No Eureka moment? No worries. Divine inspiration is overrated, according to a recent BusinessWeek article. Serial entrepreneurs, instead, rely on a disciplined, step-by-step approach to the innovation process. They begin by setting up goals and parameters, brainstorm, criticize and eliminate ideas, check feasibility of the remaining idea, then build, test, and improve its prototype. The article does a nice job of matching theory with examples. Read more here.
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While it is nice to read about the success that the people in the article experienced, the article didn't really reveal any crash-and-burn stories that are more prevalent than the success stories. Even with a five-, ten-, or 100-step process, there is no fail-proof method for capitalizing on a business idea. It couldn't hurt to have Lady Luck on your side, either.
I agree that no five- or any other number of step plan guarantees success. Luck, circumstance, fortune, or whatever one chooses to call it is always going to be a factor in the success of any enterprise. Malcolm Gladwell's Outliers speaks to that. Looking at the examples set by serial entrepreneurs, however, it does seem that careful research and planning can greatly increase one's likelihood of finding a workable idea on which to base a new business.
Although a step-by-step guide does not necessarily guarantee a successful innovation, it certainly points out an interesting perspective on innovation. A lot of times, people think that "great" ideas happen merely through chance-that they just pop up in someone's mind. It makes sense, however, to also consider taking an actual approach to come up with innovations/ideas.