• Tuesday, July 23, 2024
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BusinessDay

Developing ideas for wealth creation

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What doMobile Phones, Social Media, ATMs, Tablet Computers, LED Televisions, Diesel Engines and the Light bulb all have in common? They started as ideas birthed in the mind of one or several people that eventually catapulted them into stupendous wealth and fortune!These and many more ideas have significantly improved the quality of living of today’s generation when compared with a quarter of a century ago.

The impact and importance of ideas to the creation of wealth and fortune cannot be understated. This is because most of the world’s billionaires credit ideas as the vehicle through which they grew wealthy. They had an idea which they sold to the market place who in turn exchanged it for money. As the money began to pour in their wealth increased to astronomical levels!

The good news is that there are still many new ideas to be birthed in the world today. There are still many areas where we can still improve on the status quo thus creating value and wealth. We have not run out of innovations that we can improve upon so there is still room for you and I! Churning out winning ideas entails

Firstly, seeking to discover what problems exist in your environment. Problems and their solutions are literal pointers to wealth creation opportunities. Every product listed above solves one or more problems. The road to wealth could be as simple as discovering problems, coming up with workable and viable solutions and taking them to the final consumer in exchange for money.

It also helps to study existing products and services with a view to enhancing and improving upon them. It is important for you to know that not every successful idea is completely novel. There are still many vast improvements that can be made to successful ideas that can still make one a fortune. Seek to discover them!

A third method of churning out ideas is to look outside your immediate environment for products and services that have been developed for use in another environment that might be useful in yours. There are still a reasonable number of products being used in developed countries that are still yet to be deployed in Africa, especially with the rapid changes in technological advancements.

The place of undertaking robust research studies cannot be overemphasized. Research will help answer many relevant questions regarding the needs, wants and aspirations of the people being studied which could point you in the direction of what is lacking. It is also essential when you get to the testing phase to effectively assess the potentials and viability in whatever idea you might have.

Fifthly, one can also churn out winning ideas by studying existing products and services with a view to seeing if they can be applied in other vistas of opportunity and thus produce wealth. A good example pf this is the Mobile phone. It was initially being used for making and receiving calls and to send text messages, today it can be used as a computer, for note taking, torchlight, direction map, playing games, camera, music store and so much more. The technological advancements of the current era has thrown up products with potential for a wide variety of applications.

Finally get abreast of the latest trends in innovation and technology by attending workshops and seminars, subscribing to journals on innovation and technological advancements. Investing in this activity also opens the mind up regarding possibilities that one can adapt to one’s local situation.  This is more so when you consider that not all good ideas succeed in all environments.

I look forward to seeing many more advancements in the quality of our living as you take hold of innovative ideas that can make a difference in this environment.

Kenneth Doghudge