Some entrepreneurs come up with ideas at a rapid rate while others struggle on the ideation side and are amazing at execution. Regardless of entrepreneur type, there’s a little idea I’m a big fan of: keep an ongoing Google Spreadsheet of business ideas. It could just as well be in Evernote or some other system, but I like Google Spreadsheets for quickly glancing at ideas and sorting them by different categories.
Here are some situations that are great for generating business ideas:
- When you’re shopping for a good or service and get price quotes that are significantly higher than what you expected, there could be an opportunity
- When you find a business problem and can’t find a solution (this is how Pardot came about)
- When you encounter a business challenge where there are solutions but they aren’t elegant
- When you see a trend emerging that is clearly going to have a major impact, especially if you’ve seen a pattern before (e.g. analytics are a big deal for web sites and with the rise of mobile apps, analytics wil be a big deal for them as well)
Yes, keeping a spreadsheet of ideas is common sense, but most people don’t do it. If you are an entrepreneur or want to be an entrepreneur, start recording your ideas now.
What else? What are some other situations that are great for generating business ideas?