How to Find New Business Ideas in Everyday Life

 

The idea for Disneyland’s Magic Kingdom was born on a family vacation. Walt Disney was visiting Tivoli Gardens, one of Europe’s oldest amusement parks, when he realized he could create a bigger, better version in California. His method is not unusual: Great entrepreneurs find new business ideas by paying attention to opportunities in everyday life.
"The world around you is filled with ideas that can be useful," says Andy Boynton, co-author of The Idea Hunter (Jossey-Bass, 2011).
None of those ideas will come to you by thinking really hard in a vacuum. You have to get out in the world and practice behaviors that lead you to new ideas. "Innovation is not about how smart you are; it's about the hunt for ideas," Boynton says. "Behavior trumps IQ."
Related: 4 Ways to Organize New Ideas and Drive Innovation
By learning to think and act in ways that bring new opportunities to light, you can find a constant stream of business ideas in everyday life. Here are three tips to help you find inspiration in the world around you.
1. Keep a list of opportunities. "At any given time, there's a job that has to get done," Boynton says, meaning the world is full of problems that need to be solved. As you go about daily life, keep a running list of jobs that others have abandoned, ignored, or failed to address effectively. Each is a potential opportunity.
"Start with your own experience," Boynton says. Ask yourself, what bugs me? What could be easier? More fun? More convenient? Your own frustrations will guide you to real problems that can drive a new business idea.
Related: How Successful Leaders Balance Skepticism and Openness
2. Hunt for ideas in diverse places. New ideas require creativity, which thrives on novelty and diversity. You might find a great idea while you’re on vacation or unexpected inspiration in an experimental art exhibit. "If you open your eyes, the answer is there," Boynton says. "But your world has to be broad enough and diverse enough to feed you the ideas you need."
Your search needs to be intentional. "When effective idea hunters talk to people, they’re not just going through a social dance," Boynton says. They're looking to learn what others know or do -- mining the world around them for useful ideas.
3. Notice how others solve business problems. In any situation, you are surrounded by problems that someone has tried to solve. Each is an opportunity to learn. Start noticing how convenience stores organize inventory, how packaging catches your eye, or how Amazon encourages impulse buys. You might find a better way to solve the same problem or inspiration for solving a different problem.
"You really can borrow and reuse ideas, and reapply them," Boynton says. "If you develop a mental habit of [noticing others' solutions], it opens your eyes to what's out there."

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http://www.entrepreneur.com/blog/225348

Richard Branson's 5 Rules for Good Business

 

 During a recent radio interview on the BBC, the host asked me what advice I would give to young people who want to start their own businesses. In the 46 years since I launched Student magazine, the world has certainly changed. The uncertain economic outlook and the relentless pace of technological advances make replicating Virgin’s success much more challenging for today’s young entrepreneur.
At Student magazine, we expressed our opposition to the Vietnam War and the Cold War; these days, governments now face the more nebulous threat of terrorism and instability in the Middle East and Africa. Back then, American and European markets were generally stable; today, the economic power of Western nations is being challenged by the fast-growing economies of Brazil, Russia, India and China, and growth opportunities and new markets can be found around the world.
There is also marketers’ new ability to bypass traditional channels -- TV, radio and newspapers -- and build a strong following online for their companies via Twitter, Google+, Facebook and new applications such as Path and Klout. This means that most startups are able to launch with smaller marketing budgets, and that entrepreneurs can break into new markets fast. It also means that successful companies must defend their positions, because their products can go out of fashion just as quickly as they caught on.
But during the radio interview I found myself arguing that while the world may be changing quickly, the steps to building a good business have not. The five simple guidelines we followed when we started the magazine and then Virgin Music remain as valid and useful as they were in the late 1960s and early 1970s.
1. If you don’t enjoy it, don’t do it. You must love what you do.
2. Be innovative: Create something different that will stand out.
3. Your employees are your best asset. Happy employees make for happy customers.
4. Lead by listening: Get feedback from your staff and customers on a regular basis.
5. Be visible: Market the company and its offers by putting yourself or a senior person in front of the cameras.
Virgin Media founded its Pioneers program to promote aspiring business people and help them to network. One of our best known pioneers is Jamal Edwards, the founder of SB.TV, an online music and lifestyle channel, whose company and business model remind me of Virgin’s in our early days.
When Edwards started out, his company was just himself and his camera; he started posting videos of rap performances for his online followers. He was doing what he loved, and soon he developed a cult following for his passionate, innovative and authentic early videos of musical events.
Once he had established a brand and a following, Edwards and his team extended SB.TV’s reach into more areas, including music and lifestyle, merchandise, clothing and even a record label. Traditional brands like Puma and Nando’s (the fast-food chain) started calling, wanting to discuss deals and endorsements.
Edwards has also made his own luck by spotting talent. In 2010 a struggling singer-songwriter sent a video to SB.TV that was accepted and placed on the company’s YouTube channel. The views kept racking up, and eventually the rapper Example offered the unsigned young singer a chance to tour with him. This was none other than Ed Sheeran, whose career was effectively launched by SB.TV.
Edwards remains very busy and very visible, promoting SB.TV and himself wherever he can -- on his website, in partnership with Google Chrome and in the media, he tells the story of his company and their dreams and successes, getting the message out. And he knows that good business depends on backing your people and being a good listener. Despite his early successes, he remains down to earth, always willing to listen and constantly trying new ventures.
If you have the right idea and execute properly, your startup’s launch date does not matter. While the business environment has changed, the basic rules remain the same. Rather than getting nostalgic about how things used to be, embrace the new opportunities and challenges available to you now.
Read more stories about: Leadership, Richard Branson, Inspiration
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http://www.entrepreneur.com/article/223979
 

