1. Identify a problem and find a solution
Ask your friends and family about problems that they come across in daily life for which there is no solution. Can you make a product that solves that problem?
Look at products / services that you use in your own daily life. Can you come up with a better alternative?
2. Look at your hobbies
Do you have a hobby or skill that can be turned into a business. Make a list of your hobbies and brainstorm with friends, family and your team on how these can be developed into a business.
3. Be realistic!
Remember, your ideas must be workable and they should be profitable? Ask yourselves: “can we realistically make this product”, “are there enough customers out there who will buy it” and “will it make money for us”?
4. Try improving an existing product / service
Try coming up with a different spin on an existing product / service. A good example of this is how a US company called Aqua Cell Media came up with a new slant on water coolers called ‘Coolertising’. They transformed the simple watercooler into a powerful form of promotion. Read more (external link)
5. Don’t forget your research & development
Remember that you can also score marks in this section for the research and development you carry out on your product / service. This means developing your product / service to make it more appealing to your customer.