Getting Juice to the Light Bulb |
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One of the questions I continually hear young entrepreneurs ask Rich is, “How do you come up with all of those ideas?” Many of them seem to have the impression that they’re not smart enough to come up with a great business concept. They tend to think that business ideas miraculously materialize out of thin air. This chapter discusses seven different ways to help you generate the kind of ideas that result in a successful startup business.
Larry H. Miller is one of the wealthiest men in Utah. He owns the Utah Jazz, car dealerships, and many other businesses. In the 1970’s he was working at an auto parts dealership when the first big fuel shortage occurred, and gas prices soared. The situation was so desperate that siphoning and stealing gas became a common problem. Surveying the situation, Larry saw a need. He found out about a small company that made gas caps that locked. He negotiated exclusive distribution rights with this small company and became the only direct seller in the USA. He “locked down” the entire market. He eventually bought out the auto parts store and established the first block of the foundation of his financial empire.
Typically you don’t think of a great idea, you find it. This requires you to open your mind and recognize what is already going on around you. Part of it is being in the right place at the right time. It also takes a certain level of imagination and innovation. Be open to the possibilities that already exist. Any problem in the world can become a business opportunity. You have to ask yourself:
How can I fix this problem?
Do other people have this same problem?
Would there be people willing to buy my solution if I fix this problem?
Was Larry H. Miller a genius? No. He was simply in the right place (auto part dealership) at the right time (1970’s gas shortage) and he took advantage of the opportunity in front of him. He did not create his business in isolation, and it was not the product of some light bulb magically going off in his head. He simply kept his eyes open and took action. So, the question is, how can you learn to take action on the opportunities around you? How can you get juice to the “light bulbs” in your head?
Have fun with this. It’s one of Rich’s favorite parts of starting a business! |
