<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

Genius? Where do Inspiration and Great Ideas Come From?

May. 6, 2013 | Posted by The Alternative Board

The Wall Street Journal published a story in their Small Business Report titled How to Come Up With a Great Idea. There is no cookbook formula to this, however the writer took an interesting approach in asking prominent business experts & entrepreneurs where inspiration comes from. Here are some of the ideas that jumped out:

  • If you think you're too old to start a business, twice as many successful entrepreneurs are aged over 50 as under 25, and twice as many over 60 than under 20.
  • Make a note whenever you encounter a service of a customer experience that frustrates you. As one of the experts commented, ask yourself if there's a better way.
  • There were many comments about seeking inspiration from indirect sources. Follow the arts, research other industries and talk to people you would not normally approach.
  • Find an idea to make the world a better place. (<Click to tweet this!) Think big.
  • Listen to customers & to front-line employees.
  • One of my favorites is to pay attention to history. Folks in the 1950s & 60s went overboard with instant coffee and TV dinners. Starbucks & Whole Foods looked back to a better experience. And it may not be profitable, but I'd love to have a domestic flying experience where I didn't feel like one of the cattle.
  • And to add one of my own ideas to this, look to your data. As I wrote in an earlier blog, there's gold in Big Data. 

Hopefully your idea will work out successfully. But if it doesn't, as Andy Rachleff of Stanford advises: Make sure you can fail fast and cheaply.

Want additional insight? Download Hiring a Business Coach for Your Small Business now 

DOWNLOAD

Of course, the idea is only part of the mix. As Thomas Edison said, genius is 1% inspiration and 99% perspiration. Nobel Prize winning economist Daniel Kahnenam, author of Thinking, Fast and Slow would probably modify that to something like "success is 1/3 inspiration, 1/3 perspiration, and 1/3 Good Luck." In Thinking, Fast and Slow, Kahnenam, a psychologist who specializes in decision making and behavioral economics, utilizes probability extensively in his research. He concludes there is just too much evidence to indicate that plain old luck has a great deal to do with success.

The WSJ also ran an on-line survey on what entrepreneurs do differently. They concluded that entrepreneurs agree with the following statements more than everyone else.

  • If I have to stop pursuing a goal in my life, I find it difficult stop trying to achieve it; I can't let it go.
  • Past failure in entrepreneurial endeavors increases the chance that a new business will success. 

Entrepreneurs are a tenacious and optimistic lot.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

8 Business Lessons From TAB Members
Sep. 29, 2021 | Posted by The Alternative Board
Business lessons learned from the real world are far more valuable than those learned in school. As a result of the pandemic, we have learned more in the past year than at any other time. Faced with...
Part Two: Benefits of a Peer Advisory Board: Board Members Tell All
Sep. 7, 2021 | Posted by Phil Spensieri
In Part One of Benefits of a Peer Advisory Board: Board Members Tell All, you learned a little bit about what it was like to be a TAB member, from the time commitment it takes to the many reasons why...
Why Your Business Needs Standard Operating Procedures
Aug. 26, 2021 | Posted by The Alternative Board
Running a business is a costly, time-intensive process. Costs and time can grow exponentially if an organization lacks a system whereby products are made, or services rendered in a consistent manner....
5 Ways To Tell When Your Business Needs a System Overhaul
Aug. 17, 2021 | Posted by The Alternative Board
We all know that businesses need to accomplish many tasks each day for their companies to function. And they need to complete those tasks efficiently, smoothly, and quickly to thrive. As an...
Part One: Benefits of a Peer Advisory Board: Board Members Tell All
Aug. 9, 2021 | Posted by Phil Spensieri
Over the last 15 years, I have dedicated my professional career to helping business owners design and implement strategies with sound, reachable growth and profitability goals. I have worked with...
Tips on Grooming Your Business Successor
Aug. 2, 2021 | Posted by The Alternative Board
It may not seem possible now, but the day will come when you no longer run your business (either as a CEO or business owner). Recognizing this inevitability is the first step towards selecting and...
What to Tell Your Employees When Selling the Business
Jul. 29, 2021 | Posted by The Alternative Board
Selling a business is often a complicated process. One complicating factor for any CEO or business owner is determining what to tell employees about the pending sale, as well as when and how much....
When It’s Time To Sell Your Business
Jul. 15, 2021 | Posted by The Alternative Board
After all the hard work that goes into starting and maintaining a business, deciding years later to sell that business can be among the biggest challenges in a CEO or business owner’s career. You’re...
A Guide For CEOs —11 Ways To Make An Impact In Your First 90 days
Jul. 13, 2021 | Posted by The Alternative Board
Your first 90 days as CEO will set the tone for your entire tenure in the organization. Therefore, this is a crucial time, and the goal is to establish your credibility and trust, so the team and the...
Tuna not Perch- Pursuing Significance
Jul. 13, 2021 | Posted by Jim Gerberman
It's hard to imagine a more difficult time for being an effective business leader. Correspondingly, finding significance in what we do has never seemed more fleeting...and, necessary. As we all...