If you’re an aspiring entrepreneur, you will acknowledge the value of brainstorming. Every high-net-worth individual (HNWI) would tell you that you need a plan, not just an idea, to build and run a successful business. And it may very well happen that you don’t have a concrete idea, to begin with. That is where brainstorming comes into play.
What is brainstorming? To put it simply, it is a creative process in which a person or a group of people work on a problem and present potential solutions. The purpose is to identify the solution that would best work out with a business plan. But, the process is more complex than sitting down with a notebook at the table. It can take many forms and purposes.
In today’s article, we will present the ways you can brainstorm better.
Start with a question
You should have a starting point. And, it need not be very specific. All you need is a question. You’re aiming to start a business, to offer something new to the world, but it is important to know what exactly. Ask yourself what you wish to achieve through this business. Like, “How can I simplify supply chains for medicines?”, “How can I make travel affordable?” or “How can I get the HNWIs to invest in my project? With the right question, you’ll have a direction. Otherwise, it will be like finding a needle in a haystack.
A SWOT Analysis
A very popular brainstorming technique among HNWIs is SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. It comprises a framework for evaluating the business’s competitiveness and, accordingly, developing strategies.
Since you’re starting a business, you’ll want to understand how your business would function. You should know where the strong areas lie, where your business could face problems, where your business can tap into its maximum potential, and what could impact the growth of the business. This technique will facilitate a fact-based analysis of the internal and external factors affecting your business.
Make a Mind Map
You don’t need any software to make one. But, it is much better to use software for accessibility and long-term storage. A mind map is a visual representation of your ideas. It is composed of diagrams, flowcharts, images, and whatnot. But there’s always a way to make it.
You need to first start with a word or question. Simply add a keyword. From that keyword will flow related concepts or questions, which can be shown via lines. Those questions or concepts will have their own sub-questions or concepts, and so on. A map will eventually come up. The ideas will build upon themselves and create a network. You’ll be able to simplify your idea because you have addressed all potential concepts or questions that may come into play.
Be crazy if you need to
You’ll always get a chance to conduct advanced evaluations in the future. All you need to do during brainstorming is to welcome all ideas. Many people avoid suggesting ideas thinking they’d be judged for being too crazy. But remember, it is a rule of brainstorming to keep an open mind.
Whatever ideas you have, write them down. The more you filter, the more you’ll limit yourself. Let your group members freely express their feelings about their ideas and yours. Perhaps, what you think is too crazy may not be crazy at all.
Keep a few things handy
You may have a great brain to register voluminous information. But you can’t always explain the information as lucidly as you understand it. So, for better cooperation and understanding among the group (and even for yourself, if you’re all by yourself), keep a few things handy.
These tools include a notebook to write all your ideas to refer to whenever needed, colored pencils or pens to highlight important parts of the idea, mind map apps, sticky notes or bookmarks for notebooks, and a voice recorder. If you’re storing the data on your laptop, put it up on the cloud and share it with your friends.
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