4 tips to creating our million dollar business idea

A business axiomatically starts with an idea. The idea eventually goes through concept, product, marketing, operational, managerial and financial developments and eventually becomes a thriving and flourishing business. Businesses have proven to be a means for individuals to step out of the rat race and live in financial independence. Idea generation is the continuous systematic search for new product opportunities.
Like all journeys, starting a business begins with the first step which is idea generation. Albeit a little creativity helps, getting a business idea isn’t meant for the superhuman or cryptonians, instead it’s a skill that anyone can master. Here are four strategies for generating ideas: dimensional analysis, problem analysis, benefit structure analysis, and scenario analysis. These are explained in detail below:
Dimensional Analysis:
List of the physical characteristics of a product type. Having obtained such a list creativity will be triggered by asking questions such as: “why is the product this way?” “How can the product be changed?” or “what could happen if one or more of the characteristics were removed?”
This could be an interesting way to get things moving, for example you could put down all the product features of a smartphones, like cameras, processor speed, battery durability, operating system, charging system to name a few. Now you can let your creativity loose.
Problem Analysis:
It’s a need designed to develop an inventory of consumer problems in a particular product category to serve as a basis for new product or service ideas.
This method has blessed the world with some of its most innovative ideas. Most people can’t remember that you had to turn your phone backwards in order to take a selfie. These photos often had little precision because the person taking the photo wasn’t seeing what he or she was doing. To solve this problem the front camera was added to the smartphone and selfies could be taken with relative ease and precision.
Benefit structure analysis:
Determines what specific benefits and characteristics are desired by consumers within a particular category (segment) and identifies perceived deficiencies in what is currently provided.
This looks like the kind of thinking that existed in the creating of the Nokia Lumia, which is a mainstream phone with a really great camera. Reason being the most important benefit derived by most people (especially in the developing countries) from their smartphones is the camera. But before in order to get a smartphone with a good camera you had to buy an expensive iPhone or Samsung which came with a lot of features that didn’t really matter to the user. So why don’t we take away all the other features that make a phone expensive and focus on giving them an affordable smartphone with an amazing camera, would’ve been the thinking. So once you’ve identified the most important benefits capitalize on it.
Scenario analysis:
Identifies opportunities by capitalizing on projected future environments and associated consumer needs. Scenarios are opportunities that come very often. They are an easy way for the sharp minded to thrive in business.
A really good example of a scenario is often seen when things come into fashion. When you identify a slowly or rapidly growing trend you need to act fast to secure the market. For example when phone cases with rabbit ears came into fashion. Those who were first to jump on this trend made a lot of profits. The phone cases weren’t particularly lifesaving and didn’t provide any “benefit” to the user however girls really liked them and after seeing it with trend setters on social media the followers did what they do best and that’s to follow.
I hope this post was enriching, if you succeed to come with any ideas, feel free to contact us so we can help through business development. If you find any difficulties with your business and would like some strategic advice don’t hesitate to contact us as well at d.enowbisong@yahoo.com
Exercise: write down (in the comment box) everything that annoys as you throughout your day and let’s see how we can change those to business ideas. Remember “everything is impossible till someone finally does it“

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