Want a Good Business Idea? Go With What You Know

"How do I come up with a good business idea?" I hear this question all the time. It's a great question, and I'm going to try and give you an answer that makes sense.

If you look at most of the great businesses or products of our day, you'll find that the idea champion almost always had a very close tie to the industry he or she entered into and ended up dominating. For instance, the guys at Skullcandy were snowboarders and skiers who loved listening to music. The founder of Lovesac used couches and chairs, and grew up when hacky sacks were popular. He thought it would be cool to make a giant hacky sack and sit on it like a chair, and the rest is history. Steve Jobs and Bill Gates? They new A LOT about computers before they came up with their greatest ideas. 

The reality is, your best ideas will concern things that you already have a lot of background and experience in. Are you passionate about clothing? You might come up with a new and innovative retail sales model. Love cars? Like to skateboard? Do you have small children? Are you the world's biggest hockey fan? There are opportunities around every corner.

I have a lot of experience and passion for energy exploration and production. Naturally, almost all of my ideas revolve around the oil industry. I also have gained a special affinity for the salon and spa industry. Why? Because my wife is a cosmetologist, and I now know more about styling, coloring, skin care and spa services than I ever thought possible (or ever really wanted to).  So, I could compete in energy, and I could probably play a helpful supporting role in a salon and spa venture, but would it be wise to jump into an industry that I know nothing about? Probably not.

Although there are the occasional flukes, and sometimes people stumble into an amazing idea by total coincidence, I'd rather not wait for serendipity to drop the next big thing on my doorstep. So, go with what you know and as time goes by, you'll develop an eye for opportunities.

— Reed Page

    Executive Vice President

    USU Entrepreneurship Club

The Power of Saying No in the Right Way

Klydi Heywood

I believe the root word of business is busy. In order to be a good business professional, we must push ourselves to our limits and do our absolute best in everything. But it is this goal that is causing me to slowly lose my mind.

I found an article on Forbes.com that had valuable information on how and when to simply say “no.”

In the article, Susan Newman, Ph.D., a social psychologist and the author of The Book of No, says "people need to change their mindset about agreeing to everything.  By saying no, you can focus on your goals."

In order to give 100 percent to projects, we must give ourselves time. When we say no to something that has little or no correlation to do with our long terms goals, we become more effective.

The Forbes article advises to “take time to think before committing to a new project, and before you say no, consider the ramifications.” When we go above and beyond our position, we will get noticed. If this is a reputation you want, then consider carefully every decision until that reputation is built.

One piece of valuable advice I’ve heard from others in the field, and in this article, is to prioritize. If something is going conflicting with a more immediate or important project, state that to your requester and find other options for how you can help or ways the project can still be completed.

“Always try to offer something when you're turning someone down,” the article states.

I hope that this advice will help us all to become better businessmen and businesswomen as we strive to improve the business world.

The Value of Hands-On Learning

Nathan Henshaw
Business Council Member
Senior in Economics and International Business

Last Summer I was able to participate as an intern for the Small Enterprise Education and Development program, commonly known as the SEED program, in Ghana. Prior to leaving I never imagined I would have learned so much through personal experience. I learned several skills and lessons that have been, and will always be, valuable to me personally. However, perhaps the most important skill I was able to develop is my ability to think critically and solve problems. The autonomist nature of the program empowers the interns to take personal ownership of their experience and enables them with a real hands-on learning opportunities. Here are two simple illustrations.

Critical Thinking

One day a man came to my assigned partner and me to ask for a loan. He had some mechanical skills with cars and wanted to start repairing tires and changing oil in a neighboring village. We considered the potential risks and returns from the proposed investment and we visited his village several times to analyze the industry. We made the decision to issue a loan for his business idea. He was able to service several cars each day and paid off his loan within a few months, despite his loan being a 12-month loan. This experience helped me gain confidence that I can analyze real situations and not simply textbook problems.

Problem Solving

Part of the SEED experience is teaching classes. After class one day, I was approached by three men who had started a fish farm together. They had received a loan for approximately $600, between the three of them. This amount of money is nearly twice the average income for a single family in that area because most people live on less than one dollar per day. With some hesitation these men asked if they could speak with me about their loan payments. They explained that their fish farm dried up and they had lost everything. This was a big problem for them and their families.

Nathan Henshaw and a fellow student with some Ghana children
 during their time with the SEED program.

After several days of considering different business ideas and consulting with our professor, we came in contact with a friend who was looking to start a business. He had an idea to have these three men start managing a snail farm for him. They were able to do this and paid off their debt rather rapidly. They also qualified for another loan to grow a pepper farm.

These types of experiences don’t occur in the classroom. However, I know I was prepared to analyze these situations because of the preparation I received from several professors and mentors. I have loved my experience at the Huntsman School of Business — the quality of teaching is exceptional. I enjoy the classroom setting and learning from fellow students and the faculty. I am grateful for hands-on learning opportunities and to be able to put into practice some of the business principles I have learned. I believe the education I received in Ghana last summer was invaluable. 

    

A Professor's Advice to Students: Don't Cheat

Eric Schulz

I received an anonymous letter from a student this week alleging that on the last quiz I gave in class, some students were cheating. Nothing infuriates me more than liars and cheats. 

I know that the Pollyanna world in which I live — where I want to believe that everyone acts with honesty and integrity, and everyone is upfront, truthful and never deceitful — doesn't really exist, but I refuse to believe otherwise. How can one go through life suspicious of everyone and everything?  

