Any idea may be a fantastic idea, but not every idea is. Before you process that let us take these questions into consideration. Why did Bavarian Motor Works (BMW) decide to make cars? How did soft drinks become a billion-dollar business? Who’d have thought you could make millions from crap? When did the internet go from the information highway into the shopping highway? Where did Xerox fail with computers and what leads some to think they ought to have been the personal computing tycoons of now? An idea may be the first step into a new direction, the dawn of a new age, or it may be the ability to collapse – or even worse tragedy.
In the business world, ideas are in a dime a dozen. So it does not mean much to have an idea if you don’t understand how to turn that idea into realistic objectives and are capable of designing a comprehensive By looking back on some of the biggest and most recognized businesses in the world, and possibly some that are not so recognized, and assessing the ideas that boomed or bombed their businesses, we could find a very clear comprehension of why an idea is not necessarily enough to determine decent business. Bayerische Flugzeug Werke, afterward known as Bayerische Motoren Werke (English for Bavarian Motor Works or otherwise called BMW), started off by manufacturing aircraft engines in 1916. Following World War II the BMW websites were heavily bombed or captured by the Soviets.
The business saw little chance in continuing aircraft engine manufacturing and eventually lost all interest. However, they retained their, now widely-recognized, BMW roundel, the ancient trade-mark representing white propellers against a blue sky backdrop. They ventured farther into auto production bringing a long line of bikes and cars to the European marketplace. It was not until the 1970s, however, that BMW succeeded in going into the premium sector of the industrial marketplace with a stride. Today, BMW’s passenger cars are known for their sports-elegance and luxury. So while BMW began with an idea to produce engines for planes, they ended up being recognized for their top-of-the-line, first-class, commercial cars.
That is one example of why it is important to change your plan, if and when they plan to use an idea that fails to leave powerful. In this case, the failure was due mostly to unforeseeable events beyond the influence or control of the provider. BMW still stuck with its idea of creating high-grade superior engines no matter whether those engines ended up in planes, motorcycles, or cars. Thus the idea was neither great nor bad. It was only an idea, but one which was applied with the appropriate strategies.
There are of course many examples of – thought to be crazy – ideas that ended in enormous success. The Coke Company, by way of instance, was one to reevaluate the soft drink market. It was hard to imagine, from the late 1800s, that some sugar-water would someday hail a $250 billion per year market. People could go days without food, but the water was irresistible. Economically speaking, people set a greater value on dirt than they do water, but paradoxically water is the most demanded source on the surface of Earth. Hence that the company provided that demand – with a bit of an incentive. Drink water which has both a taste and a color!
Nowadays Coke is the soft drink giant of the drink industry generating both carbonated and non-carbonated soft drinks including such products as carbonated drinks, juices, bottled water, flavored water, and teas. Now Coke has a market cap of $175 billion (USD) and is the world’s largest provider of drinks. However, those ideas were easy to come up with back then! What could I possibly think of today that has not been thought of today? It might be argued that those examples fail to handle modern competitive thinking. However, it is still common today to discover new and innovative ideas that some businesses have not adapted or utilized effectively.
By way of instance, an 18-year-old Canadian entrepreneur, Brian Scudamore, got an idea to make money off other peoples’ crap back in the ’90s. He believed that individuals would be happy to pay decent money to get rid of old crap they no longer wanted around. In addition, he believed people tended to discount people who were not very presentable from intruding their personal space. So he leased new trucks, assembled a group of presentable workers – dressed in navy pants and royal blue tops – and started his business franchise 1-800-Got-Junk? The business collects fees for hauling crap from your designated place.
Every day thousands of people call into big blue trucks come and pick up their old crap and haul it off. The franchise currently works in 250 locations across North America and Australia pulling in over $12 million annually. His idea was exceptional because of its originality and imagination. Brian found a need in the market that had to be fulfilled and provided it in a fashion that would befit his entire business objectives, which is crucial in As most of you might already know the internet was initially a technology initiative, the government-financed project started by the United States Department of defense in 1957, also came to