that if the product doesn’t perform as expected, only a fraction of the resources have been lost. Moreover, the feedback gathered from customers can be leveraged to enhance the product, ensuring that time and money are not wasted but rather channeled into refining and improving the offering.
Ultimately, the emphasis is on creating products like the Amazon Fire TV Stick – intuitive and accessible to a wide range of users, including older individuals and children, rather than overcomplicated remotes with superfluous features.
5. Read More
Make sure to read biographies, books, and autobiographies to gain insights into future trends. This will allow you to stay informed about developments in various industries and understand the perspectives of their founders. For decoding industry trends and upcoming startups, you can utilize the tracxn.com platform, which provides access to numerous research reports and valuable information.
Assess Your Killer Business ideas Using Business Models Canvas
Assessing your business ideas using the Business Model Canvas can be a powerful way to evaluate and refine your concepts. The canvas consists of eight key sections that prompt you to consider essential aspects of your business idea, such as your value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key activities, and cost structure.
By systematically filling out the canvas for each of your business ideas and applying the five frameworks recommended, you can increase the likelihood of identifying a standout, high-potential concept from a pool of 5-10 ideas. This approach serves as a structured method to filter and refine your ideas, ultimately leading to the identification of a single, strong business concept that is primed for success.
If you are an established business owner, it’s worth considering how you can leverage the Business Model Canvas to assess your existing operations and potentially uncover new opportunities. Encourage your senior employees to utilize the canvas to document their current initiatives, what they are working on, and how their efforts align with the overall business strategy.
As your senior management engages in this self-assessment process, it can help focus their time and energy on the most promising ideas, preventing resources from being spread thin across numerous projects. This targeted approach can lead to a clearer, more impactful strategic direction for your organization.