At the end of the day, all we have is our integrity, our character, our honor, and our reputation. The temptation to cheat is part of the college experience — but true character is built by resisting the temptation and acting with integrity and honor. Think about it. Is it worth tarnishing your reputation and honor, and having to deal with a guilty conscience, for a few points on a meaningless quiz or test?  Really?

You are here at the University in order to improve your life's lot — to be able to get a better job and have a nicer life than those who did not continue their education.  Don't screw it up by cheating. A stellar reputation and clear conscience is worth much more than a few extra points on an exam or quiz. You'll sleep a lot better at night too. 

What Will Huntsman Hall Computer Labs Look Like?

I’ve shared with you some artist renderings of what we expect our tiered and flat classrooms to will look like in Huntsman Hall; so today I’m going to include an image showing what our computer labs might look like.

Huntsman Hall Computer Lab

Did you notice that I’m choosing my words a little more cautiously when it comes to our computer labs? Want to know why? It’s because in the world of computer technology things change so fast that all we know for sure is that we’ll have to be flexible if we want our students to be prepared for the changing global job market of the future. We don’t know for sure what our computer labs will look like when Huntsman Hall is completed.

If we cut the ribbon for the new building today, however, we suspect our labs would look something like the picture I have included. We are planning to have one lab that will include our Bloomberg terminals and will be home to our best and most expensive cutting-edge technology. We expect the front of our classrooms will have more than white boards and will feature some kind of technology that keeps our students in touch with the real-time developments that will be relevant to their education.

Ken Snyder

We plan to continue using the labs we have now in the George S. Eccles Business Building. We believe that all of our labs will be on the basement level because a room with large windows is not optimal for a computer lab. 

A Student's Farewell to the Huntsman School of Business

With graduation coming up, I will soon leave Logan and the Huntsman School of Business, the place that became my second home. With all the graduation stress, I often reflect back to summer of 2010, when I first came to Logan and became part of the Aggie spirit. Being an international student, there were a lot of things I had to overcome. I was in a foreign country with a different culture and language, I had to make new friends and was about to start a new chapter in my life away from my family and friends. I was worried, scared, but most of all, very excited. Back then, I had no idea what kind of amazing adventure it was going to be.

 

Perhaps, the biggest challenge I faced in Logan was making new friends. In the beginning, my circle of friends was limited to other Armenian students at USU. However, as soon as classes started, I began to make new friends, mostly by participating to Business School activities. Today I am proud to have friends from all over the world. Each of them has opened my mind and has taught me to look at things differently, in a way that I would have never done had I not met them.

 

If I had to identify one important life lesson I learned at the Huntsman School of Business it would be to never limit aspirations, because the only limited thing is time. One has to make the most out of it, explore, learn, and enjoy every moment, since it only happens once. Three years ago I would never have thought that I would attend a Microsoft presentation in Paris, meet business leaders from around the world, or get to see the breathtaking view of Machu Picchu in Peru or climb the Great Wall of China. All of those were life-changing experiences I had while at school. 

Sometimes I think back and wonder what my life would have been like if I had continued my studies in Armenia. Of course I cannot find an answer to that question, but I certainly have no regrets with my choice of coming to Utah State. If I had stayed back home, I would not have gained the same competitive academic knowledge, I would not have travelled as much, and most importantly, I would not have met the number of amazing people from around the world.

 

I will soon be starting another chapter of my life, and again, just like three years ago, I am scared, worried, and of course excited. There is a lot of uncertainty, which makes me wonder what the future will be like, where I will end up three years from now. Sometimes I wonder if I could meet the future Anna, the one that has overcome this new uncertainty, and listen to what she has to tell me. Hopefully, her advice to me would be the same: “Explore, learn and enjoy every given moment without any regrets." And perhaps this is also my advice to other international students who are to become part of the Huntsman School of Business at Utah State University.

— Anna Vardanyan
     Senior at the Huntsman School of Business

Cultivating Creativity

Business leaders often tell us to “think big,” “think outside the box,” “be different,” and so on. From my experience, I think that is easier said than done. When I try so hard to be creative, I ended up being frustrated and disappointed in myself because everything that comes to mind doesn’t seem to “make sense.” I realized, however, that not everything should necessarily make sense at first. Many creative ideas start off by not making sense. The distinguishing factor for a creative idea lies in people themselves. 

People who have the courage to step out of their comfort zones to take “the road less traveled” and think of something that may sound ridiculous to other people. They don’t get discouraged when others scoff at their ideas. Instead, they persist through challenging times.

In business, creativity is part of the organization, regardless of whether we like it or not. We need to come up with ideas for business strategies, start-up companies, branding, marketing and the list goes on and on. That is why creativity is such an important asset and skill for businessmen and women.

Here are some things that I found helpful in cultivating creativity:

Brainstorming — When in a large room full of people, we have the opportunity to interact and share ideas with each other. With many working minds, those ideas can lead to something great. Granted, some people are extroverts, while others are introverts and the introverts probably work better when they have some alone time. What they can do is list ideas that they have and bring them to the table during brainstorming sessions. There should not be any judgment during this time and everyone should be allowed to speak freely without any restrictions.

Sleep on it — My “A-HA” moment sometimes comes when I am well rested. When we are too tired, sleepy, hungry, or worse, all of the above, our brains sometimes don’t work, nothing comes to mind and we lack enthusiasm to come up with ideas. It is important to sustain ourselves with adequate food and sleep.

Seek inspiration from your surroundings — There are many things that could spark creativity: the media, the people that we talk to, nature, and even our very own office. We just need to look at things from a different perspective and find things that can benefit others. This can be difficult, even for me, but practice makes perfect.

 An article from entrepreneur.com provides more exercises to boost creativity. 

— Nadiah Johari