SOWPub Small Business Forums  

Click Here to see the latest posts!

Ask any questions related to business / entrepreneurship / money-making / life
or share your success stories (and educational "failures")...

Sign up for the Hidden Business Ideas Letter Free edition, and receive a free report straight to your inbox: "Idea that works in a pandemic: Ordinary housewife makes $50,000 a month in her spare time, using a simple idea - and her driveway..."

Also, please no insults or personal attacks.
Feel free to link to your web site though at the end of your posts.

Stay up to date! Get email notifications or
get "new thread" feeds here


Go Back   SOWPub Small Business Forums > Main Category > SOWPub Business Forum
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

SOWPub Business Forum Seeds of Wisdom Forum

Thread Tools Display Modes
Prev Previous Post   Next Post Next
Old August 15, 2013, 03:31 PM
Dien Rice Dien Rice is offline
Onwards and upwards!
Join Date: Aug 2006
Posts: 2,636
Default A great article on entrepreneurship! Here are a few additional notes...

Originally Posted by Phil View Post
How Entrepreneurs Come Up With Great Ideas
There is no magic formula. But that doesn't mean there's no formula at all...
Hi Phil,

Thanks for posting this - definitely some great advice in that article...

Here are some quotes from the article, and after each quote, a few additional thoughts I had while reading through it...

"Look at What's Bugging You" - David Cohen

That makes me think of this recent article by Paul Graham (who started what eventually became "Yahoo Stores" after he sold it to Yahoo, and which now has a more complicated and harder-to-remember name)...

"How to get startup ideas" -

Paul Graham says...

"The way to get startup ideas is not to try to think of startup ideas. It's to look for problems, preferably problems you have yourself."

"At the very least, collect other people's problems." - Saras D. Sarasvathy

Similar... Focus on solving problems...

"You're Never Too Old" - Vivek Wadhwa

He goes on to say...

"Research that my team completed in 2009 determined that the average age of a successful entrepreneur in high-growth industries such as computers, health care and aerospace is 40. Twice as many successful entrepreneurs are aged over 50 as under 25, and twice as many over 60 as under 20."

This reminds me of entrepreneurs like Ray Kroc (who started the McDonald's franchise at around age 53) and Colonel Harland Sanders (who started franchising his "Kentucky Fried Chicken" at age 65).

Momofuku Ando developed "instant" ramen noodles at age 48.

In other fields, Laura Ingalls Wilder didn't write her first "Little House on the Prairie" book until she was 63, which was first published when she was aged 65. Of course, she wrote many other best-selling books after that one too.

"Head Into the Weird Places" - Victor W. Hwang

I think it's important to get out of your comfort zone every now and then. It stimulates the brain, and opens up your mind to new ideas and possibilities...!

"Fail fast" - Kevin Colleran
"Get customer feedback: Listen to customers and create products and services that give them more of what they like and/or remove what they dislike." - Dave Lavinsky

These two make me think of testing.

Let me direct you to a fantastic article by Denny Hatch on this topic.

"A Eureka Moment: What to Do Next - The Art and Science of the Dry Test"

(I love Denny Hatch. I've bought all his non-fiction books, which I strongly recommend... His book "Method Marketing" remains one of my favorite business books of all time.)

Here's a quick quote from that article...

"One of the savviest research brains in the direct marketing business is Bob Doscher of Response Innovations. Doscher can create surveys that go to a marketer’s customer file. The survey briefly describes various possible new products and requests the interest level. From the responses Doscher can―with lethal accuracy—predict which ones will be the moneymakers and which will bomb."

It's a very smart idea... and low-risk, too!

Thanks Phil - there was some great stuff in that article. Hopefully some have found some of these "off-the-cuff" notes helpful, too!

Best wishes,

Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Other recent posts on the forum...

Seeds of Wisdom Publishing (front page) | Seeds of Wisdom Business forum | Seeds of Wisdom Original Business Forum (Archive) | Hidden Unusual Business Ideas Newsletter | Hotsheet Profits | The Art of Leverage | The Success Report | Persuade via Remote Influence | Affia Band | The Entrepreneur's Hotsheet | The SeedZine (Entrepreneurial Ezine) | The Fly Low Collect Dough Update Hotline

Get the report on Harvey Brody's Answers to a Question-Oriented-Person

All times are GMT -4. The time now is 04:16 PM.

Powered by vBulletin Version 3.6.0
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.