Need a great business idea? Just set aside four minutes.

That’s the advice of Mike Michalowicz, author of nine books and host of the new TV series 4 Minute Money Maker. In the show, he helps business owners solve real problems fast — by coming up with as many ideas as possible in just four minutes.

But it’s not just a TV gimmick, he says. It’s a real strategy that he uses when helping entrepreneurs solve problems, unlock growth, and identify new opportunities.

Here, he explains how it works.

You’re known as the systems guy. Do you have a system for generating ideas when a business is stuck, or even starting to flatline? How can someone replicate that to breathe new life into their own business?

Michalowicz: Absolutely. Idea generation is a skill, not a talent. And like any skill, it gets better with practice. The best way to start is by using a method to structure your brainstorming, especially when you’re learning to flex that creative muscle.

If you aren’t sure what to fix first, I use a tool called DuMbO: Desire, Understanding, Method, Belief, Outcome.

I start by asking: what does the customer want (Desire) versus what are they actually getting (Outcome)? If there’s a mismatch, then I check the Method of delivering my product or service. (I’ll explain that below.) If the Method works fine, then the real block might be that customers don’t Understand how to use it, or don’t Believe it will work for them.

Example: A meal prep business is struggling with retention. Your customers Desire healthy meals in minutes, but the Outcome is that prep still feels too long. The Method is shipping them raw ingredients — and while that may technically deliver the healthy meals they desire, your customers might not Understand how to prep these meals efficiently, or they don’t Believe it truly saves time. Either way, that means they’ll quit your service.

This is where idea generation comes in. One of my go-to tools is the random mashup. I take two unrelated things — say, a snowman and a lawnchair — and see what sparks:

• Snowman: frozen, ready-to-heat meals customers can stockpile.
• Lawnchair: marketing that promises, “Dinner’s ready so fast you can enjoy more time in your lawnchair.”

A quirky mashup like this might sound absurd, but it often sparks practical experiments, like reframing your marketing or offering a convenience-focused product.

To get the most out of it, follow three ground rules:

• Set a timer. Four minutes is the sweet spot — long enough for ideas to flow, short enough to keep energy high.
• Stick to one problem at a time. Focus keeps ideas relevant.
• No judging. The wilder the ideas, the better.

DuMbO shows you where to focus. The 4-minute mashup shows you how to spark solutions. Together, they unlock breakthroughs fast.

What are the most common mistakes entrepreneurs make when generating ideas?

Michalowicz: Seeking perfection, overthinking, and tackling too many problems at once are common traps. Entrepreneurs stall polishing the “perfect” idea, get bogged down in analysis, or scatter their focus. The 4-minute method solves this: Focus on one problem, prioritize quantity over quality, and set a strict timer to generate ideas fast. Then refine and test the ideas with the most potential.

How do you filter which ideas are worth pursuing?

Michalowicz: I use the lens of impact versus effort. Start with ideas that have high impact and low effort. Implement, test, and iterate quickly. Often, the fastest wins come from simple, actionable moves.

How can a small business owner turn a scrappy idea into a lasting system?

Michalowicz: First, test the concept. For instance, let’s think about the meal prep business whose customers struggled with prep time. That business could pilot a small batch of ready-to-heat meals for a week, tracking sales and repeat orders.

Always involve customers and measure behavior, not just words. Once you are sure the idea resonates, then you should systematize it — document steps, assign responsibilities, and make it repeatable. Rapid experiments can become real growth engines.

What advice do you have for entrepreneurs who feel they aren’t “idea people”?

Michalowicz: Everyone can generate ideas. It’s a skill, not a talent. Make ideation part of your regular work. Schedule time and use structure — a strict timer, one problem to solve, and target output (like 10 ideas in four minutes). Ideas are just the spark; execution fuels the fire. Lean into your strengths, flex your ideas muscle, and make ideation a routine.

The 4-minute method is fast, actionable, and surprisingly effective. I use it in my own business and to help entrepreneurs solve real challenges. You don’t need a TV show. You just a timer, a problem, and the willingness to act.

Elon Musk’s SpaceX has agreed to pay $17 billion for wireless spectrum licenses from EchoStar to build out its Starlink satellite network, the telecommunications firm said Monday.

The deal includes $8.5 billion in cash and up to $8.5 billion of SpaceX’s stock portfolio for two blocks of wireless spectrum that could expand its reach to cellphone users.

SpaceX also agreed to pay about $2 billion of cash toward interest payments on EchoStar’s debt through November 2027.

The deal comes after the FCC in May warned EchoStar it was investigating its commitment to provide 5G service in the US, questioning its buildout extension and mobile-satellite service.

In a letter to the company, FCC Chairman Brendan Carr said EchoStar wasn’t effectively competing with major wireless carriers using the licenses at its disposal — threatening to strip the company of some of those valuable spectrum rights.

Charlie Ergen, the company’s chairman, met with President Trump in June. Trump later called Carr to take part in the meeting.

EchoStar said Monday it expects the SpaceX deal to resolve the FCC’s inquiries – sending shares in the company soaring 21.6%.

SpaceX could use the new licenses to beef up its home broadband provider through Musk’s Starlink business. SpaceX has also ventured into mobile phones through a deal with T-Mobile.

EchoStar’s wireless licenses would improve Starlink’s ability to connect with cellphones in remote areas out of reach of cellphone towers.

The deal includes rights to provide ground-based 5G cellphone and broadband service.

SpaceX could use the licenses to build a new cellphone service or share spectrum with telecom partners.

T-Mobile is in talks to lease some of the spectrum rights that SpaceX plans to acquire, people familiar with the matter told the Wall Street Journal. 

EchoStar recently clinched a deal with AT&T, which agreed to pay $23 billion for wireless spectrum licenses to improve its traditional cellphone service.

AT&T CEO John Stankey called the deal “an opportunistic and pre-emptive asset acquisition,” while EchoStar said the deal is part of its efforts to resolve the FCC’s concerns.

Last year, US satellite TV provider DirecTV terminated its agreement to acquire EchoStar’s satellite television business, which includes rival Dish TV, over a failed debt-exchange offer.