Some of the best business ideas are reactions to products that already exist. There’s a lot of money to be had in making a better wheel, rather than struggling to reinvent it.
“Sometimes it’s smarter not to focus on finding the next blockbuster idea; instead, look at an existing blockbuster idea and figure out what it should do that it currently does not,” suggests Erik Sherman. In a post for Inc. he argues why it’s OK to ride another innovator’s coattails and lays out the benefits of identifying and exploiting market gaps.
It’s “less of a gamble than trying to do something completely new,” he writes, and “you will likely need fewer resources to launch a market gap plug than a fully new concept.” There are drawbacks, of course – you’ll never eclipse the original company in size and you’ll likely only succeed as long as it does – but it may just lead you to an even bigger and better project further down the road. For more on finding inspiration for your next great idea by considering what’s out there already, read Sherman’s full post here.
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Finding a breakthrough business idea is usually regarded as a painful process. But as you’ll learn from this post, it doesn’t have to be. Ideas are great, but they don’t automatically translate into impact. Read this post from the OpenView Blog for tips on the best ways to take a business idea and really run with it.