10 Secrets to Success

What is it that makes people successful and I mean really successful compared to you or me? Are they smarter or do they work harder? Are they risk takers or have powerful and influential friends?
The financial newspaper Investors Business Daily (IBD) asked these same questions a few years ago and started a multi-year search for the answer. They studied industry leaders, investors and entrepreneurs to understand the traits they all had in common that contributed to their success. Reproduced here is their list of 10 Secrets to Success along with my commentary on each no-so-secret, ‘secret’.
I decided to reproduce the list here and comment on each of the traits in hopes of motivating you and myself in the process. It’s time for me to take my own advice and start on the path to my dreams. I hope to motivate you, by using myself as an example.

I originally came across this list when I was staring at some papers on a refrigerator owned by someone who was very successful – both personally and financially. My family and I had just spent the night as a guest in a great house in the suburbs of Boston. We were living life large as we played pool in the rec room, drank wine from the wine cellar, and enjoyed a dip in the hot tub. The problem was, neither of the couples in the house owned the property or the life we were pretending to have. You see, my friends were house sitting for the original owner and they had invited us to stay for the weekend.
It wasn’t until the morning after our little ‘party’ that I noticed something taped to the refrigerator – something that impacts me each time I read it. It was the IBD 10 Secrets to Success. Once my head cleared, I quickly copied them down and read them over and over again. After our vacation I made copies and posted them in my home office and inside a journal I decided to keep.
The problem was, after a couple of months I forgot about the secrets and they fell by the wayside. And so did my actions towards my goals. At the time the articles 7 Ways to Grow the Action Habit or How To Motivate Yourself – Self Motivation didn’t exist and I lost my motivation. Well, I re-discovered the list and want to share it with you now. I hope you take these not-so-secret, secrets to heart and realize your dreams – whatever they may be.
1. How You Think is Everything.
Always be positive. Think Success, not Failure. Beware of a negative environment.
This trait has to be one of the most important in the entire list. Your belief that you can accomplish your goals has to be unwavering. The moment you say to yourself “I can’t…”, then you won’t. I was always given the advice “never say I can’t” and I’d like to strike those words from the dictionary.
I’ve found that from time-to-time my attitude waivers. A mentor of mine once said “it’s ok to visit pity city, but you can’t stay and there comes a time when you need to leave”. Positive things happen to positive people.
2. Decide upon Your True Dreams and Goals: Write down your specific goals and develop a plan to reach them.
Write down my dreams and goals? Develop a plan to reach them? You mean like a project plan? Yes, that’s exactly what this means. You may have heard the old adage: A New Years resolution that isn’t written down is just a dream, and dreams are not goals.
Goals are those concrete, measurable stepping stones of achievement that track your progress towards your dreams. My goal is to start a second career as a freelance writer – what are your goals?
3. Take Action. Goals are nothing without action.
Be like Nike and “Just do it”. I took action by reaching out and started writing. Every day I try to take some action towards my goals. It may be small, but it’s still an action. Have you taken action towards your goals?
4. Never Stop Learning: Go back to school or read books. Get training & acquire skills.
Becoming a life long learner would benefit us all and is something we should instill in our kids. It’s funny that once you’re out of school you realize how enjoyable learning can be. What have you learned today?
5. Be Persistent and Work Hard: Success is a marathon, not a sprint. Never give up.
I think every story of success I read entails long hard hours of work. There is no getting around this and there is no free lunch. But, if you’re working towards something that you’re passionate about, something you love – then is it really work?
6. Learn to Analyze Details: Get all the facts, all the input. Learn from your mistakes.
I think you have to strike a balance between getting all the facts and making a decision with incomplete data – both are traits of successful people. Spend time gathering details, but don’t catch ‘analysis paralysis’.
7. Focus Your Time And Money: Don’t let other people or things distract you.
Remain laser focused on your goals and surround yourself with positive people that believe in you. Don’t be distracted by the naysayer’s or tasks that are not helping you achieve your goals.
8. Don’t Be Afraid To Innovate: Be different. Following the herd is a sure way to mediocrity.
Follow through on that break-out idea you have. Ask yourself “What would I do if I wasn’t afraid?”
9. Deal And Communicate With People Effectively: No person is an island. Learn to understand and motivate others.
Successful people develop and nurture a network and they only do that by treating people openly, fairly and many times firmly. There is nothing wrong about being firm – just don’t cross the a-hole line. How do you deal with people?
10. Be Honest And Dependable: Take responsibility, otherwise numbers 1 – 9 won’t matter.
Enough said.


