The hardest part about beginning a startup company is coming up with an idea that not only fills an important void, but that no one else has already come upRead More
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]]>The hardest part about beginning a startup company is coming up with an idea that not only fills an important void, but that no one else has already come up with. It is exceedingly likely that the first idea you come up with will not be a success. As such, it is imperative to not let yourself become discouraged by initial disappointments and to keep on pushing.
These popular techniques will go a long way towards helping you create new business ideas:
The entrepreneur who successfully creates a new business and can withstand the test of time is the one who is able to peer into their crystal ball and predict the trends of the future. While this process does require just a smidgen of good luck, a great entrepreneur knows that luck is merely the residue of skill and hard work. Luck does not come to those who park themselves on the couch and wait for it to come along, it happens to those who get up, get out there and work for it.
A top notch idea for a business is one that is ahead of the curve and anticipates changes in the landscape. The person who is monitoring current trends instead of future trends is going to come up with ideas that are instantly outdated. A decent entrepreneur looks at what is going on now and thinks of a way to fit in with the current landscape.
On the other hand, a great entrepreneur thinks about the future and wonders how they can create the next big thing, rather than an inferior knockoff version of the current big thing. Monitoring the current trends in the business world can provide some help when it comes to developing new ideas, but you have to consider the amount of time it takes to start a new business.
An idea that seems fresh in the moment is often past its sell by date when you are finally able to get down to brass tacks and start the process of opening a business. Consider the future and what place your product will hold in that future.
I am willing to bet that there are many things in your everyday life that drive you crazy. One of my personal favorite ways to create new business ideas is by taking the time to consider the things about life that annoy you the most. If you hone in on the things that “piss you off,” you will be able to brainstorm real solutions to everyday problems. If you are are the type of person that feels like you have to “do things on your own,” this task brainstorming technique will come naturally to you. As I’ve come to learn from many authors on innovation, the best entrepreneurs are those who find out about what we lack most and discover a new way to provide the public with the needed item.
Invention is not a must in these scenarios, but it can help you to develop new ideas. Brainstorming about products that every human being would want, but have yet to be created is a great way to amplify the creative process and ensure that you remain ahead of the curve at all times.
Speak to people you know, as well. There are many instances where the things that annoy you and frustrate you will also annoy and frustrate them. Canvasing close friends and family can also provide you with important information about frustrations that they are having that you had failed to consider.
Consult with members of the opposite sex and ask them about their daily frustrations. A company that is able to consider a variety of concerns from various walks of life is one that will prosper in the long term. Having a narrow focus leads to a lack of creativity and should be avoided.
Most people prefer to avoid frustrating moments at all costs, but those who can train their mind to look deeper can find valuable business ideas that no one else has considered.
Just because you cannot create new business idea does not mean that you should give up on your entrepreneurial dreams. Some of the best and brightest entrepreneurs are those who analyzed the current marketplace, discovered inefficiencies that could easily be corrected and decided to do something about it.
This strategy is helpful for entrepreneurs who are struggling to come up with ideas of their own. Perhaps you are someone who enjoys a certain product, but finds it to be overpriced. This is your opportunity to research the product you enjoy and see if any changes can be made during any part of the process that can have a positive effect on the pricing structure.
Or, maybe you can take a closer look at what the major players in your desired niche are doing wrong. A company does not have to be the same size as the big boys to successfully compete with them. The playing field has never been more level and a person can learn a lot from what the major business in their field are doing wrong.
There are typically enough gaps in the industry that you seek to join that can be easily exploited. Perhaps there is a service that a major company should be offering that they have not thought of. By using this as your starting point, you can start a business that already has built in clientele.
Some larger businesses are no longer in the business of innovation, they are more focused on maintaining their current piece of the pie. If so, this also provides an opportunity to come up with an idea that takes a product that is already available to the next level.
The Dream Cafe by Geoff Crook
Seeing What Others Don’t by Gary Klein
The Myths of Creativity by David Burkus
One Simple Idea by Stephen Key
A More Beautiful Question by Warren Berger
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]]>A summary of things you should know about The Business Model Navigator according to Michaela Csik: Introduction In this episode Michaela Csik takes a deep dive into her book, TheRead More
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]]>In this episode Michaela Csik takes a deep dive into her book, The Business Model Navigator, where she shares 55 business models that make up 90% of the most successful businesses in the world.
In her book, Csik and her co-authors provide the blueprints you need to revolutionize your business and implement powerful change. The goal of the book is become a toolkit for you to adapt and innovate your business model and to understand what other business models are, who invented them, who uses them now, and how to apply them to your business.
This book is perfect for entrepreneurs who are creating a brand new business or are simply looking to reinvent their current business model in order to deliver the results they need.
What’s unique about our book is that we don’t just provide a process but we also provide the recipes that entrepreneurs can use. We provide business model designs and patterns that can be used by anybody to design a breakthrough business models in their own industry or market.
There are different ways to jump into the book. We have three main part of our book and the first part covers the basics of business models and business model innovation. So if you want to start with the basics you can start at part one.
