Marcus Hiles of San Antonio is a successful entrepreneur with a number of great ideas about business.
One of the easiest ways to come up with new ideas is to see what your competitors and other successful businesses are doing.
If you look outside of your geographical area, you will almost immediately find someone who is doing something that no one in your town is doing. If you study successful companies outside of your business, you are also almost guaranteed to discover something new.
Even as little as a few decades ago you had to physically go into a different area to see what other entrepreneurs were doing. Today, you can do most things online, without leaving your home or your office. You can visit websites such as Yelp and Google to see feedback from customers for all kinds of businesses everywhere in the country. If you are in the technology space, you can go to the Apple Store and Google Play market and read app reviews and happy and unhappy users.
There is simply no excuse not to research your competitors and other successful businesses.
The same is true for your direct competitors. While you can’t have a direct and honest conversation with them, there are a lot of things you can do to find out what they are doing and whether it’s working for them or not. One of the best things you can do is pretend to be a prospective customer, or have one of your friends do the same, and observe everything that happens. It doesn’t matter how big your business is. You may own a small company or you may operate a big enterprise like Marcus Hiles of San Antonio does. You will still learn a lot.