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MYTH 4 'It takes only one brainstorming meeting to generate more ideas than we can handle'. From rain barrels that double as beautiful planters, to glow in the dark products that capture Earths natural resources to illuminate your pathways at night our products help you dominate your dominion with ease! moments. Though Stephenson provided the original spark, he hardly claims credit for all that followed. He developed his own version of a "dash report," a weekly rundown of about six key marketing and finance ratios that tells him how EnviroCheck is faring. Available at a price One of the simplest insights that comes from supply and demand is the availability of goods in the marketplace. Prices adjust to equate how much people want to buy with how much people want to sell. The products in this post were updated in May 2018. Innovative ideas are the competitive edge for most entrepreneurial companies. Not to mention ditching myths about the role of customers and employees--and even your own exalted status as idea czar. "Coming up with new ideas used to be one of my favorite pastimes," says Warren Schlichting, cofounder of Yucatan Foods, a $3-million company in Santa Monica, Calif. "I simply don't have the energy or the motivation anymore.". They give it top priority. By clicking subscribe, I acknowledge that I have read and agree to Penguin Books Australias Terms of Use and Privacy Policy. The same gut instinct that served them so well in turning an idea into a business proves just as adept at spinning out a steady stream of innovations, the kind that leave everybody around them wondering, "Where'd they come up with that?" There were family details, and he'd signed the label," Stephenson says, recalling details of that 1988 night as if it were last week. The 10-second business name creator. Better to treat idea generation just as you treat, say, hiring: preserve the part of the process you feel you need to do, and make sure the company can carry out the rest. Steven Johnson is the bestselling author of Future Perfect, Where Good Ideas Come From, The Invention of Air, The Ghost Map, and Everything Bad is Good for You, and is the editor of The Innovator's Cookbook. and the greatest good you can do is to bring back a new idea, because our world is endangered by the absence of good ideas. Reeves had no hesitation about giving the idea, intended for his company's internal use, a thumbs-up. Like the earth under your feet, a price is supported by the value the customer perceives in the product or service to which the price is attached. "Of course, we weren't in the software business at the time, but we decided on the spot that we could do it.". But to play a more active and consistent role in generating ideas, employees need to be educated. ALSO BY STEVEN JOHNSON WHERE GOOD IDEAS COME FROM The Natural History of Innovation "We kicked around a lot of ideas--franchising, expanding geographically to be more local" to supermarket and restaurant customers, Schroeder explains. I needed to churn out idea after idea. I think its more of a perception than the reality. On the days he comes into the office, he often leaves around 4 and continues to brainstorm at home until he finally falls asleep--with a notebook by his side in case he thinks of something midslumber. ", Back in 1992, for example, Cary got a call from a potential customer looking for help in streamlining the process for obtaining visas for workers heading overseas. If the boss or anyone else should proffer an idea that scores a string of 10s on the suck index--hey, it's nothing personal. The customer's people, he adds, "just knew they needed help." Common good, that which benefits society as a whole, in contrast to the private good of individuals and sections of society. So far, two major new services--including self-service computing kiosks in hotels--have resulted from Amos's formal idea-development process, and nine more are in the wings. MYTH 5 'Getting ideas isn't the problem; implementing them is'. Then there are the ideas for which any screen is beside the point. "The cycle of growth, of decline and renewal, is so compressed today," notes Jim Amos, CEO and president of franchisor Mail Boxes Etc., which has faced stiff competition. Here are some myths about where good ideas come from and ways to stimulate idea-generation at your company. Each week, he enters his ideas on a simple form in his computer that allows him to examine target markets, marketing and pricing factors, the estimated start-up capital and time commitment, and the three-year revenue potential. Inventive ideas for the first five years. The good news is, with a little practice, you can come up with ideas whenever you want to. What makes that type of system necessary is the simple fact that if both the CEO and the employees make idea generation a priority, the pipeline can quickly jam up. When people want more of something, the crowd of more enthusiastic buyers rarely exhausts the supply. Amos, fully aware that following up on the best ideas would be the only way to keep them in circulation, created a new-business-development group. You want to avoid things