• Friday, April 26, 2024
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Generate business ideas through observation

Generate business ideas through observation

“Imagination is everything. It is the preview of life’s coming attractions.’’
—Albert Einstein, developer of the theory of relativity

Observing your environment using the AEIOU Framework is a powerful tool for generating ideas.

Using the AEIOU framework helps you take note of:
Activities: What are people doing?
Environment: How are people using the environment? What’s the role of the environment?
Interactions: Do you see any routines? Do you observe special interactions between people? Between people and objects?
Objects: What’s there and being used or not used? Describe engagement with objects
Users: Who are the users? What are their roles? Look for extreme users.

Read Also: Women in Business: Carolyn Seaman

To put this principle into practice, visit your favorite coffee shop and find a nice place to sit that allows a good view of the room. Use the AEIOU framework to take note of the activities of people around you – the waiters, the customers etc. How are people using the space and objects? Look for patterns or interesting things that stand out. Analyze your observations and develop 3 unique insights on how to improve the coffee shop that might warrant further exploration for improvement.

Using observational techniques helps you develop logical insights on how you can improve the world around you.

Glory Enyinnaya is an international business consultant and corporate change agent who has consulted for a diverse range of blue-chip companies, including Accenture, Nigeria LNG, British-American Tobacco, Access Bank, FCMB and MTN. She has also advised over 200 entrepreneurs for clients such as the Centre for Global Enterprise (New York), the Entrepreneur Scan (Netherlands) and the International Business Accelerator (United States).

She is a technology entrepreneur, having founded Kleos Africa, which is Africa’s pioneer consulting platform. She is a Regional Partner for Faster Capital, a venture capital fund in the UAE which funds entrepreneurial projects around the world. She is a founding member of the African Women Entrepreneurship Cooperative (AWEC).

She facilitates sessions on strategy and entrepreneurship at Lagos Business School and Regenesys Business School. She is also a frequent contributor to the FATE Foundation’s MSME Hub and the SME Toolkit of the Enterprise Development Centre of the Pan-Atlantic University. She is available to advise aspiring and current entrepreneurs on Kleos Africa and can be reached at [email protected].