You don't have to invent the replacement to the wheel to make your fortune in business. In fact, new inventions are often the hardest way to make a success.
Just like the lottery, there are the business winners that make you want to play, like the Post-it Note, Rubics Cube etc. However, if you want to make a lot of money, the most proven and simplest method is to look at a competitive market and think about how you could do it better. Innovative evolution instead of pure innovation.
In my life I found out, the hard way, that it is far easier to try and win a pound someone is already spending than to try and get them to spend a pound they do not currently spend.
Here are some great examples of this way of thinking:
Easy Jet - They did not invent air travel but empathised with the customer, and changed the way we fly.
Netflix - People where already spending the money on DVD rentals; this made it more convenient and most interestingly, put some trust in the consumer to return disks. I always wonder if we just trusted people how often the extra sales would pay for any fraud that happened.
iPod - Apple took the next generation of Walkmans - the MP3 player - and created a style icon packaged with a software system that made downloading music something your grandmother could do.
None of these companies re-invented the wheel, they just made the wheel better.
So, what should you look at when considering what new business to start?
1.Is there an “itch you can scratch”?
2.Can you turn an industry on its head by trusting the customer?
3.Put your self in the customers shoes – what would be your ideal experience?
Once you have your idea, remember it is all about action. Idea are nothing without action, procrastination is the enemy.
“As the boys at Nike say: Just Do It!” – recommends Jeremy Harbour.
