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From Apps to Yoga, Finding New Ideas in Obvious Places
I recently talked to a professor who wanted to help his students come up with better ideas for technology-based businesses. As we talked, my mind raced back to the refrain most often cited by entrepreneurship professors: Entrepreneurs must have a deep passion,confidence, and the willingness to act. True! But wait a minute, what I didn't learn during my stint in business school- and suppose is true for others- is how to KNOW if my own ideas were any good.
Well, after spending two intense days with Doug Hall and his staff at the Eureka! Ranch in Cincinnati, OH, I can offer fresh insight for anyone looking for a source of inspiration and a way to validate their ideas.
Now assuming that you have some semblance of an idea for a new product or service, the Eureka! brand of idea engineering teaches you that there are three questions that every new product or service must answer for the intended consumer.
They are:
Why should I care? This is your opportunity to grab their attention and make them say wow this different.
What's in it for me? This is your opportunity to learn how to sell them on the benefits and make them say this is something I'd consider buying.
Why should I believe your product or service is any good? This is your opportunity to seal the deal, so offer up proof with testimonials, credentials, etc.
But, what if you don't have any ideas. Well, this is where the spiel about passion, comes in. Start with what you do best? If by the way your passion hasn't found you yet and you need a place to find inspiration, then Inc 500 has some interesting tidbits on the 18 Best Industries for Starting a Business Right Now.
And, since I love supporting evidence, I'll provide you with some proof you can use to prioritize the stimulus you want to explore from the following list. I'll summarize with steps you can take to make your ideas real.
Inc. 500 18 Best Industries for Starting A Business Right Now
Accounting Services: According to recent data from Sageworks, private accounting firms have seen a 20.9 percent growth in profit over the last 12 months.
Candy: How sweet and just in time. This idea will take you all the way through Easter. The confectionery industry, as a whole, grew 3.7 percent during the 52-week period ending April 19, according to the National Confectioners Association.
Beer, Wine, and Liquor Wholesale: According to the Distilled Spirits Council, U.S. Distilled spirits grew by 8 percent last year, to $1.1 billion, led by robust demand for American whiskeys.
Education Technology: This industry has been gaining momentum for years and will accelerate in large part due to the $650 million allocated to it in the recently-passed federal stimulus bill for the purposes of transforming U.S. schools and school districts.
Energy: Economic stimulus funds for energy projects nationwide amount to $43 billion, creating opportunities for entrepreneurs with a scientific background to break into areas such as biofuel and windpower.-- Jason Del Rey and Tamara Schweitzer.
Fast-Casual Dining: Re-invent the dining experience. Sales for the top 100 fast-casual(which falls between fast food and full-service restaurants) restaurant chains grew by nearly 11 percent in 2008, to nearly $17 billion, According to Technomic, Chicago-based consulting firm.
Green Construction: The overall green building market is expected to more than double from $49 billion today to approximately $140 billion by 203, according to a report from McGraw-Hill.
Government Services:President Obama's $787 billion Economic Recovery Act will bolster growth in this segment. According to the administration's Recovery.gov website, by 2012, two-thirds of the nearly $23 billion that states receive will reflect investments in local infrastructure and opportunities for start-ups to bid on transportation, broadband, and clean water projects.
Health-Care Technology: The federal stimulus bill pledged $19 billion to the development of a health-information tracking system. Bureau of Labor Statistics data report that employment in this field is expected to grow by 18 percent through 2016.
Home Health Care: If you like helping people, and don't mind home visits, then a career in home health care may be for you. It is an increasingly popular alternative to nursing homes, offering patients affordability and the dignity of being able to remain in their homes. Bureau of Labor Statistics expects industry employment to increase 4.5 percent annually through 2016.
IPhone Apps: Since the launch of the App Store last summer, sales of apps have exploded, leading Steve Jobs to predict that the marketplace would be worth $1 billion some day. To date, companies have produced more than 30,000 apps, Apple has processed more than a billion downloads, and venture-capital firms have begun investing in app producers.
Niche Consulting: Corporate layoffs have spawned a wave of professional who are trying to re purpose their skills in the consulting realm. Niche business consulting represents the nation's fasting-growing industry; it's workforce is expected to increase by 5.9 percent through 2016.
Repair Services: As people opt to fix their existing possessions rather than to buy new, businesses ranging from home-improvement to auto repair are seeing an uptick in revenues. Business is up 2.4 percent at auto repair shops and 4.6 for electricians and plumbers in the past year, according to statistics compiled by Sageworks.
Self Improvement: Americans spend more than $11 billion each year on self-improvement products and services, including motivational-speaker seminars, networking and wealth-building instructional DVDs, and spiritual guidance books according to Markedata Enterprises, a Tampa-based research firm. 6.2 percent annual growth expected.
Software as a Service: Spending in the niche is expected to grow 4 times as fast as spending on software (5 percent) through 2013. According to Gartner,the expansion is due to companies who continue to see the benefits of on-demand, flexible applications.
Technical and Trade Schools: Rising unemployment numbers fuel the growth in this sector, currently upto ___ percent. Revenue is up for these schools according to Sageworks, a financial analysis company.
Temporary Staffing Firms: The largest sector within employment services, "should continue to generate the most new jobs in this industry," according to a government estimate. Agencies positioning themselves to take advantage of changes in the workforce by specializing in positions that offer flexible schedules are well positioned to succeed.
Yoga Products and services: According to a study from Yoga Journal, nearly 14 million Americans say a doctor or therapist has recommended yoga to them. Industry analyst expect continued expansion through new product development, citing opportunities in creating appealing men's yoga apparel as one example.
Well that rounds out the list. So now that you're armed with all this information, what do you do next? I'm glad you asked. Engage in intense brainstorming, idea engineering, and imagination moving sessions, then get up from the table, get on the phone, fire off and email or tweet 10 people- that are not related to you- and get an answer to those three simple questions.
Your goal is simple. Get people's opinion about your idea while it is still in the formative stages -- the earlier the better. Hopefully, people will love your idea as much as you do and would be willing to spend money on what it is you plan to sell. If so, congratulations.
However, don't be alarmed if you find that your idea stinks. This is valuable information, and here's why. Now that you are armed with new intel, from living, breathing people, who don't know you
- you can avoid spending a lot of money and time on a bad idea, better still
- you can refine your idea, then get up from the table, get on the phone, fire off and email or tweet and ask 10 more people- that are not related to you- those three simple questions again.
Sure it's repetitive, but after three cycles of getting feedback and refining your idea with fresh insight, you should know whether your idea is a good one or not.
Until next time, Enjoy the journey!
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