Monday, August 18, 2008

10 Tips for Starting a Business - Tip #3 - The Big Idea

They say that necessity is the mother of invention. That's why big needs help inventive people come up with BIG IDEAS. You know there's a need. You know there's a big, growing market with that need.

How are you going to fill that need? What is your BIG IDEA?

Your idea for filling a need can be born from a passion you have or simply a frustration. That's how Airborne was invented. A second grade school teacher was tired of getting sick. She created an herbal concoction to help her immune system fight off germs. The product is wildly successful.

From the Airborne website: "Airborne is the best-selling herbal health formula that boosts your body's immune system. It was created by a former second-grade school teacher, Victoria Knight-McDowell." http://www.airbornehealth.com/about_index.php

One of my own clients saw a need in the marketplace for videos that enable people to talk about their passions and the products they are loyal to. It's called Loyaltv.com -- www.loyaltv.com. My favorite video on the site is the one about the Camry. That video lets people see so much more about that car than you would ever get from a car commercial or even the Toyota website. This site fills people's needs to learn more about products from real people telling real stories. I'm thinking of going out and making some videos like this myself. I want other people to know about the products I think are great.

Now, some people approach this whole business development dynamic differently. They have what they think is the Big Idea and then look to see if there is a need and a market. That's OK, as long as you have all three elements.

What is your big idea? Is it big enough to catch on in the marketplace? 8 out of 10 new products die. What will make yours survive?

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