There are two concepts that are given as inspiration to entrepreneurs and can also be used in practice. The first one is the business model innovation map which can be found on the inside front cover of the book. This map gives in one picture all of the 55 different business model patterns. It’s a very simple and catchy illustration of the 55 models. The second concept is the pattern cards which are explained in the book. The pattern cards are a tool that we developed of how those 55 models can be used.
We have three main parts in the book. The first part is providing the reader with our introduction to our business model concept. We help the reader in providing a framework and we say that business model is based on four main dimensions, the what, who, why, and how. We also introduce the business model navigator which is the process that entrepreneurs and companies should follow when they want to design a breakthrough business model. In the core of The Business Model Navigator there are concepts and patterns which are explained more in depth.
The second part of the book is the heart and the core of the entire book which introduces the 55 business model patterns. For each pattern the reader will find an explanation of the origins of the pattern. We show you which company or entrepreneur was the first to ever use this pattern and we give a background of the pattern itself. We also explain and introduce examples of innovators or companies that have used these patterns in the past to generate the business model in their own industry. Also for each pattern there are different recommendation of when and how the patterns should be applied and what the entrepreneur has to take in to account.
In the third part of the book we give tips and tricks about how an entrepreneur or company can really implement our concepts of the 55 models together with The Business Model Navigator.
“90% of all new business models aren’t actually new; they are based on 55 existing patterns.” – From co-authors of The Business Model Navigator
I am working as an Innovation Manager at Holcim Technology, one of the world’s leading suppliers of cement and aggregates and there I am mainly responsible for new business models. Before that I worked at the University of St. Gallen in Switzerland and during that time I had the chance to work with Oliver Gassmann and Karolin Frankenberger on The Business Model Navigator book.
We see a lot of companies that are ahead of the competition. So business model has become in the last 10 to 15 years a major driver of success. It’s not enough to be just good in product innovation anymore but in a way the business model is becoming more and more important. The paradox is that most companies don’t have the right tools to be anywhere different when it comes to their business model so there is a huge gap between importance of business model innovation and the tools that are available to be innovated in this particular area.
Blue Ocean Strategy by W. Chan Kim
Buy The Business Model Navigator by Michaela Csik on Amazon today
Visit BMI-Lab.ch to learn more about the book and the tools that come with it
Follow Michaela Csik on Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
Crazy Is a Compliment: The Power of Zigging When Everyone Else Zags by Linda Rottenberg
The Risk-Driven Business Model by Serguei Netessine
A More Beautiful Question: The Power of Inquiry to Spark Breakthrough Ideas by Warren Berger
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]]>5 Simple Ways Entrepreneurs Can Attract Customers To Their Business You have a great product or service and yet you seem unable to attract customers to your business and makeRead More
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]]>5 Simple Ways Entrepreneurs Can Attract Customers To Their Business
You have a great product or service and yet you seem unable to attract customers to your business and make a sale. Almost every new entrepreneur faces this challenge after they start off a small business.
And the root cause of this problem is often your inability to reach out to your customers.
The lack of advertising and marketing your product or service may be drawing you back from your customers. But for a small business, with limited funds, it is often difficult to allot a substantial amount for advertising and marketing.
In such a circumstance, what do you do? Simple; you just focus on the ways to do it right. Let’s take a look at some simple ways entrepreneurs can attract customers to their business:
Tip 1: Rely on word-of-mouth. This tried-and-tested option never fails! If you can build an army of satisfied customers, it will work much better than a couple of billboards or television ads. They are the best tools of advertisement you may find.
To turn a customers into satisfied customers, you have to work on the three premises:
• Offer a great product/service – the basic necessity for a successful business
• Ensure great customer service – remember, always serve with a smile
• Offer a reward for referral – the bigger the incentive, the better your opportunity
And soon you will have a good number of spokespersons at no added cost!
Tip 2: Involve and engage. When a prospect walks in, make sure you turn them into a customer. How do you do it? Interest them with an offer, give them a free sample, request them to enter a contest, and use any other means you can think of.
People love free stuff. They also love offers and discounts. And when they get something at no cost or maybe low cost, and are happy with it, they are sure to come back and pay for it. And they are sure to talk about your business to their contacts.
Tip 3: Build a website. If you aren’t online yet, you need to be – NOW! A website isn’t a luxury anymore; it’s a necessity. If you aren’t online, you are missing out attracting the prospective customers who stick to their PCs, laptops, smartphones, tablets, et al.
You don’t really need to invest thousands of dollars to ensure a web presence. Just make sure someone who knows how to do it right does it. Otherwise, you will be stuck with a site that doesn’t work for your business.
Tip 4: Connect on social media. When Mandie Miller started off her business Got What It Cakes, she built a website. But the business only picked up once her sister put up a Facebook page for it.
Lesson learned: While a website is essential for your business, no business can ignore the reach of social media these days. Create a page on Facebook, get an account on Twitter, or add images on Pinterest and Instagram – do whatever it takes to enhance your reach.
