Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
Whether you are looking for new product or service ideas or improvements, new technologies and business processes, or even considering an entirely new venture, important ideas can emerge from a careful assessment of your external environment. Here are some suggestions for conducting an effective search:
1. Start by adopting an external perspective. How would you describe the environment in which your business is located? How would someone outside your industry describe it?
2. What are the trends, needs, or problems that can be identified? Are there changing or emerging needs in your market that didn’t exist even a few months ago?
3. What trends or needs are ignored by others in your industry? How can you try, perhaps on a small scale, to tap into some of these?
4. How much of your time (daily/weekly) do you spend researching your industry and keeping up with changes in your market? Resolve to spend at least 10 percent to 25 percent more time doing that.
5. Find the right balance between intuition and analysis in your plan of action. Gut instincts about future trends and expectations are important to notice. Apply sound analysis before committing resources.
Professor of Management
Director, Center for Creativity & Innovation
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.