An idea is a thought or suggestion to a possible course of action.

Most times we get ideas but how do you know if your idea is good enough or feasible.

It was said that Masoyishi Son generated about 200 ideas when he was in his early twenties but two of those ideas made him millions.

One of which was that he invented a pocket machine that could translate languages which he sold to Sharp and imported video game machines from Japan on credit which made him a millionaire at a tender age but just 2 ideas out of 200?

So how can one generate good ideas?

1. Experience

We generate good ideas from our experiences both pleasant and unpleasant ones. Are you aware that most founders started their entrepreneurial life because of a terrible experience that they had, the CEO of patricia started the company because he was looking for the services that he was rendering and because he couldn’t find anyone who rendered the service, he decided to offer the services on behalf of those who are like him.

Some founders were looking for certain product or services and because they didn’t find anyone who could offer those services, they decided to bridge the gap, other times certain people who go through bad experiences and come out of it better would offer to help others to scale through it.

Like Tutors, coaches, mentors who have had a worse experience but wanted to make sure that no one experience that setback and as a result get paid, this doesn’t necessarily have to be your experience, it could be an experience of someone you know.

2. Ideas can be generated from a community of like minds, this is why we have a board room full of directors who bring in their expertise and experience to look for a better way to settle disputes and challenges, brainstorming solutions until the best is picked and selected, the ideas are carefully studied and criticised so as to find out the loopholes and everything that could possibly go wrong.

3. The market (trends and patterns)

A good idea can be gotten from studying trends and patterns, a friend of mine has been into real estate for about 3 years now and last year she predicted where the market would be heading, and stated reasons why and today the market there is saturated, most times people with foresight can pick ideas from trends, patterns and cycles.

An idea can also be gotten from complaints, what are your customers or the customers of your competition always complaining about, that can be an opportunity for you to have an idea worth investing in.

But after the idea has been generated, what is the next thing?

You check for its feasibility, does that idea solve a pain point? Is that idea solving a problem that is existing or would it solve a problem that will soon come. If it is solving a pain point, next thing is to check if it has a market (is there someone who has the ability to compensate for that solution and is willing)

There’s a difference between a consumer and a customer, the consumer of baby foods are babies but they aren’t the customers, the customers are the parents.

The consumer of oxygen are all living things but the customers are the scuba divers, relatives of a comatose patient etc.

Always check if there is a market available for your idea.

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