Every day I hear pitches from entrepreneurs about the great new product or company they are launching (or want to launch).
But unfortunately, more often than not, their ideas aren't that exciting.
Now, if you have great access to capital and are absolutely amazing at execution, then a "regular" idea is fine. In those cases, you simply go out and raise capital, launch your company, and then out-perform your competitors.
But, entrepreneurs who can do this are few and far between.
For the rest of us, we need an edge. Something that's different. Better than what's out there.
What I'm talking about is the kind of business idea that you look at and say, "That's really cool."
Now, these types of ideas typically feed off the wants and needs of consumers. That is, the entrepreneurs who conceive them have considered the true needs of the customer and modified existing products to satisfy those needs.
Importantly, in most cases, the customer hasn't even recognized the unmet need. But when they see the product or service, they realize its advantages and buy it.
I came across a couple examples of such "cool" products recently. The first was a pair of Reef brand sandals which has a bottle opener nestled in its sole making it "a mandatory accessory for a night out with the boys."
The second is Panasonic's BF-104 flashlight which operates with any combination of D-cell, AA OR AAA batteries. How cool is that...as long as you have 3 batteries, regardless of the type of each, it works (rather than all the time we've all spent searching for that last D-cell battery).
Neither of these innovations required years in the lab. Rather, they were both the result of the entrepreneurial mind coming up with creative solutions to the needs of their customers. (Note that the fact that these two innovations came out of corporations, rather than individual entrepreneurs, is even more impressive to me).
So, how can you maximize your creativity to come up with better ideas for your business?
Recently I created this video (http://www.growthink.com/content/breakthrough-business-idea-generator) that discusses one of my favorite brainstorming techniques called Assumption Reversal.
We have been using Assumption Reversal much more internally and coming up with some really neat ideas. I encourage you to watch the video and use Assumption Reversal for your business.
Finally, not long ago, I had the honor of interviewing Michael Michalko. Michael is the author of the book Thinkertoys which is known as one of the best books on creativity of all time. In fact, I learned about Assumption Reversal from this book.
I will be releasing more of Michalko's best creativity techniques in the coming months. In the meantime, try out the Assumption Reversal technique and keep brainstorming to come up with even better ideas.