When we talk about the importance of proper startup idea, the conclusion is that is a good idea necessary first step, but not the only thing that you need. Here are some ways to start your entrepreneurial creative heads together and to confirm that your idea is commercially applicable.
How to create a million dollars job – this weekend?
Tim Ferriss, mentor of Founder Institute, entrepreneur, investor, public speaker and author of The 4-Hour Work Week, simplifies the process of devising a winning startup idea as follows:
- Conduct research on something for which people are willing to spend money.
- Determine whether there is a sufficiently large number of potential customers.
- Calculate the value of the average customer in the business.
- Develop small calculated bets or speculation about ideas to help them validate and confirm.
“The truth is that you do not have to spend a lot of time to build a base for a successful business. In most cases, this should not last longer than a few days.”
How to find a great startup idea?
Find a problem – find the solution – Test => Fix this problem
- Find a problem – the problems are everywhere, find them. If the idea does not solve someone’s problem, then there is no market for it, no matter how attractive the idea is.
- Find the solution – explore the market, google, find competition, investigate price. If there is no competition, maybe there’s no market.
- Test – ask important questions “Is it necessary?”, “Why will people use it?”, “How are you going to reach your targeted customers and introduce them to the product?”
- Get out of the house – discuss with people and with all those who want to listen. If it is a product for individuals, make online survey to 500 users Advertise on social networks. If it is a product for a company, find 20 experts in this area, interview at least 10 companies and outcome at least three letters of intent.
- Kill all the bad ideas and start with one of those that was good.
People do not want to say their startup idea for fear that someone might steal it. Nonsense! Entrepreneurship is based on a lot of spilled sweat, knowledge and effort. That no one will want to steal, and that is the key to success. You’re making more damage if you do not talk about your idea because you lose a potentially good advice on future users.
But really, it is not necessary to find a revolutionary new idea, it is enough to find the little one, but important improvement of the existing solutions for which the user is willing to pay. After all, you can simply copy a proven idea and paste it in another market. It is important to have more ideas and choose the one that is winning. Practice, create a habit to analyze common problems and find solutions. Talk to people about them.
Not sure if now is the right time to go into entrepreneurship?. Relax, it will never be a “right time”! But in fact, it’s never a bad time to start a business because opportunities are waiting to be used. Below you can check infographic which will help you in coming up with startup idea: