BY TOSIN NIYI
“Those who do not generate ideas will always have to serve those who do” this quote influenced me to write this. Idea is the major and most significant factor in starting a business which is largely contrary to the general opinion that money is the most significant factor. I had the opportunity of talking to a young friend telling me that, he would like to be a business owner but he said funding was the limiting factor for him. I contemplated this for a while, knowing truly this is a problem faced by many, but my response was “start small but think big” it is not how much you have but how big is the idea.
John Pemberton who created the coca cola formula sold it to Asa Candler for $2,300 based on the value the former placed on the formula he created in his backyard. Asa Candler had a bigger dream about the formula and he did aggressive marketing, improved on it and today we all talking about the Coca Cola company. Ideas usually outlive the brains that produce them because they are powerful. Also, two young entrepreneurs sold their idea to Candler about bottling the drink so it could be enjoyed in the comfort of their home and they became wealthy through this idea. This further shows that it’s not a money problem but an idea problem. Pemberton and Candler died long time ago but their brain child still exist with us till this day.
Truth be told, I have come up with many ideas. But many times I have personal thought and pondered, how do I come up with that great, life changing and business worthy idea? I want to suggest 3 simple principles.
Lots of individual have different gifts or talent but they do not turn those talent into entrepreneurial venture. The first point of call to generate an idea is through your natural talent or what you enjoy doing and never think what you have is inferior to others .
Identify A Need
An idea can come from need identification and being a problem solver. Mark Zuckerberg identified a need amongst college students in America (The simple need for young people to always keep in touch and know what their friends are doing) from his room and he solved it through Facebook.
Sometimes the quality of idea we come up with, is dependent on the people we hang around and associate ourselves with. Other times their impact (either positive or negative) is on the ability to turn this idea into a business success. I’ll like to encourage that when you come up with that great idea, do not seek validation for it, just go within yourself but also importantly, seek out the people that can help you get the idea made.
On a final note, one of Isaac Newton laws of motion states that “an object will not move until a force acts on it” this means that the force for your business to kick start is the idea not the money.