There is no magic formula for coming up with great ideas, but there are several ways to recognize when opportunity knocks:
- Think in new ways. Instead of dwelling of "What is", imagine "What could be";
- Associate things that don't have an obvious link (like hiking and global satellite positioning systems);
- Recognize patterns as they are forming (e.g. the World Wide Web is changing rapidly - what patterns, needs or wants might emerge from this?);
- Find new uses for old things;
- Analyze why something isn't working;
- Find solutions for consumer problems;
- Identify small or "niche" markets within larger markets (add an innovative service to a larger company);
- Recognize changes in consumer tastes as they evolve (the current preference for certain sports);
- Analyze the failure of others to see if they made mistake that might mean success is still possible;
- Apply new technology in new ways (someone thought of putting cellular phones and faxes on airplanes!).
Looking for new business ideas? Here are some useful sites:
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