A viable idea and the power of imagination – Business Leader

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Story by
James Cook
September 2, 2022
Brendan Beeken
When it comes to launching your first business, it can be hard to know where to start. In a series of monthly articles for Business Leader, entrepreneur, investor and Chairman of Moni Talks, Brendan Beeken shares his experience and insight to help you get your start-up off the ground.
A unique idea is often the best starting point for a new enterprise. Looking at underlying problems and unmet needs is how entrepreneurs identify and optimise opportunities.
Many entrepreneurs are fascinated by how things work. They may have been the sort of children who dismantled gadgets to figure out how and why they function. This thirst to understand how things work leads to identifying problems in design or operation. And that leads to solving those problems.
Such a mindset can identify unsolved challenges and unmet needs in daily life and create viable businesses from providing solutions.
The simple answer is that your idea solves a problem in an intuitive and user-friendly way.
Many new businesses fail because their solution is too complicated or inconvenient for the intended customer.
Apple, in its early days, is an excellent example of intuitive solutions. The company built a phone that was easy to use and addressed issues users experienced with other phone manufacturers.
Another factor is your idea having the power to create a new market or reach an existing one.
Market research is vital, to see if there is an appetite for what you are offering or even a ready-made market waiting for your product.
Look at what others in your industry are doing, what customer responses they receive, what the business news says about them and their products.
This allows you to identify the unmet needs and issues mentioned earlier and address them.
Amazon, when it created its e-reader, did this. It was not the first to produce an e-reader, but the company examined the shortcomings and customer complaints about those on the market and targeted solving them. Notably, Amazon supplied a much more extensive and easily accessible library for its product.
Your business offering needs to be distinct, which may sound challenging if your product isn’t a new concept.
It is, however, achievable. Take, as an example, the major high street banks. They all appear to offer much the same services, but look closer and you’ll see they each have a distinct specialism, whether that is focusing on small businesses or high-quality retail customer experience.
The power of imagination is amazing: the greatest inventions started as just an idea.
Your creativity is critical to taking your idea and making it a viable business. Your imagination can not only come up with the idea but can also map out the plan to realise it.
The subconscious creative imagination generates new ideas and, through hunches and inspiration, creates the strategy you need to follow to reach your goal. The key to harnessing your imagination’s power is not to reject limitations and instead ask ‘why not?’.
This is notable in marketing when the same imagination that came up with the idea can produce creative ways of communicating the concept to the intended audience.
So, the starting point for a new business is to identify a gap in the market, produce a solution, create a strategy for bringing the solution to market, and clearly communicate what makes your solution distinct.
Click for more articles from Growth Month by Oracle
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