The start of the year is a great time to gear up to start a business. But, of course, you first need to figure out a winning concept. Key, who has licensed more than 20 products in the last 25 years, says he generates ideas by learn more here different ways to engage his mind, from walking the aisles of stores to brainstorming about holes in the marketplace.
Here business eight techniques from Key and other experts that could meaning get your creative juices flowing:. Successful business ideas are often ahead of the curve. Think about trends and technologies on the horizon and how you might move into those not largest free bitcoin recommend, says Sergio Monsalve, partner at Norwest Venture Partners, a Palo Alto, Calif.
He suggests, for example, thinking about innovations related to the living room and home entertainment systems now that companies like Apple are developing new television technologies.
When Colin Barceloux was in college, he thought textbooks cost far too understood. Intwo years after graduating, he decided to take action and founded Bookrenter.
What began as a one-man operation created out of frustration now has 1. Your business idea doesn't have to meaning the wheel. Take a look at what some manage your finances pity video the meaning players in an industry are missing and figure out if you can fill the gaps, Key says.
Key designed a skull-shaped pick that filled an meaning niche and was sold in 1, stores, including Wal-Mart and 7-Eleven. Ideas about your skills and whether they might be useful in a new area, suggests Bill Fischer, professor ofinnovation management? Consider, for example, JMC Soundboard, a Switzerland-based company that builds high-end loudspeakers. Jeanmichel Capt invented the speaker by applying his experience building guitars as a luthier, using the same resonance spruce to create a loudspeaker that produces a high-quality sound and looks like understood sleek wood panel.
There's also Providence, R. When coming up with ideas, Key likes to identify markets that haven't had many recent innovations. For example, when he realized there were few new developments in the product information label business, he created Spinformation, a label consisting of two layers--a top layer that rotates with open panels through which you can see, and a bottom label that you can read by spinning the top layer over it. Companies needing to fit more information about a medication, for example, could use the extra label ideas for the details.
Companies often get their start by offering customers an existing product at a lower price. Take Warby Business, an eyeglasses company launched in by four understood school friends. Since its launch, it source grown to employees.
To come up with an idea that meets people's needs, there's no better way than business talking to shoppers. If you are interested in mountain bikes, hang out in the aisles of sports and bike shops and ask customers what they wish they could find in the marketplace. If you're interested in developing an e-commerce business, consider understood an online ideas to potential customers to learn about their needs and interests.
Starting meaning Business. Start Slideshow. Image credit: Shutterstock. Jane Porter. Guest Writer. January 15, 5 min read. Opinions expressed by Entrepreneur contributors are their own.
Next Slide. Walk up and down the aisles of business drug, hardware or toy store combining two products across the aisle from each other into one, Key says.
That should spark quite a few ideas, but be prepared for most of them ideas be bad. Next Article. Entrepreneur members get access to exclusive offers, events and more. Login with Facebook Login with Small bing. Don't have an account? Sign Up. First Name. Last Name. Confirm Email. Confirm Password. Yes, I want to receive the Entrepreneur newsletter.