Tip 5: Get involved. While you will always have competitors, and you will always have to keep a lookout for them, you also need to focus on collaboration. Make a list of complementary businesses and promote each other to your respective clientele.
Also, don’t forget about the community; after all, you are a part of it. Give back. Charitable or environment-friendly work never goes unnoticed. And once you are part of something big, you’ll get people interested in what you do.
It is possible to get the attention of customers; you just need to know how to do it right.
1) Lean Customer Development by Cindy Alvarez | Listen to my interview with Cindy here
2) It’s Not The How Or The What But The Who by Claudio Fernandez-Araoz | Listen to my interview with Claudio here
3) A More Beautiful Question by Warren Berger | Listen to my interview with Warren here
4) Traction – A Startup Guide To Getting Customers by Justin Mares | Listen to my interview with Justin here
5) The Seven Levels of Communication by Michael J. Maher | Listen to my interview with Michael here
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]]>A summary of things you should know about A More Beautiful Question according to Warren Berger Introduction In this episode Warren Berger shares his book A More Beautiful Question whichRead More
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]]>In this episode Warren Berger shares his book A More Beautiful Question which features the principle of asking the right questions. This book is perfect for the entrepreneur interested in the fundamentals of innovation and business through the relationship between asking great questions and coming up with great business ideas.
There are a number of books on questioning but I would say not too many have positioned it directly in terms of innovation. I felt like I was the first one to really position this in terms of innovation and business, to look at the relationship between asking great questions and coming up with great business ideas.
It’s good to read in its entirety in a way because it gives you a full appreciation of the significance of questioning. But I also think it’s a book you can go back to for some of the more practical tips and strategies that are offered in the book.
The most important principle has to do with the value of questions. A lot of us tend to undervalue questions because we think the real value lies in the answers. Questions may be just as important as the answers.
The first section of the book starts by making the case to the reader of why questioning is so important and why it’s such a critical part of innovation and change. I lay out a lot of evidence and stories to give the readers a great explanation of why this is so important.
In the second section of the book I step back and ask why is it that we start out asking so many questions when we are kids but ask fewer questions as we get older. I explore the idea that there is a great questioner inside all of us but overtime we may have gotten out of the habit of asking questions. I give you all the different kinds of reasons for that and also talk about our education system that really doesn’t teach or encourage questioning by students. We have lost some of our questioning skills along the way so I teach you what to do to get better at asking questions again.
The third section lays out my own system of questioning which is the why, what if and how of innovated questioning. It goes deep in terms of showing you the power of the why questions, what if questions and how questions. Each question has a different power and does different things but have an interesting relationship with each other. I explain why it’s so important to get good at asking why questions. I talk about how the what if questions help you come up with ideas and open up your imagination. The how questions are very practical action oriented questions.
The fourth section of the book I zero in on business-questioning in business. This section is all about taking some of the principles I laid out in the second section and asking how it applies specifically to business, your business and why is question so important in business. We zero in on the kinds of questions businesses need to be asking. Questions are so powerful that I think companies should think about having mission questions instead of mission statements. A mission question around a company’s goals is going to be more engaging to people than a statement.
The last section of the book I step outside of business and tie all of this into your daily life. I think all these principles of questioning apply just as much in your life as they do in business. I talk about how you can use questioning to start to deal with some of those issues in your life that maybe you have been avoiding thinking about. I show you how you can use deep and smart questions to deal with the issues in your life. I wrap-up the book by making the case that all of us should have a beautiful question, one big question, that we pursue in our lives.
“Questions are the new answers.” –Silicon Valley
“Knowing the answers will help you in school but knowing how to ask questions will help you in life.” – Warren Berger
I am a longtime journalist and author, I used to write for New York Times and Wired Magazine. I currently write for Fast Company and Harvard Business Review. Along the way I’ve written several books and the last couple of books has had to do with innovation and design thinking. The most recent book I moved from design thinking into questioning and A More Beautiful Question is focused on that aspect of innovation.
The inspiration was that I was studying a lot of entrepreneurs, innovators and business leaders and one of the things I noticed was questioning. I found that a lot of great innovators and business thinkers start with great questions; they are asking the questions that no one else is asking. I wanted to see what it was about questioning, why is it so powerful and why are some people better at it than others.
The Art of Innovation by Tom Kelley
Give and Take by Adam Grant
Buy A More Beautiful Question by Warren Berger on Amazon today
Visit AMoreBeautifulQuestion.com for some exclusive content from the book and to take Warren’s test
Follow Warren Berger on Twitter and Facebook
Download the full transcript here
Listen on iTunes, Stitcher , and SoundCloud
Related books: Go For No by Andrea Waltz | It’s Not The How or The What But The Who by Claudio Fernandez Araoz | EDGY Conversations by Dan Waldschmidt
Relevant advice and tips: 7 Steps To Improve Networking Skills For Entrepreneurs | 7 Reasons Why Your Sales Skills Suck
What did you like and not like about this episode? Fill out this one minute survey here.
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