The following is a revised discussion from article I published in the March-April issue of Midnight Engineering magazine. Although Thomas Edison said that his inventions came through mostly perspiration and only little from inspiration, imagination does play an important part in the process of generating new products or services. It usually takes a lot of hard work and a little luck to turn an imagined concept into a profitable business.
Every new business begins with an idea.
Many people, itching to start their own business, may have the resources and experience to form a new company but they may lack the right product or service to market. Other people, who already have a thriving business may wish to expand their markets. In each case, what may be lacking is the bare business concept, a new idea. Having a good idea is no guarantee that the company will be successful, but it is better than having a company with no good ideas. My goal for this article is to provide the entrepreneur with some tools and methods to help him generate a list of potentially marketable products or services.