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| FROM LBS Current Students Blog: #LifeAtBusinessSchool: How to Start a Successful Business (Part 2) |
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Part 2: How to come up with a multi-million dollar idea 1) How to start an unsuccessful business 2) How to come up with a multi-million dollar idea 3) How to convert my ideas into cash 4) Going from $millions to $billions How do I come up with a great ideas? How do I start that business like Amazon or Dropbox? Initially I had no idea, but it is amazing what the brain can achieve if you just give it that little push in the right direction. This is the subject of this post and although its a short one, it will hopefully give your brain that little push it needs to help you come up with your next multi-million dollar idea.  A great business idea consists of one of two things: 1) Think of a solution to a problem people have and solve it OR 2) Look at a current solution to a problem and make it better That’s it. Literally. Read these two points again and again – I cannot stress their important. You don’t even need to carry on reading the rest of this post. If you do wish to continue, lets just look at an example for each. Dropbox was a solution to the problem “I can’t take my files with me wherever I go without having to transfer them to USB and carry this around with me”. Houston came up with a solution to this problem by allowing users to store data on the cloud and access it from any device, anywhere in the world- a solution now known as Dropbox. An example for the second point is Apple’s iPod. There were plenty of MP3 players around at the time, yet iPod came in as a new contender and dominated the market. Why? Because it was just a much better solution. It made listening to music, downloading music and updating your music easier and simple. In conclusion, when thinking about new ideas, look at processes you go through regularly and think how can I make this less cumbersome? OR alternatively look at problems you face in your day to day activities which do not have a current solution and think, what would be a good way to solve this. Once you have a bunch of ideas that’s great – write them down and ask yourself the two questions above. These ideas however are no good if you cannot or do not know how to convert them into money. So make sure you stay tuned for part 3 where we talk about how to evaluate the profitability of your idea, figure out who your customers actually are and then use this information to determine if this is a venture worth pursuing. Twitter: @umarahmed12 Instagram: @umarahmed122 YouTube: Coming Soon Official Website: www.umarahmed.com |
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| FROM LBS Admissions Blog: Advance your career with a Masters at Europe’s #1 Business School |
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Hi everyone! Just a brief introduction, my name is Cindy Li – Recruitment Coordinator for our Masters in Finance (MiF) programmes. My job is to guide prospective candidates through the application process; answering any questions along the way. I am very pleased to announce that LinkedIn recently ranked London Business School as the best graduate […] Read the rest of this entry... |
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Hi Guest,
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AGSM at UNIVERSITY OF CALIFORNIA RIVERSIDE
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