7. Examine old mousetraps--then build a better one. "If a product doesn't meet your own high standards, create a better one," advises business trendwatcher Perry Lowe. "That's what put Ben & Jerry's on the map." Ice cream fanatics Ben Cohen and Jerry Greenfield felt popular ice creams weren't rich and tasty enough for their cultivated palates, so they created their own super-premium line of ice cream, which is a bestseller nationwide. Just think: If these ice cream gurus weren't such picky eaters, there would be no Cherry Garcia, Chubby Hubby or Phish Food to enjoy.
So you have a potential inkling of an idea but aren’t sure if it really has any potential. Research the market to see what’s out there and where your idea could fit in. Besides your standard online search and library stop, there’s tons of resources out there to help you along. For example, MaRS Market Intelligence provides Ontario entrepreneurs with access to current, relevant and timely information about your industries, competitors, markets, potential investors and partners, intellectual property and best business practices at no cost.