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How To Turn Ideas Into Income

Author: Andrew Pek   |   December 22nd, 2010

One of the biggest challenges facing small businesses these days is translating IDEAS into INCOME.  Most organizations are fully aware of the need to come up with big ideas and many have sophisticated systems, processes and techniques for doing just that.  Unfortunately, this is often where creativity and innovation meet a roadblock.

InnovationLarge and small organizations just don’t always know what to do with those ideas that are generated.  They don’t know how to translate those ideas into income – into results and outcomes. They don’t know how to bridge the gap.

So, as an entrepreneur/small business owner your success lies in knowing how to close that gap.  So, then, you ask, how exactly do I do that?

Here are a few suggestions and questions to get you started:

First, define your challenge – the problem – you are trying to solve or need (unmet need) you are trying to meet.  Be clear on the challenge and what success looks like, including a big goal that will compel you to make a change and inspire creative thinking and action.

Then, check how you are going about the process of getting insights.  Secondary research is important – statistics that is, about what people like or don’t like about your products/offerings, however, it is equally important to observe your clients, watch them in their natural environment and spend time understanding them to come up with fresh, novel ideas for value.

Also, check your idea generation processes.  How are you generating ideas?  How do you challenge those in your organization to come up with big, bold innovative ideas – different from what your competition down the street comes up with?  Remember to be aware of your beliefs and the beliefs that don’t serve you or limit you from taking risks.

Once you’ve determined that your idea generation process is most effective, what system and tools do you have in place to capture those ideas, vet them, approve them and find sponsorship – that is, someone who is willing to go out on a limb and support the ideas?

And finally, gain success and momentum by piloting or testing your ideas on a few or a limited population.  Through some trial and error you will help to realize your success more quickly if you test (prototype) your ideas and then work out the kinks before a full-scale launch – our FREE guide can be downloaded at www.ivibeglobal.com to get more details and implementation tips.


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