The Search For Ideas- Part 2: Look at the Big Picture
Ideas are everywhere. In the previous blog we discussed the various opportunities that can arise just from looking at our personal lives. If that did not strike a cord, let us look at the big picture to search for more ideas:
- Demographic Trends: What are some of the key trends you see? There are many, but let's look at a few to get started:
- An aging U.S. population: Their needs and wants will be many: healthcare, housing, finances and travel to name just a few.
- A much more diversified population: Hispanics are now 17% of the population and growing. Asian Americans are now close to 6% and are also one of the most affluent groups in the country. What do these groups need and want? What kind of foods, groceries, restaurants, medicines and health clubs are needed to support their needs and wants?
- Perceptions / Beliefs: There are people who believe that being a vegetarian or even a vegan is the best diet. Others feel strongly that a low carbohydrate diet is the way to go. Understand that each of these areas is rife for adding value in the form of a product or service.
- Things that just don't make sense: iTunes was the answer to not being forced to buy an entire album when you only wanted a few songs. I discovered a new company called Clear (Clearme.com) whose slogan warmed my heart: "Travel Better. Faster. Smarter. Skip the line and get to your gate in half the time." As soon as the service becomes available in Chicago, I will sign up.
- Food and Fashion: Forty years ago, the only upscale restaurant experience in Chicago was limited to French cuisine. For the more plebeian palate there were two additional choices - Mexican and Chinese. Today, that is certainly not the case. On the fashion front, a recent business headline blared Nasty Gal just raised a $12.7 million round. Sophie Amaruso was 22 when she started the Nasty Gal store on eBay in her garage to appeal to stylish, young, women who couldn't afford premium fashion labels. The company was incorporated in 2008 and in six short years, it has grown 10,000 percent. At 22, she saw a problem and offered a solution. Do you see any problems?
- Connections: People are more connected than ever before in the history of the world thanks to Tindr, Yik Yak, WhatsApp, Viber and Facebook. Air travel, made quite affordable by the likes of Southwest, Spirit and Ryan, extends this connectivity even further. Undoubtedly there are still many more opportunities to be developed in this space.
You are only limited by your imagination.
Verinder Syal, Author: Discover The Entrepreneur Within