Related

http://www.pickthebrain.com/blog/10-secrets-to-success/

5 Mentors Every Entrepreneur Should Have

Entrepreneur. It's a tough word -- both to spell and to call yourself. Being an entrepreneur brings with it a love of leaping head first into the unknown. Life-long entrepreneurs love new challenges, and live their lives in a constant growth phase. One of the common resources an entrepreneur turns to is a mentor. Asking for advice and bouncing ideas off of others is essential to the success of an entrepreneur's journey.

I've been fortunate to have a variety of mentors over the years, and I can't imagine standing where I am if it wasn't for them. Despite all the challenges of running a business, the biggest constant in my life is those mentors, and their advice.
I also think it's important that mentors come from many different perspectives, as mine have. These are the five types of mentors I've had over the years, and the ones I think any entrepreneur can benefit from:

Related: Taking Advice: It Isn't What You Ask, It's Whom You Ask
1. A friend that knew you before you started your own thing.
Perhaps no voice matters more than the one that knew you before you had a startup. They knew you when all this was just a dream, or when you didn't even know what a startup was. They can speak to your roots and ground you when you get lost in the startup haze.
For instance, when I go back home to the East Coast, my friends ask me about everything except tech and business. They tell me how impressed they are but remind me that I need to slow down, to live the life I want, doing what I love. No entrepreneur should lose sight of that.
2. A person with your similar skill set at your point of learning.
Having regular coffee dates or Skype chats with people who are in your similar phase of growth can lead to valuable relationships. I have a group like this, and we push each other and question each other's decisions. We have been there when things fell through and when our big days happened.
There is a confidence that can come with camaraderie like that. We understand what each of us is going through.

Related: The Art and Craft of Listening to Your Critics
3. A colleague you don't love working with.
One of the biggest challenges that face any entrepreneur is justifying what you want to do and why it's going to disrupt the status quo -- whether it be to investors, future co-founders, team members, the press or others. It helps if you're good at talking to just about anyone. Fine tune your ability to take feedback and get good at turning it into positive results. There is no quicker way to do this than to push forward with a relationship that isn't particularly enjoyable or easy at first.
4. A person with the exact opposite skill set than yours.
Seek out mentors who are most unlike yourself. For me it's been coffees with product managers, and tech leads. I've met with chief operating officers and have standing chats with our office manager. Do I know much about any of that? Not really. Do I know more now than I did before I met with them? Sure as heck I do.
Having these types of mentors and encounters has motivated me to take classes in coding and financials, and it's humbling to see just how much you don't know. Life-long learning is critical to success in business, and particularly to those who have bought into an industry founded on innovation.

5. A friend who always knew you'd be an entrepreneur.
Meet often with someone who knows you as "your entrepreneurial self" and not in any other way. He or she is likely the one to say "you got this" and "this is what you do" -- even when you're doubting it yourself. That person can't imagine you ever taking the safe option or quitting. He or she would never tell you it's OK if you haven't given something your best effort, and will cheer every one of your accomplishments.

Related Link
http://www.entrepreneur.com/article/225184?cam=Dev&ctp=Carousel&cdt=1&cdn=225184