This stock bubble is ‘beyond 1929 and 2007,’ says John Hussman

Let’s us now shift gears and take a look at what we need to do in order to start generating amazing business ideas.  The steps below are a compilation of what I have used over the last 10 years to develop business ideas that, in one way or another, have added millions to my overall net worth.  In other words, it has worked incredibly well for me and I know, for a fact, that it will work incredibly well for you.

STEP #1: Make Idea Generation a Daily Practice:  

As mention above, idea generation is related to muscle memory. And while your brain is technically not a muscle, its development patterns closely resemble those of other muscles within your body. The more you work on it, the more you study, the more you practice and the more you think, the sharper your brain will become.  In all areas that you concentrate on.  When it comes to developing your business ideas, while you don’t have to spend a lot of time on the process, a consistent 10-30 minute daily effort is necessary.

For instance, I typically allocate about 15-20 minutes out of my hectic schedule to this practice.  No matter what.  In fact, I have an entire routine developed around the process.  I typically grab a cup of coffee, disconnect from all of my devices, tune everything out and concentrate intensely on developing new ideas over a 20-30 minute period of time.  Yet, I am not just working on “new” business ideas.  I am developing all sorts of new ideas. They might be additional products or services for my existing businesses, various offers, investment opportunities, better marketing processes, new technologies, new partnership, etc…..The spectrum of new ideas is unlimited and should be treated that way.

Plus, the biggest bang for your buck will typically come from combining two “new” seemingly independent ideas into a blockbuster idea your would be unable to develop otherwise. You might have had one idea a few months ago and the more recent idea today. When combined, such ideas might explode into a bowl of fireworks or that extremely profitable business you have always dreamt of. Clearly illustrating, once again, why you should make this a daily practice.

It is also important to understand that it might take a little bit of time and effort on your part to get this process going.  In fact, if you have never done this before, you might find the practice incredibly difficult. Not being able to come up with any ideas at all in the first few days. That is normal. For as long as you dedicate your time and effort to this practice, do not despair, the ideas will come soon enough.  So much so, that within a few months you will be flooded with too many business ideas.

Personally, I make it a point to come up with 8-10 business ideas per day.  I typically do not end my daily idea generation sessions until I hit that point.  You should have the same attitude.  After a few weeks or months of practice coming up with 10 ideas per day shouldn’t be a problem at all. Not only that, as your idea generation muscle gets better, the quality of your ideas will go up as well.  Eventually it will become so easy that various ideas will literally fall from the sky.

Extra Tip: If at all possible I would highly recommend doing this “Daily Idea Practice” first thing in the morning or when your mind is at its freshest.

PRACTICE #1:

Get a notepad and a pen out. Take 30 minutes to write out 10 business ideas within your area of expertise or passion. Do not worry about the quality of your ideas at this juncture. They are allowed and encouraged to be a little insane.

How To Make Idea Generation A Daily Practice  Google

Continuation from yesterday……..In the late 1980’s Steve Ells started at the Culinary Institute of America in Hyde Park, New York. Shortly after graduating he moved to San Francisco to work as a line cook for Jeremiah Tower. It is there that he saw how popular Mexican food was on the West Coast.  In 1993, taking what he learned in San Francisco Steve had a big idea. He opened up his first Chipotle restaurant in Denver, Colorado in a former Dolly Madison Ice Cream Store near the University of Denver with an $85,000 loan from his father.  At the time Ells calculated that the store would need to sell approximately 107 burritos per day to be profitable.  By the end of the first month and to everyone’s surprise, the store was selling approximately 1,000 burritos a day. The second restaurant was opened in 1995 and the rest, as they say, is history.  Today, Chipotle is a public company with 1,600 stores, $3.6 Billion in sales and a $21 Billion market capitalization. With Steve Ells’s estimated net worth of well over $200 Million.

Not a bad idea if you ask me. Yet, the story above flies in the face of where many people believe big ideas come from.  Most people have a false impression of waking up with big idea or being randomly hit with a flash of brilliance that would eventually lead them toward their big breakthrough. An easy to execute business idea that would bring millions or billions within a relatively short span of time and without too much effort on their part. Unfortunately, it rarely works that way.  What’s worst, many believe that such brilliant ideas are reserved for a few lucky ones, the creative types or those destined to be rich.

Luckily for you, such a perception couldn’t be further from the truth.

Like anything else in life, successful idea creation is a process that can be learned, replicated and improved upon.   Just as bodybuilders build their muscles by constantly working out, one exercise and one workout at time, we must work on our idea generation muscle on a daily basis.  The formula is fairly easy and straight forward. The more we work on our idea generation capability on the daily basis, the more ideas we will come up with.  More importantly, the ideas we will generate after a certain amount of time will be exponentially better than the ones that we start with. And that can make all the difference between coming up with a $100,000 a year business and coming up with a $100 Million a year business.

It is also important to pause here one last time and to remind you that coming up with a great business idea is not enough. Coming up with a great business idea in the field that you are passionate about is the key. Remember, it is a 100% certainty that you will run into numerous problems as you begin to grow your business. Some of them will appear insurmountable.  The only thing that will get you through the rough times is your love and absolute passion for what you do. Nothing else will. And believe me, this tiny factor makes all the difference between success and failure.

Take the story of Dyson’s founder Sir James Dyson.  Prior to his first vacuum cleaner hitting the store shelves in 1993, he spent 15 years creating 5,126 failed versions of his vacuum cleaner before he made the one that worked.  Do you really believe he would have been able to preserver though 5,126 failures if he didn’t love vacuum cleaners or if he wasn’t passionate about inventing? That would be a foolish proposition.  The payoff?  A multi-billion dollar company known for its breakthrough technology and innovative designs.

To Be Continued Tomorrow…….(Why Am I Seeing This On A Financial Website?)

What You Ought To Know About Coming Up With Billion Dollar Ideas Google