It does not have to be unique. Simple ideas are enough, just keep in mind that it must help the masses out there struggling with a problem, thus creating a gap in the market. Having an idea is important.
The mere definition of the word business brings to the fore the importance of the idea. At the heart of every business is a product or service. The business idea creates a reason to invest and it also creates sales and profit. With sales and profits come the scope to invest in more products and services, enabling the business to grow. All that said, if you have a bad idea, you are more likely to face competition. In turn, this will lead to reduced sales and profits, meaning the business is less likely to grow and may struggle to survive. Ideally, it should be a product or service that is difficult or impossible for others to copy. Competition from other businesses only does one thing, reduce profit. That said, monopoly businesses do not have to be another Google or Facebook.
You can read more here: https://medium.com/better-marketing/why-your-business-idea-is-the-most-important-thing-in-your-startup-48d0c7728888
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
First to think of what problem people will usually encounter in their work or life. Then think of idea or way to develope something valuable.
Few years back, i had the same notion your idea had to new and brilliant for it to turn into something valuable , but I was wrong . After talking to some of my peers who opened start ups or created a product , I found out core is solving a real-world problem doesn't matter how big or small. This really hit me and changed my thinking process. Not to say, a unique idea doesn't have value but look for a problem and then try to solve it in a unique way.
I have created apps online and filed some patents and can share how I did it. Happy to help you and share more stories on call with you . https://clarity.fm/jatinverma
No an idea doesn't need to be unique to be valuable, it just needs to fulfill a meaningful need which isn't currently being catered for.
A great book with very useful examples to read is "Blue Ocean Strategy".
Innovation can fall into two camps. The first where companies innovate and improve within an existing category, or, the second where companies create a brand new category of product.
An example of the later would be a Facebook....
An example of where a company innovates and improves on an existing product could Nintendo when they launched the Nintendo Wii in 2006.
This new console focused on value innovation where they reduce the cost but also differentiated the product doing away with the DVD/cartridge element most consoles had at the time and introducing a wireless controller.
Another example is Yellow tail, the wine company who instead of focusing on prestigious traditional branding focused on mass market appeal making a sweeter wine to capture demand from beer and spirit drinkers, creating a very simple range making it simple to buy, a red and a white.
The last example is Cirque du Soleil who moved away from animal acts to reduce their cost based and focused on a more theatrical proposition inspired by the world of theatre with productions never see before.
The result for these companies? They created new market space in existing and sometimes very cut throat markets.
So you don't have to be a Facebook to be successful, you "just" need to offer customers something meaningful and differentiated.
A fun exercise for companies can be to look at how certain companies have looked outside of their verticals to innovate and come up with great ideas and winning strategies.
I don't think you need a unique idea. you just need the right idea that can solve problems. and also an idea that is linked to your passion.
i would love to use Kentucky fried chicken idea at age 65 as an example. this wasn't a unique idea, it was an idea he realized was attached to his passion for cooking and at the same time it solved problems for people who found it difficult to make their chicken crispy and delicious.
This is a great question. I get this question a lot from artists and creative professionals. The idea or hypothesis is part of the equation that leads to innovation, which ultimately creates value. An idea without implementation is just an idea on paper, and you can’t create innovation without the idea. Innovation is a unique solution, a tangible result from a hypothesis that is tested and proven. To generate a unique solution, you need to identify the problem by brainstorming and asking good questions, testing for validity, and presenting your solutions in a way that resonates and benefits your ideal or dream clients/audience/marketplace.
You can't solve a complex problem with a complex solution. The solution doesn't need to be unique or grand. This is where many people have challenges and get stuck from moving forward. It's not the complexity that adds value. A simple solution doesn't mean you're "dumbing" it down; it demonstrates your understanding of the problem, and you're applying your expertise to address it more meaningfully. It is your expertise and how you solve the problem adds value. As Einstein said, "if you can't explain simply, you don't understand well enough."
I offer a workshop called, “How to Turn Creativity into Value.” It’s designed for artists and creative professionals. I think this topic benefits entrepreneurs as well. In the meantime, check out https://nycgallerina.com/blog/2021/1/19/from-imaginations-to-innovations-how-artists-visions-shaped-our-future-throughout-the-history
Hope this helps. Happy to chat more on this topic or if you have any specific questions.
1- I would say that you need a Problem, that is common to millions or billions of people around the world.
2 - You need to talk to those people to have a deep understanding of their problem.
3 - Iterate around the possible solutions for that problem.
4 - Show the solution (product or service) to the people that have the problem, and see if they use it, and if not why, and incorporate the learnings until you find a product/service that people want and would pay for.