Business ideas are common but high-growth business ideas are not. Very few people can develop ideas that change industries and create wealth for them.
Characteristics of high-growth business ideas
- They are highly scalable. This means that they can be implemented across the globe with ease.
- These business ideas are unique. Such ideas are creatively and innovatively developed.
- They provide solutions to the world’s major challenges.
- They are risky. High risk leads to higher rewards. This is the risk-reward relationship.
- Such business ideas are disruptive. They introduce concepts that change markets and industries. This is how they get free publicity.
- They require high-level expertise to implement. Due to the unique nature of high-growth business ideas, great skills are required to actualize them.
- They may require a substantial amount of capital to actualize. High growth business ideas need money to implement. However, many investors are ready to fund this kind of business ideas.
- Such have high pay-offs. Since these ideas are unique and solutions-oriented, they give great financial returns to the founders and investors.
Many businesses fail because their business ideas are not unique. The founders of those businesses just copied an idea from their friend’s business and implemented it the way it is. This is called a me-too business idea.
Me-too business ideas ultimately get zero natural brand recognition and loyalty. They require a great investment in marketing to stand out from the highly competitive marketplace.
It is true that 9 out of 10 businesses ultimately fail. To increase your chances of success, your business idea has to be sustainable and scalable. Here is how to develop high growth business ideas.
Secrets to high growth business ideas
To come up with great business ideas and concepts, the following are important:
- Have time alone.
- Stay motivated.
- Upgrade your mind.
- Desire success.
- Read biographies.
- Have thinking sessions.
- Take nature walks.
- Read amazing success books.
- Implement the ideas you already have.
Let’s look at each.
1. Have time alone
No one develops great business ideas and models by being around people all the time. The process calls for self-isolation.
Great business ideas will come in those lonely moments. This is when your mind is settled and there is no or little disturbance around.
Have you ever wondered why many great ideas come at night? It is because there are fewer distractions at night. At this time, the mind can start a process and finish without getting diverted.
If you want to come up with great business models and concepts, you will need to have time alone. Do not be around people all the time. Have time for yourself.
2. Stay motivated.
Great business ideas are never developed by discouraged and depressed minds. You have to stay motivated and positive.
A discouraged mind is not forward-looking. It focuses on past mistakes and circumstances. At this point, the mind is shut and not open to possibilities.
It is when the mind is enthusiastic about the future that it figures out the best ideas to make the future happen. This is a fundamental requirement.
How to stay motivated:
It does not mean that you should never get discouraged, it just means that you cannot stay disappointed. Rise from all circumstances, have the resilience, and keep moving.
- Listen to great motivational speakers. I listen to Les Brown, Eric Thomas, and Lisa Nichols a lot.
- Read success books.
- Write an impossible list and read it every day.
- Track your progress.
- Appreciate yourself for even minor achievements.
- Motivate others.
If you can stay motivated, your mind will generate high-growth business ideas over time. These ideas will catapult you to massive success.
3. Upgrade your mind.
Generating great business ideas, concepts and models has something to do with your ability to develop them. Super minds develop super ideas. The vice versa is also true.
The brain is tissue-like any other in the body. The more you put it to work, the more it grows stronger. Like going for physical exercise, mental exercise also keeps your mind fit and better.
To upgrade your mind:
- Read a lot and analyze what you read. Read to understand.
- Play mind boosting games like Chess every day.
- Do mind tests.
Upgrading your mind will increase the capability of your mind to develop these high growth business ideas.
4. Desire success.
Without the desire to succeed, the mind will not be stimulated to generate anything great.
There is nothing as strong as human desire. You can create the life you want through desire. If the desire is strong enough, your actions will follow.
Always desire to stand out and be different. Do not fit in and make peace with mediocrity. If you get this strong desire, your mind will help you fulfill the desire by generating ideas that will push you closer to success.
5. Read biographies
Biographies contain many great business ideas. After all, they are all about the people who made it big.
People pour their secrets and strategies in their biographies. These are strategies that worked for their lives. They can act as guides in our pursuit of success.
These are sessions where you do nothing else but think hard. Some people call them meditation.
6. Have thinking sessions.
For these sessions:
- Timing is critical. Do it when there is the least distraction. These can be early in the morning or late at night.
- The venue is also critical. Choose a place where you feel safe. Let the mind be settled.
- Keep all gadgets away.
- Train your mind to focus. When the mind is distracted, force to refocus.
- Think about the future, not the past.
- Focus on possibilities.
Have these sessions daily. Your mind will make it a habit to think critically.
7. Take nature walks.
Nature walks can help you develop great business ideas. This is because of the following:
- The open environment stimulates creativity. It is proven that people think critically and creatively in an open space and not in a closed room.
- There is less distraction in such environments as compared to towns and other crowded environments.
- The cool environment helps the mind focus. This is a prerequisite for critical and creative thinking.
Always make sure that the place feels safe.
8. Read success books.
Great success books can help stimulate your mind to the possibilities of the future. They have a way of igniting the spark of possibilities in us.
9. Implement the ideas you already have.
Great ideas do not come as you do nothing, they come as you are busy trying to make something work. As you implement the ideas you already have, more ideas on how you can improve the existing ones will come. These will be high growth business ideas.
Start with what you already have as you wait to get what you would love to have.
Final thoughts on business ideas
Great success starts with great business ideas. These ideas must be sustainable and scalable.
If you want to build a magnificent business, start by developing high growth business ideas. With them, you will be half-way there.
Founder/ C.E.O- Wealthy Wolves Consulting & Giimark Ltd/ Best-selling Author/ Speaker.