If you’re an entrepreneur, or even thinking about starting a business, This Site will literally make your day. And yes, I mean that both comically and seriously.
Have you ever been stuck trying to come up with a new business idea? You look around at other great startups and you’re jealous – “how can I come up with THAT good of an idea?” Thankfully someone came up with the solution, and it’s an online business idea + website generator. Yes, it’s a spoof but it’s also genius.
Check it out here: Startup Generator
Each time you load it, you get a different business idea & website so you’ll have to check back for some laughs. I’ve seen the gamut from services like “Encourage hub: manage your organization’s encouraging online” to “SwitchLink: … the Facebook of switching.”
What’s the practical implication? Aside from comedic relief, probably little other than just getting your idea-gears turning. In my personal experience and from the startup coaching that I’ve done, there is a 100% chance that your first business idea will morph by the time it reaches profitability – in fact, there is a 99.9% chance that even the business you officially build & launch with will also morph. (although, keep in mind 87.3% of statistics are made up on the spot).
So how do you ACTUALLY come up with a good business idea? One of the best practices I’ve seen I actually picked up on a CyberDust blast – (I saved this image, but I can’t remember who sent it to me so – if you are reading this, please send me dust and I’ll give you full credit!) – it’s called a Pugh matrix:
The Pugh matrix was named after professor Pugh in Glasgow and apparently comes by a variety of names. It can be used by teams or individuals, and it’s a great way to pick your top business idea, once you have a couple.
Here’s how it works:
- on the left side of your matrix, write out the criteria you need to hit such as novel, marketable, feasible, clear need, competition, market opportunity, length of use”
- in the first column: pick your “benchmark” idea – it could be an idea you already started, or it could be a competitor or a brand you like (like Yelp, or Uber). In that column, fill out all the boxes with an “s” or “0” for your baseline
- on the top: list out your business ideas.
- or each intersection mark a plus, a minus, or zero or “s” for same to compare.
In this example:
the “Exercise mat” is the baseline, and every other product idea is compared to be worse, better, or similar.
if you want to get really advanced, or have a lot of ideas to compare, you can add two levels, for example, +1, +2, or -1, -2.
Once you’re done, simply tally up the results and you’ll come up with your top idea!