How To Come Up With Great Business Ideas

It always starts with a great idea. Billionaires and millionaires who made it big start with an idea in their mind.

Ideas are so important that I list it as the first criteria on my Homepage, if you want to be rich like successful billionaires.

The 3 important criterias you need to fulfill if you want to be rich are:
  1. You need to have an IDEA
  2. You need to create a PRODUCT or SERVICE
  3. You need to SERVE as many people as possible

Ideas Are The Most Important

Of the 3 criteria, ideas are the most important.

Without an idea, you will have no direction. Take a look at some of these billionaires below who have become rich by having a great business idea
  • Bill Gates who is the richest person in the world became rich by having a vision to put a PC in every home. He had an IDEA to power all these PC with an Operating System of his own.
  • Mark Zuckerberg had the IDEA to connect people all over the world through a platform. So he created a website called Facebook and today it reaches more than 1.6 Billion people. Mark is now one of the top 10 richest people in the world with a net worth of more than $50 Billion according to Forbes.
  • Larry Page and Sergey Brin, the Google guys are so rich today because they had an IDEA to download the whole internet and make knowledge accessible to everyone. Google now has more than 88% of the market share for search engines.
  • Sara Blakely had an IDEA to make comfortable undergarments that will help women to look good. She called her product Spanx. In 2012, she appeared on the cover of Forbes Magazine as the youngest self made female billionaire in the world.
  • Billionaire Dietrich Mateschitz had an idea to create an energy drink after being inspired by functional drinks from the Far East. His product Red Bull sold 5.9 Billion cans in 2015.
  • Wal Mart was created when Sam Walton had an idea to start a store that serves customers well and give them low prices. Today, Sam Walton's children are one of the richest families in America with a collective net worth of $149 Billion.
We could go on and on.

The point is, these great people became rich because of an IDEA.

They did not sit on the idea, but turned their idea into a great product or service which served millions and even billions of people all over the world. That is why they are so rich.

The Many Ways To Generate Business Ideas

Study The Greatest

The first way to come up with a business idea is to take a look at the Forbes Billionaire List and read about their stories. Alternatively, you can go to Bloomberg's Billionaire Index. These two list are the most reliable list of successful people who are the richest in their field.

Some have inherited their wealth. 

But you will find many who are self made billionaires on the list. Identify those who are self made and then do a quick Google search on them. Read their story, read articles about them, read how they got started. As you read their stories, ask yourself this question:

"What was the IDEA that made this billionaire so rich"

As you read more and more examples of people who became wealthy, you will soon start to generate business ideas of your own. Don't believe me? 

​Try it!

Check Out The Business Ideas Center

Entrepreneur.com has a section that is very helpful to help you generate a business idea.

Their list of 900 plus of businesses you can start today is divided into 3 categories.
  • Industries
  • Interests
  • Profession
Within these categories are links which you can click on to see a list of businesses you can start. When you click on the particular business, there is a short description along with the startup costs, whether it can be operated from home and can it be operated part time along with other information.

Take some time to explore this site.

You may just find one business that will help you generate a business idea.

Learn To Generate Ideas Using These Articles

As I study more and more billionaires and millionaires, I see a pattern or a trend on how these successful people came up with ideas. Some of the ways they come up with their money making ideas are odd. Some ideas come after years of thinking and some ideas come from something they experienced. Below are the lessons that I will write about in detail. But from the title itself, I guess you already have an idea of how to generate great business ideas.
  1. Can You Solve A Problem?
  2. Can You Help People Do Things Easier Or Faster?
  3. Can You Educate Others?
  4. Can You Provide Entertainment To Others?
  5. Can You Make An Improvement To Something?
  6. Can You Feed The World?
  7. Enhancing The Beauty Of A Person
  8. Can You Improve The Quality Of Life?
  9. A Revolutionary Product Or Service That Changes The World
  10. The Trend Is Your Friend

It takes time to create quality and well researched content. 

So come back here from time to time.

Why Spend So Much Time Focusing On Ideas?

Abraham Lincoln once said:

"Give me six hours to chop down a tree and I will spend the first four sharpening the axe"

It is not how long and hard you strike a tree with an axe. For an axe to be effective, you need it to be sharp. The quality of your idea will determine the amount of wealth it will bring you. 

A good idea is worth millions, a great idea is worth billions!
​
​Your idea is like the direction of an air plane. A one degree deviation for one hour will make you end up somewhere else. That is why you need to start with the correct idea. Spend a lot of time thinking of an idea before starting a business. Don't just rush into something because it is the hottest thing.

Think think and think.

​Great ideas that makes billions are worth the time spent.
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