Where do great small business ideas come from?

By Samantha Garner | April 11, 2015

small-business-ideasSo you’re ready to strike out on your own and start your entrepreneurship journey. But you may be wondering: where is your great business, product or service idea going to come from? Here are five areas from which new small business ideas most often arise:

From you
Approximately 60% of new business ideas come from our own work experience. We’ve all had a job where we thought something could be done better: an organizational system, an unnecessary step in a reporting process or a way to save time. These ideas and experiences are what help us create better products or services.

From others
Your customers often have new product or product improvement ideas. Seek feedback from customers who are active in industries that interest you. They might have the ideas you’re looking for.

Don’t overlook people you work with, either! Products like the McDonald’s Filet-o-Fish, the Big Mac, Egg McMuffin and Hot Apple Pie were each invented by ideas evolving from company operators.

From organizations
There are loads of business ideas within all levels of government, non-profit laboratories and associations. Your public library can help you find the government departments relevant to your business ideas. Organizations can help out in building upon your idea, too.

From literature
No, we don’t mean Moby Dick. Books, textbooks, research journals, trade magazines, patent registries, databases and the internet are all great sources of business ideas. Reading business publications such as Inc., Entrepreneur or Fortune magazine might stimulate your creative thinking too.

From serendipity
Anyone can stumble across a new product or service idea. It could be the person you sit next to on a flight, or the person in front of you in line. Being in the right place at the right time was the turning point in the careers of many entrepreneurs, including Mark Zuckerberg, Steve Jobs, and Oprah Winfrey.

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Topics: Entrepreneurial Inspiration, Small Business Tips and Advice | No Comments »

Five ways to inspire your small business creativity

By Samantha Garner | April 4, 2015

Creativity is the ability to view the world in new ways, to find hidden patterns, to make connections between seemingly unrelated things and to find solutions.

Why is this important for entrepreneurs? Because creativity is is not only the source of innovation, but also the source of new products and services, new industries, new ways of doing business, new business opportunities and ultimately wealth creation. All good stuff, right?

Here are five ways you can fire up your own creativity and inspire great things for your small business.

Set aside “think time” every day
Turn off all tempting electronic distractions. Read, garden, go for a walk, jog, sit and let your mind wander. Get into a routine of letting your brain loose at some point in your day — just not while you’re driving, please!

Write down all your business-related ideas
This one can seem daunting to many of us perfectionists, but don’t worry about how good, bad or strange your ideas might be. The key here is to set your mind free to develop a stockpile of ideas that might one day develop into something new or useful.

Think in opposites
What is a dog not? A dog is not a car. A dog is not a bird. A dog is not chocolate. Hmm — dog-shaped chocolates. That would make a good product to give loyal customers of your dog-grooming business. Get the idea?

Be a kid again
When was the last time you played with Lego? Did a jigsaw puzzle? Looked for shapes in clouds? Built a sandcastle? Kids are masters at creativity because of how they play, losing themselves in imagination and coming up with amazing stories and ideas.

Practice!
Spending time each day in quiet contemplation may seem challenging or even counterproductive at first, but the more you practice, the quicker you’ll get at summoning your creativity when you need it. Try to “free associate” as much as possible.

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Topics: Entrepreneurial Inspiration, Small Business Tips and Advice | No Comments »

Small business blog posts we liked this week

By Samantha Garner | March 28, 2015

From boardrooms to gyms, we’ve read some interesting articles on small business this week. Here are some of our favourites:

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Topics: Entrepreneurial Inspiration, Small Business Tips and Advice | No Comments »

How to choose a small business name

By Samantha Garner | March 21, 2015

Choosing a great name for your small business doesn’t have to mean years of work and a few sleepless nights, but there are several things to consider.

  • How will the name follow your brand?
  • How will you distinguish your name from competitors?
  • How will your name describe the product or service that you’re offering? This doesn’t have to necessarily be right in the company name – it could always be used as a tagline or catchy phrase.

Think of some distinguishing names that would work for your business and write them down. Don’t second-guess yourself – let your creativity fly!

Now, take some time away from your list of potential names and focus on something else for a while. When you return all bright-eyed and bushy-tailed, take another look at your ideas and start the elimination process.

Is there a way that your ideas can fit together to provide one name? Use synonyms or words starting with the same letters to find something catchy. If catchy doesn’t work, why not pick out some of your favourite letters and start trying to make up some words?

Finally, before going any further, take the top possibilities and do some searching online. Whether it’s through NUANS name searches, trademark searches or just a simple Google search, check out whether or not the name, or anything similar, is in use. Don’t forget to check domain names too if this is something important to your company.

Want more tips? Check out our related post, Choosing a great small business name.

Good luck!

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Topics: Entrepreneurial Inspiration, Small Business Tips and Advice | 2 Comments »

We’re proud to help entrepreneurs in Airdrie and Nunavut

By Samantha Garner | March 14, 2015

GoForth is proud to share two recent partnerships:

  1. With the Nunavut Economic Developers Association, bringing our small business training to entrepreneurs in Nunavut.
  2. Once again, we’re providing online small business education for the SMARTstart Program serving Airdrie’s entrepreneurs.

Thanks to our partners who share our belief in the importance of small business education, and who provide great services and support to entrepreneur-students to help Canada’s entrepreneurs succeed.

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Topics: GoForth Institute News, GoForth Institute Small Business Training | No Comments »

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