“Imagination is more important than knowledge.”- Albert Einstein
Behind every successful business is a great idea; when we look upon some of the brilliant works from amazing personalities like Einstein, Thomas Alva Edison and many more, we feel awestruck, thinking how anybody could even strike of such a brilliant idea?
But in reality, those great ideas don’t come on command, but it comes after thought process, observation, and having the thorough knowledge about the industry or niche that they would like to discover or enter the industry.
It’s a myth that most entrepreneurs search for ideas looking at a newspaper, magazine or internet for market trends and business opportunities in the marketplace but the fact is different. The survey of the Panel Study of Entrepreneurial Dynamics PSED, where new business founders surveyed showed that only one-third (33.2%) of them were engaged in deliberate or systematic search for their new business ideas, whereas 70.9 percent of the new business founders indicated that their business opportunities wasn’t a one-time thing, but it was built over the years.
Let’s go deeper to learn more about starting with a great business idea
From my personal experience I can elaborate business ideas are in the below three ways
As a PhD student at Stanford University, California, when Larry Page and Sergey Brin in January 1996 were doing a research project, they came up with a better idea, they analyzed the relationship between the website and the search engines, unlike the conventional search engines that ranked the results by counting the number of times the search terms displayed on the page. Upon their deep understanding of the subject and accidental approach of the idea they further developed it and today the world depends on Google for everything.
Young Entrepreneurs with a passion to do with their own savings:
Steve Jobs with Apple, Bill Gates with Microsoft and Mark Zuckerberg with Facebook, started their business when they were young, from their own savings, chased their business ideas to build an emperor, which now stands with thousands of people working under their pillar. It’s all about passion, lighting your ideas in the right direction and having consistent in carrying out the same. It is surely not an easy task, one need to delve inside it to bring out the best of the class.
Through Years of Experience:
As per PSED, nearly 55.9 percent of entrepreneurs attribute the identification of their business ideas from their experience while working in an industry or market. Study by the National Federation of Independent Businesses found that nearly 43 percent of the time, the founder’s previous job was the source of inspiration for their idea to come up with a business.
My own experience speaks about this. Being a middle-aged Software professional, having passion to do business from my earlier days, gaining knowledge about the subject, understanding the customer’s demand and studying the business models, I launched my business at the right time in an App industry. My dream project Space-O, which I started with just 4 people, has now grown to 140 team members in a gap of 4 years. Just like the inspiration from Einstein below, I look my success as a mere stepping stone for my next endeavor.
“Einstein always appeared to have a clear view of the problems of physics and the determination to solve them. He had a strategy of his own and was able to visualize the main stages on the way to his goal. He regarded his major achievements as mere stepping-stones for the next advance.”
My advice to young entrepreneurs out there is to take even the silliest ideas into deep thought, visualize your main stage and be with your goal, because you will never know when your idea will strike to make billions in the market.