We generate ideas almost every moment of every day, whether it’s what to eat, what to do, or where to go. It’s a testament to our thinking prowess. But why are some ideas more effective than others? It comes down to their reach and impact.

How Many People Can This Impact?

In essence, the intrinsic value of ideas depends on how many lives they touch. Your idea, if it impacts a million lives positively, could potentially be a “million-dollar idea”. Of course, that isn’t always the case, but it’s a worthwhile metric to gauge its inherent value. Though not every millionaire impacts a million lives, we can agree that they influence more people than the average individual. Thus, the more people’s lives you can enrich, the more potent the idea.

What’s Your Problem?

Every invention throughout history was crafted ingeniously to solve a problem or at least make life more tolerable. From the wheel and the lightbulb to the internet, personal computers, and smartphones, all inventions share this common genesis.

As humans, we’re arguably the most adaptable species on the planet, finding ingenious ways to shape and mold our surroundings. And when we are faced with any problem, we strive to fix them. So, scrutinize your surroundings and your life’s activities. What problems do you want to solve in your life? Will it significantly improve other people’s lives too? By reverse-engineering your thought process, you may find that the best way to discover great ideas is to solve personal discomforts.

Building a Platform

Identifying problems can sometimes feel like an arduous task, so here’s an alternative: build a platform. Successful companies, often referred to as unicorns, owe their success to this one concept: platforms.

Look at Google, Facebook, Instagram, YouTube, Microsoft, Amazon, Netflix, TikTok, basically any tech giant. They have built a loyal fanbase by building an ecosystem around their platform used as a springboard to launch their next product or service. They’re all platforms allowing users to engage with their interests.

Enhance Existing Services

You don’t have to invent the wheel. Improving an existing service or product can result in a fantastic idea. Look at TikTok, which revamped the concept of YouTube; or Amazon, which improved eBay’s service. Other examples include Netflix, which became the online version of Blockbuster; Facebook, a more refined version of MySpace; and Google, a superior iteration of Yahoo and MSN. Even companies like Airbnb and Uber have simply improved conventional models. So, examine the services and products you use. Could you make them better?

Conclusion

Every venture, every endeavor, and every undertaking begins with a simple idea. In your journey as an entrepreneur, the most critical step will be that first one in the right direction. Choose the right idea, impact as many lives as possible, solve a real problem, and build a community around it. Doing so will enrich both your life and those around you, and hopefully, the world.

Bonus

Here’s a link to one of our favorite public figures: Chris Do and The Futur. Chris Do explains his 7 step process for creating ideas.

1. Have clarity of the problem.
2. Reduce it to three keywords.
3. Soak your brain to relevant info.
4. Take a break.
5. Review before sleeping to induce subconscious problem-solving.
6. Take a hot shower.
7. Take notes on everything that comes to you.