2.02 – Brainstorming New Business Ideas
Not all new businesses start with an idea. Some begin with a group of talented people in search of one. Others start when an individual decides to join the self-employed ranks and begins to think, “But what will I do?”
Many aspiring entrepreneurs have thought, “Why didn’t I think of that?” or “How in the world did they come up with that idea?” Great ideas might look lucky or random, but a closer look usually reveals significant time and effort. Visionaries can foresee market needs and respond with precisely matched product and service solutions.
Brainstorming isn’t just for when you’re starting out. Even after you’re up and running, it’s essential to constantly look for ways to revitalise existing offerings or add new products or services to stay ahead of the competition. This is especially true with the accelerating pace of technological change.
The following sections will help you generate new ideas to build a business around and possibly become the next visionary. They provide tried-and-true methods for revving your creative engine – whether alone or in a group – and snaring great ideas for your next business venture.
Reimagining Your Business Environment
A survey of 500 of the fastest-growing companies in the United States showed that nearly half grew directly out of the founders’ previous work environments. The founders created these companies after looking around and thinking, “There has to be a better way to do this.” Solutions to challenges often come from within. After all, who knows your business and your customers’ wants and needs better than you and your employees? With that knowledge, ask: What products and services would you offer, and how would you produce and present them if you were starting from scratch to address the problems and fulfil the desires that your business addresses?
As you dream up new business ideas, be aware of potential roadblocks. For example, many companies require employees to sign non-compete agreements. These agreements usually prohibit former employees from engaging in competitive businesses for a set period. Ensure your new venture doesn’t violate its terms.
Also, watch out for tunnel vision. While people inside the company are an invaluable source of new ideas, there are many examples of companies that recognised challenges but couldn’t come up with effective strategies. People used to the way things work often have trouble thinking outside the box. Even sole proprietors and small business people can run into the same problem. They’re so close to the company and its way of doing business that they can’t see the forest for the trees.
One way around tunnel vision is to invest in the talents of an outside consultant – someone who sees your business and its challenges with fresh, unbiased eyes. Another approach, if you have employees in various positions, is to ask someone from an unrelated part of the business to look at the problem and suggest solutions.
When considering new business possibilities, keep in mind that 99 percent of all businesses (both old and new) fall into one of three broad categories:
Products for Sale
Consider the range of products your industry offers.
- Can you think of innovative ways to make them better?
- Can you imagine a product that completely replaces them?
- What new product would knock you out of business if the competition offered it first?
Services for Hire
Consider the services your industry offers.
- Do you notice problems with consistency?
- What isn’t being done that should be?
- What do customers complain about?
- What new services would threaten your business if the competition offered them first?
Distribution and Delivery
Ask yourself similar questions about your distribution and delivery systems.
- What are the most serious bottlenecks?
- Can you think of clever ways to improve distribution?
- Can you envision a radically new delivery system? (Think Amazon and its proposed drone delivery program.)
Inspiring Team Creativity (With or Without Donuts or Bagels)
The best creative thinking isn’t necessarily done alone. Put a few heads together, and you may whip up a mental hurricane. The outcome depends on the group of individuals you assemble (the more dynamic, inspired, freewheeling, and innovative, the better) and the communication skills the session leader brings into the room.
The quickest way to kill an idea is to say anything akin to the following:
- “It won’t work.”
- “We’re not ready for that.”
- “It isn’t practical.”
- “It’s already been done.”
- “That’s just plain stupid.”
The group you assemble needs to remain open to all ideas to develop a healthy idea-generating environment.
Applying the LCS System to Nurture New Ideas
To nurture new ideas and allow them to grow, use the three-part LCS system:
Likes
“What I like about your idea ….” Begin with some positive comments to encourage people to let loose with every creative idea that comes to mind. Not every idea will work, but even zany ideas can spark more practical and effective ones.
Concerns
“What concerns me about your idea…” Sharing concerns begins a dialogue that opens up and expands the creative process. As you point out a concern, someone else in the group is likely to offer a creative solution.
Suggestions
“I have a few suggestions…” Offering suggestions moves the brainstorming session along and may lead to the generation of a brand-new set of ideas.
Assembling a Brainstorming Session
With the LCS system fresh in your minds, your group can take on a brainstorming session following these steps:
Start with a small group of people you trust and admire
You can turn to friends, relatives, professional acquaintances – anyone you think may contribute a new and useful perspective.
Invite a couple of ringers
Consider inviting a few people beyond your small group who can stretch the group’s thinking, challenge assumptions, and take the group in new and unexpected directions, even if these individuals may make you feel a bit uncomfortable.
Choose the right time and place
The same old places can lead to the same old thinking, so be inventive. To inspire creativity, change the scene. Larger companies often hold brainstorming sessions at off-site retreats. If you’re a small company or sole proprietor, you can still meet in a place that inspires creativity, such as a park or local coffeehouse (as long as it’s not too crowded or noisy). Whatever location you choose, be sure to have everything you need for brainstorming – from an old-fashioned scratchpad to an iPad or digital voice recorder – handy.
Establish ground rules
Explain what you want the group to achieve. Introduce the LCS system so that participants have a tool that allows them to make positive contributions to the session. Emphasise that at this stage in planning, there are no bad ideas. The group should be encouraged to be as freewheeling as possible.
Act as the group's conductor
Keep the process moving without turning into a dictator. Use these tactics:
- Encourage alternatives: How else can we do that?
- Stimulate visionary thinking: What if we had no constraints?
- Invite new perspectives: How would a child see this?
- Ask for specifics: What exactly do you mean?
- Clarify the next steps: How should we proceed on that?
Record the results
Designate a person to take notes throughout the session or record the session to review later. Keep in mind that the best ideas are often side comments, so capture the offbeat comments as well as the mainstream discussion. Every idea, even ones that seem zany, can lead to something useful. Assign someone the task of taking digital pictures of whiteboards. Sometimes a great idea passes by so quickly that people only later say, “Hey, what was that idea we had?”
Review your notes and thoughts while they're still fresh
Set aside time after the brainstorming session to distill the discussion down to three or four ideas that you want to continue working on.
