There are several myths about the initial idea for a small business. The first myth is that there exists some procedure by which you can reliably search for and discover all of the good business ideas. Rarely does one systematically search for and find a good idea for a small business *. Rather, it tends to emerge unexpectedly or you stumble upon it inadvertently. What is important, however, is that you are able to recognise a good idea when you see it.
* There are however methods of searching for ideas. These include Brainstorming, and the product idea grid
The second myth is that you must discover a unique idea, a new invention or some gigantic leap of the imagination. There is simply no correlation between commercial success and the creative or technological brilliance on which it is based. In fact, the vast majority of small business ideas are no more than excellent copies of other successful operations. Creativity means taking an idea (even an existing one) and moving it on further. This also covers innovation – taking what already exists and adding something.
The third myth is that a good idea will ensure success. There are thousands of good ideas which have gone broke. New ventures take a great deal of time and much effort to succeed. A good idea needs to be supported by a carefully considered business plan before it stands a chance of becoming a successful business operation.
The fourth myth is that any competent small business manager can manage any type of small business successfully. Doing something that you enjoy makes it far more likely that you will be successful. If you follow your instincts and concentrate on ideas that you find exciting, you will have more energy and enthusiasm for the task.
Nevertheless, there are techniques which you can employ in an attempt to uncover ideas for a small business.