- Rethink your industry. Chances are you know there's a better way your industry could serve its customers.
NetFlix saw a brighter future for video rentals via mail vs. brick & mortar stores.
- Apply new technology to an existing product. How can you add-on to an old product — to make it more effective?
A dentist found a new application for flashing light technology used in sneakers. Now kids using his Fire Fly toothbushes brush longer — until the flashing light stops.
- Pursue your passion. Rethink your hobbies and interests.
The things you enjoy outside your job — the things you do for love — can lead to a profitable future.
The founders of Izze Beverage wanted a healthy bottled drink like the sparkling water and fruit juice they enjoyed in Europe.
- Think around your frustration. You can solve your problems — and profit from them too.
Fleurville was founded by two parents who disliked diaper bags with fuzzy bunnies. Their more fashionable alternative served an unmet need.
Why should just two people break a wishbone every Thanksgiving? Thanks to the Lucky Wishbone Company you can spread around the fun.
- Open your eyes to new trends.
Newspapers, magazines and the web deliver lifestyle news you can use to your advantage.
When business travel took to the air, Warren Avis took his business to the airport, opening the first rental car office at Detroit's Willow Run airport.
When Joey Shamah and Scott-Vincent Borda learned that affuent consumers liked shopping at dollar stores, they developed E.L.F. Cosmetics, which sells quality cosmetics at lower prices.
- Solve a problem within your profession. Some professionals have addressed occupational hazards and helped others outside of their field.
Because chemicals used by manicurists can wreak havoc on hands. One manicurist invented a new hand softener — the One Minute Manicure — sold in stores nationwide.
- Think niche within niche. Every business has areas where needs aren't adequately met.
Designing Solutions was born to meet the need for kid-friendly interior design — furnishings that can withstand kid punishment and still look great.
Stroller Strides was started as a neighborhood exercise club for moms with infants. It combines fast-paced walking with body toning stops. In 600 locations across America.
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- Think "tried and true" and make it new.
Take an existing product or service — something you know is needed — and customize it.
In the 80s, singing telegrams were replaced by Balloon Bouquets.
In the 90s Starbucks gave birth to a whole new kind of coffee shop.
Amazing Cosmetics created a superior concealer — a neglected category of make up. Today their product is used by Hollywood make up artists and is sold in high-end stores.
The Cookie Company found a fun and tasty way for companies to increase brand awareness — through edible premiums.
- Use a bad experience to create a better business. Adverse conditions often inspire "work around" solutions that others could use.
Shocked at high-priced cigar-store humidors, Dave Sabot went online and scored a cheaper model. Soon he began cheaphumidors.com.
- Think unique. Intentionally go against the grain. There's always another way to solve a problem. Sometimes the market welcomes a counter-intuitive solution.
Little Mismatched started as a joke about the craziness of fashion and developed into an entire line of girl's clothing with mismatched items.
Utilikilts was founded by an entrepreneur who wanted a free-flowing garment to wear while working in his garage workshop.
BzzzAgent's marketers found a way to profit from word-of-mouth advertising vs. conventional advertising.
- Just do it. There's never a perfect time to go into business, so don't wait for it. Prepare yourself and take the leap.
As entrepreneur Steven Villegas says, "You'll never know until you try, and you'll never be happy until you try. Sometimes you've just got to jump off the edge, not seeing where the bottom is."
- Go with the Flow. When things aren't going your way, listen to your customers, they may be taking you to a better place. Often entrepreneurs start out in one direction and end up going in another.
When William Wrigley Jr. gave his baking powder customers chewing gum samples as gifts, the gum proved more popular than his product. He shifted his focus, and began marketing Wrigley's Chewing Gum
S.C. Johnson started out making wooden parkay floors. But he quickly discovered that his floor wax was a more profitable venture. Soon he focused exclusively on Johnson's Wax.
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