Analyze and evaluate the following:

  1. The Idea—How Do You Get It?
  • Dealing with problems – yours or others
  • "Talk it into being"
  • Brainstorm with friends
  • Mentors can help!
  • Ask others if they heard of any good ideas
  • From your travels
  • Be enthusiastic and positive
  • The engineering and other universities, schools (BYU, WordPerfect, Novell, Dynix)
  • Remember, a great idea does not guarantee success
  1. How the founders of the Inc. 500 got their ideas: (Source: Carl Vesper's book—Chapter by Jeff Timmons)
  • While working in the same industry – 43%
  • Hobby or advocation – 16%
  • Saw somebody else do it – 15%
  • Saw an unfilled niche – 11%
  • Did a systematic search – 7%
  • Don't know – 5%
  1. The Difference Between an Idea and a Business Opportunity:

 

Additional resources: SBA.gov: Finding a Niche
  SBA.gov: Product Basics
  • Propriety position
    • What is the hill your competition will have to climb?
    • Market position, copyright, patient, strategic relationship, etc.
  • Expanding market – Why is that important?
    • Easier to sell new customers than take from competition
    • More likely to survive
  • High margins
  • Can it be implemented on a "bootstrapping" basis?
  • "If it is a good idea, it is too late" (e.g. Fred Smith – Federal Express)
  • One you can be committed to, believe in
  • One with a big potential but can be broken down into bite-size pieces
  • One that does not have a high customer education cost—does not require changing habits of the customer
  • One that can exceed the competition's offering
  • One that can be targeted and reached
  • Is the window open? Leonardo de Vinci — Great ideas, airships, submarines
    •