We brainstorm about new business ideas every now and then. Some things I recently:
- We should think about the size of the idea, not just how good it sounds! How much revenue can it generate?
- The idea should provide a steady value addition and revenue stream.
- Anything that gives less than 20% growth in a year is not worth it. Any matured business would grow at 15% to 17% every year without much effort. As a matter of fact, we are looking for even better growth ideas, since we are still growing.
- We can focus only on 2 or 3 new ideas at a time.
- At this stage, both organic and inorganic growth should be considered. We can now look at acquiring positions in other companies that provide synergy and high growth possibility.
- We can take risks. As long as it does not burn more than 33% of the profits.
Brainstorming for new business ideas is always interesting. However what is even more interesting is the next step when you start filtering ideas for their application. Will this be the next big idea? I think that’s where the real action starts!
Do you follow like a check-list to filter ideas?
Yes, you are right. Brainstorming is a part of getting ideas. It is always cool to know that you have come up with the idea/ideas on your own. Kinda time consuming but then in the end, yourself can benefit for them (ideas).