The video discusses various methods for generating business ideas, such as distracting your mind with activities like bathing and walking, or visiting inspirational places like museums. It emphasizes the importance of identifying and solving significant problems to create impactful startups.
What this video covers
Taking a bath or going for a walk? Those things seem so obvious, but those are the best ways to actually come up with ideas because you’re essentially distracting your mind. You’re letting your mind go, and that is a good way to find the inspiration on areas where you didn’t even know. It’s like being able to think about things.
Another way is to go to inspirational places. This could be going to a museum, for example, the Metropolitan in New York. It could be taking a look at architecture, maybe Gallio in Barcelona in Spain, and really taking a look at art. That is a great source of inspiration.
Next, you need to find big problems to solve. Some of the most incredible startups, the super-fast-growing startups, are those that were re-solving super big problems. Those were essentials, whether it’s food, water, energy, even logistics, things where you can come up with something that absolutely everyone in the world is going to need it.
Finding a business model that works: at the end of the day, you need to find a business model where you’re bringing value to the market, and you’re also extracting value for that value that you’re bringing. The last thing that you want is those companies that have raised a ton of money, but in the end, they never are able to make the company profitable. In the end, it’s better to have a business that scales, that turns a good profit rather than you’re just raising money to try to make something work.
Another way of finding a million-dollar business idea, it could be by taking a look at industries that are completely outdated. That could be, for example, what we’ve seen in insurance. There are a ton of insurance companies right now that have been growing like crazy and raising a ton of money.
Another way to find other entrepreneurs that have great ideas – you could go to meetup events, meetup groups, maybe go on groups online and mingle with the other potential founders or co-founders and try to brainstorm different ways and maybe things that they’re seeing where they have a splash of blue, you have a splash of red, and that creates something magical.
Another way to come up with something that addresses a need of a larger company: a good example of this could be, imagine if you came up with the specific piece that is going to alter the way that the technology works for, let’s say, Tesla cars or for Ford cars. Maybe you’re developing something that you can sell to them and that they can implement in their own product or service that they’re lacking. This could be another way of coming up with something where there’s a product or a service that you’re seeing outdated where they could experience a little tweak here and there, and you are the one that’s developing that tweak, and you’re selling it to them so they can implement it at a mass scale in whatever they are dealing or whatever they bring to market.
Another way is to turn your passion into millions: what are those things you’re extremely passionate about, that you’re good at, that you have incredible expertise, or perhaps skill set? That is a good way to come up with an idea and perhaps something that you can package and position so that you can scale and make a killing out of it. Again, your passion – what drives you, what moves you, what inspires you, that’s something that you could do to execute and to bring value to the market and perhaps make a lot of money out of it.
Journaling could be another way of coming up with great ideas. Writing down your day or even blogging or where you actually put it pen to paper, what you are thinking and how you are envisioning the world, how that has changed. That would be another way of coming up with a multi-million-dollar business idea?
