The notion that exceptional business ideas always result in success has persisted for far too long. Whether you have the perfect solution to a common problem or a daring new concept, you must make your vision a reality. Anyone can develop this ability to make ideas come true by developing leadership abilities, altering organisational practices, and engaging with the community.

 Thomas Edison famously quipped, “Genius is one per cent inspiration and 99 per cent perspiration.” The creative mind is easily moved by inspiration. What, though, explains the other 99 per cent of concept implementation?

 Every day, in the hands of creative minds, many ideas with the potential to improve our lives are generated and discarded. The ideas that move industries ahead are the result of excellent stewardship rather than exceptional originality. Yes, there is a method to the chaos of turning ideas into a reality—it’s just not as romantic as you would have anticipated.

How can you generate a start-up idea?   Your knowledge or expertise may be the base for launching your start-up.  The founders of many well-known firms had outstanding ideas because they were experts in their fields. Hotmail is an example of this, as developers Jack Smith and Fabir Basia wanted to discuss their business ideas while working at Apple but couldn’t access their private email due to the company’s firewalls. To capitalise on their expertise, they created a web-based email service accessed anywhere in the world. Capitalise on your expertise.

 The power of observation opens the doors to information all around us. The good news is that your possibilities and ideas for success come from the environment in which we all function. How can we see these challenges and create concepts that help us take advantage of them successfully? PEST analysis can help develop a company concept that has the potential to be sustainable by observing the political, economic, social, and technological changes that occur in your surroundings. You’ll be able to seize opportunities by examining these four elements

 Keeping an eye on emerging trends is a fantastic way to find opportunities. Instead of starting a business in a failing sector, educate yourself on the most important global trends, such as global warming, population expansion, technological advancement, and life expectancy. Tesla creator Elon Musk set out to create vehicles fuelled solely by electric batteries rather than fossil fuels. These electric vehicles are wholly environmentally friendly and are revolutionising the auto industry.

 Discovering social inefficiencies serves as a source of business inspiration. Attempt to find inefficiencies, as they are common in well-established sectors with little competition to stimulate innovation. You don’t have to be a seasoned entrepreneur to recognise that the world is full of problems. 

An idea must solve a problem or match a need to be useful. Consider what people dislike and what they want. Put on your detective hat and investigate people’s goals, desires, troubles, and hurdles. What are people in your neighbourhood discussing? What motivates and captivates them? What are their problems and challenges?  Where there are obstacles, there are possibilities!

Sectors with middlemen or brokers are another place to seek for ideas. I’m not advocating for individuals to lose their jobs! Technology may frequently solve this problem through centralisation. In recent years, technology has radically changed the travel industry, forcing many physical travel agents out of business in favour of online booking platforms.

What about business imitations? It is not unusual for successful company models to be copied and improved. Disruptive ideas are rare. You may be inspired by one and improve on it in another market area. It is feasible to copy successful company models.  Problem-solving skills lead to the discovery of fantastic possibilities, and opportunities lead to the generation of creative ideas. In order to tackle these challenges, you must stop avoiding problems and start embracing them.

Entrepreneurs need only a modicum of awareness to see ideas are all around, ripe for the taking. What matters is who acts first, who moves the fastest, and who produces the best results.   

— The writer is an innovations evangelist