How to Find the Perfect Business Product Idea

Bookmark and Share
If you're like most of us wanting to start a business, you're probably waiting for the greatest business product idea. Then once you gain some traction on that idea, you're taking months -- even years -- to plan how you're going to execute. There are three problems with this: (1) the perfect business idea is not what you may think it is (2) planning rarely works, and (3) it won't help you find your great business idea. Harvard Business School Professor Amar Bhide noticed in his study of Inc. 500 entrepreneurs that they favored quick, targeted execution over business plans. Those entrepreneurs started with copycat ideas, then focused on customers where Fortune 500s weren't targeting:
Get operational quickly. Bootstrappers don't mind starting with a copycat idea targeted to a small market. Often that approach works well. Imitation saves the costs of market research, and the start-up entering a small market is unlikely to face competition from large, established companies.
Once your business is profitable with positive cashflow, you'll see great business product ideas presenting itself:
Once [your startup is] in the flow of business, opportunities often turn up that they would not have seen had [you] waited for the big idea.
The moral: Stop searching for the perfect business product idea. Instead, sell something quickly. Those great product ideas will soon come knocking on your door.

If you enjoyed How to Find the Perfect Business Product Idea, get a complimentary subscription to our freshest articles through email or through your feed reader.

Posted on March 18

WTH is Trizle?

Trizle helps you rock ___ with your business.

Subscribe

Get a complimentary subscription to our freshest articles through email or through your feed reader.

Don't Miss Out!

Subscribe to Trizle through email or through your feed reader.