This article will help you get started building million (or billion) dollar businesses. It is geared towards startup entrepreneurs and aspiring entrepreneurs.

Before we start, here’s a quote from Steve Jobs:

“To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.” (Source)

Startups as a whole are 90% execution, 10% ideas. Product management as a job teaches you to be an executor and more than an “ideas” person. I would highly recommend exploring PM roles at startups. As a PM, you need to come up with ideas, prioritize ideas, execute on ideas, empower your team members, and measure the success of your ideas.

Now, let’s dive into how you can generate business ideas to start a million or billion dollar business.

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Rule #1: you don’t come up with ideas first.

Focus on the type of market you want to solve problems in. Within that market: focus on the types of customers you want to solve problems for. You need to talk to customers first before coming up with ideas.

If you do want to come up with ideas ASAP, follow what is listed further below in the article. If you do have specific knowledge or industry expertise, you can likely identify ideas immediately because you have been seeing these opportunities for years and years in your day to day work.

Rule #2: You start with the problem.

If you start with the solution, you might create a product that customers don’t want. To prevent this, you should talk to customers and conduct user research. The double diamond design framework (below) is a great way to visualize this.