Throughout the years I have come up with many great ideas which seemed feasible and profitable. So how was I able to generate so many ideas, that I filled journals with them? And how can you do it too?.
It all started in 2001, when I was running my first company, Globaxe Enterprise, trading in Laptops, mobile phones and car parts, with the Indian market. In order to increase my business, I would always be on the lookout for more products or services I could provide and as such I would always take note of any company that I came across. Whether it was from an advertisement, some business show on CNBC or in any blogpost I read.
This is how I did it and how you can do it too:
Journals, journals, journals; trick is to keep writing.
Back then, I would always take note of the company’s name and its website. Then through some research and daydreaming, I would make some notes.
Simple notes like:
Why I Like It (product/service)?
Who would buy such a product?
How Much Will it Cost?
How Do they Reach their market?
By breaking down these details, it helped me understand many a company better. This in turn would give me more ideas on how to develop a product or to market it.
I also started perceiving things differently. Now I would look at the problem/opportunity and I would analyse my feelings(Why I like such a product?) to see as a consumer, why I would like it.
Many a time I could not get the exact information, especially on the exact resources needed or the cost, but I would be able to do an estimate and from there I could see if it would be feasible and viable for me to go into such a business.
So over the years, this practice helped me to hone my skills in identifying good opportunities and by piecing together ideas from different businesses, I am able to start putting pieces of the puzzle together, adapting an idea from one business and applying it to another.
Even if you feel that you may not be able to run the business, this exercise will give you a lot of knowledge and practice in identifying opportunities and doing research to put resources together to get your own company started.
Whenever you see a new company or an idea in passing, take note of it, and do some research. See how that company is run and imagine how you would run it. Then take some steps to practice putting all the resources together to see if it works.
Look out tomorrow for our breakdown on the SleepBox.com