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The Next Big Idea; How to Find it

Commitment and a passion to build are needed to create a great business. Becoming an entrepreneur comes from seeing a problem and doing something about it - it does not require a "great" idea. Seeing the problem is all the timing required.

Big ideas cause disruption and are drivers to change. Today's business and technology disruptions that create change include (1) broken business processes, (2) out-of-date business models, and (3) out-of-balance value chains where intermediaries provide no added value.

Disruptions create reflection and often signal major paradigm shifts. For example, first there was DOS, followed by Windows, and then the Internet. What comes next in information evolution is unknown. When current orders of magnitude in better price/performance no longer satisfy customers, redefinition of the added value concept becomes necessary and big ideas emerge.

The Internet is a next big idea and a disrupter because it affects both business and technology. For example, Amazon.com is a business model that affects both commerce and technology. As a virtual bookstore, it is not the traditional brick-and-mortar retail business but relies instead on the Internet's infrastructure to take orders and conduct transactions. It is a pioneer in ad hoc formulation of trial-and-error practices in electronic commerce. It is the flagship of things to come.

The business drivers for new software or internet products are pain and need. Business needs timely and accurate information for measuring performance Creating benchmark performance solutions and their measurement tools answer enterprise software concerns. This is a fertile area for entrepreneurial talents.

Entrepreneurship involves listening and leading. Customers tell companies what works and what does not; however, entrepreneurs do not have customers to validate their ideas. As visionaries, entrepreneurs lead the market by adding value. They develop and market their innovations to meet perceived customer wants and needs. When executing this function successfully, the market rewards the entrepreneur's efforts.

Entrepreneurs should not be afraid to be first. Gaining the leadership position and timing it correctly are uniquely advantageous circumstances in business. Taking an idea and making it a viable business takes a lot of passion and work. To sustain this, it had better be something that the entrepreneur enjoys, has fun with, and can take pride in.

If your dream is to build a company, find a way. A good idea is not enough to make a business. There must be a decided commitment and passion to dedicate your life to it. If you do, there is nothing more professionally exciting or satisfying.

Penetrating a new market depends upon building a unique expertise. From an investor's perspective, assembling a team that is the best in class and complimentary to the entrepreneur is vital. Defensibility is a factor where features such as deep intellectual property and business alliances may allow attainment of critical mass before competitors. Today, scaling the business quickly is necessary for success. Learning at a faster rate than the market or competition means shedding and digesting ideas.

Written by Judy Kong, Analyst with TECHdivas.com