One factor that contributes to business success is having a unique business idea. This unique idea enhances employee engagement, stimulates customer curiosity, and wins over influencers who could become enthusiastic brand advocates. It also wipes out all competition because it’s a one-of-a-kind business. So how do you develop a unique business idea?
First, accept the challenge of innovation. It takes courage to be the first to do something.
Next, think of technology as a force multiplier. You can leverage it to do the heavy lifting for you. You don’t need a huge staff to run a business. Computers can do many complex tasks quickly. As the IoT revolution picks up momentum, you will need fewer people and more AI machines to multiply your productivity.
Finally, build a team of smart people. These are people who have specialized in something that can take your business idea to the next level.
Dare to Be Unique
While you could do well in your business by simply following a proven business model, you would do exceptionally well if you wiped out the competition entirely through innovative product development.
Plenty of good ideas are still available. Imagine for a moment the impact it would have on the marketplace if you created a product that had a “wow” factor. Much of your success would be through word-of-mouth marketing.
It’s Not About Inventing the Wheel
You don’t have to invent a product from scratch–because it’s not about inventing the wheel. Just take an existing idea and make it better. So, it’s all about inventing a better wheel.
The Apple smartphone is a perfect example. It is the only smartphone to have its own operating system. Its many unique features allowed it to grab a lion’s share of the smartphone industry. While it’s hard to duplicate something as sophisticated as an Apple product, you can still create something better in some other field.
How Do You Do It?
How do you come up with fascinating new business ideas? Build a creative network, reframe industry challenges, and ask why more often.
One metaphor that might help you is to try to think like an anthropologist. An anthropologist coming across a lost tribe in the Amazon rainforest would explore this new experience with a sense of awe and wonder.
Although you may not be flush with startup capital, avoid the temptation to cut costs by buying second-hand or outdated technology. It’s worth paying more to leverage the productivity of the latest technology. The better your technology, the easier it will be to communicate, streamline and customize all your workflows, increase collaboration, automate time-consuming manual tasks, and increase employee engagement.
Hire Smart People
Steve Jobs understood the value of hiring smart people. Ideally, you should hire people smarter than you. If you’re already the smartest person in the room, then hire people who do things better than you in areas where you only have peripheral knowledge.
Steve Jobs was smart. However, he was smart in a unique way–as a visionary. He could see how to create the future. He was also smart enough to hire people who were smarter than him in technical fields. He also knew how to avoid micromanaging talent. He is often remembered for commenting, “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.”
Increase Your Odds of Success
Millions of people dream of abandoning the corporate rat race and creating their own businesses. Unfortunately, while this independent thinking is admirable, the SBA estimates that only one-third flourish while the other two-thirds only survive about two years.
However, starting a unique business is a way to beat the odds. If you can come up with an unusual and practical idea and be the first to bring it to market, your business success might exceed your wildest dreams.