like "Carey's Cuties," which was overused back when Drew Carey first took over the show. Stephenson and entrepreneurs like him understand that generating ideas in the name of fueling growth is a wholly different task from the "Aha!" But even in his case, things aren't what they appear. With so many business ideas, finding the right one is easier said than done. Penguin Books Australia A Penguin Random House Company. None are stupid. "Some of them are pretty crazy, but I listen to them all," he says. The annals of entrepreneurship are, of course, filled with such crowning moments. Innovative ideas are the competitive edge for most entrepreneurial companies. "The market changes so rapidly that at any moment you have to give up what you are for what you could be." Most exhilarating is his conclusion: with today's tools and environment, radical innovation is extraordinarily accessible to those who know how to cultivate it. As a starting pointbefore conducting customer researchmany companies estimate that 10% to 20% of revenue will come from Good, 25% to 50% from Better, and 30% to 60% from Best. Having started nine years ago as a slide-show producer, the company has found itself in one cutthroat industry after another--from systems integration to photo-lab services to Web design, adding hundreds of services in nine different niches. People often credit their ideas to individual "Eureka!" (For example, how likely is it that someone will sue if NewMarket creates a site for Howard Stern's fans?) Oakshire Mushroom's claim to fame is a sawdust log for growing shiitakes that reduces the harvest time from four years to four months. Study the history of good ideas, he urges, and you'll find that the best of them tend to come from the worst "with high frequency." Of course, not every entrepreneur relishes the idea of giving up operational control, but there's also the option of loosening up: you might force yourself to delegate whatever administrative tasks you can't complete in about 20 hours a week. Hot products, no matter how unlikely their success (read Beanie Babies), are the most obvious of those endangered species. But they do respect it. No army can withstand the strength of an idea whose time has come. Victor Hugo tags: ideas. At Good Ideas, we create sustainable products to help you create a yard that helps you, and the planet. The whole experience, Stephenson says, "made us focus on quality issues." moments. Why have cities historically been such hubs of innovation? At the other end of the spectrum, Mail Boxes Etc. Just logging his ideas into a computer every week can help him assess whether a concept is worthy of future follow-up. He puts communing with outsiders on his regular to-do list, talking to a dozen or so each year, choosing those whose notions sound the most plausible. On the surface, Cameron Kuhn comes perilously close to the stereotypical image of the eccentric entrepreneur. Aside from reacting to what's already on the table, customers can help out by identifying unmet needs. Both the web and the city has proven to be places of . About six months ago Kuhn came up with another idea that helps him stay focused. Ask him, and Stephenson heaves a nearly audible shrug. CEOs looking to rear a steady brood of well-behaved ideas could do so by popping in at an annual industry trade show or by taking in the occasional customer comment. Reeves's 1996 meeting with an Arizona inventor quickly led to the development of the Connection Tent, a two-room tent connected by a tunnel, which accounted for more than $5 million in sales in its first year. Steven Johnson has spent twenty years immersed in creative industries, was active at the dawn of the internet and has a unique perspective that draws on his fluency in fields ranging from neurobiology to new media. As the bottle of wine went from hand to hand at Great Lakes Hybrids, Stephenson's original idea changed and grew. 1. Then came the marketing ideas; the company's product tag got a redesign--as did its brochures, followed by its fleet of trucks. But he attributes the company's fleet-footedness to the decision he made three years ago to bring in a chief operating officer. While Kuhn's creativity is driven by the sheer love of starting companies, Ethan Assal believes that if he hadn't pursued hundreds of possible new ideas, his company very well "might have gone out of business." But Steven Johnson shows how history tells a different story. "I was in my own world at that point," he says. Im Steven Johnson, author of twelve books, including Enemy of All Mankind, Farsighted, Where Good Ideas Come From, and The Ghost Map. His fascinating tour takes us from the "liquid networks" of London's coffee houses to Charles Darwin's long, slow hunch to today's high-velocity web. I have a great sales team. And the CEOs who generate ideas most consistently are mindful of doing whatever they need to--hiring, delegating, reorganizing--to give their minds time to roam. One brainstorming meeting to generate more ideas than we can handle ' succeeded -- there was a foray Mind. `` aside from reacting to what 's already on the table customers. 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