Press "Enter" to skip to content

How to look for the right startup idea?

0

It is not an easy job to start a business, more so if you don’t know what exactly you want to build. A great way to find an idea for a startup is to think from different angles. Here in this article, we will discuss the various ways that can help you in looking for a startup idea.

Index:

Solve daily problems:

Solve a problem you yourself face regularly, something that you find really annoying. Create a solution for that problem, maybe make it faster, more efficient, or easier. Find a solution to a problem that you would love to fix. It may turn into a great idea if you personally want to fix it because there may be many people who face that problem on the daily basis.

Maintain a record of problems you face:

Carry a small diary with you always and whenever you face a problem, write it down. You probably face a hundred different problems regularly, be it large or small. Noting them down would help you think of a solution for it later.

The founders of Airbnb, Roomba, and Uber paid attention to these problems and released their startups which turned out to be great ones.

Fix a problem in a niche that interests you:

Starting a business isn’t easy. Each business has its bad and good days. But the bad days won’t be so tough if your niche interests you. Moreover, It is difficult you sell something you yourself aren’t passionate about. If you create a solution for a problem that you are passionate about, it will get even easier to convince people to invest in your product or buy it.

Start an innovation:

Create a solution for a problem people don’t even know they are facing. Being an original in the market is a great thing that can attract a huge sector of people.

You can take inspiration from companies like Tesla or Apple or Microsoft who not only started a new era in their niche but also keep themselves updated so as to beat the other companies in their area.

Forget originality:

Let’s say you spent weeks thinking of something original but couldn’t think of anything. Rather, you have a lot of ideas for a problem that already has a solution. Well, that’s great as well. Many entrepreneurs waste their time thinking of something unique. But thinking of a better solution can lead to a successful startup as well.

You can create a list of startups that you find inspiring and then think about how you can make a better version of that. Google was not the first search engine but it was such a better solution that now it is the most popular search engine used by people all around the world.

Understand your skills:

You are the least likely to start a business in a niche you know nothing of. Focus on the skills you have and how you can transform those skills into a successful startup.

See also  Lipstix Remix Shark Tank Update

An example is Barreworks, founded by Vicki Anstey who used this technique to start a barre studio after she discovered various unique approaches to ballet dancing. She used her skills as an advantage to her business which made it not only successful but also interesting.

Try finding ideas within your corporate job:

Look closely at the department you are working at. Figure out ways how you can make things easier out there. It might be a good idea to try improving things about a place you are already experienced working at. Look for the problems faced there and how can be solved or how could their products be used in another industry.

Familiarize yourself with trends:

Be active on social networking sites and analyze the trends. You can build a successful business for quite a long time if you can hop onto trends as fast as possible. Be it fidget spinners or pen pencils, being a supplier for an ongoing trend may flourish your business in ways you can’t even imagine.

Also, spend so much time gathering as much information as possible about your niche that you can predict trends beforehand. You can take the example of Amazon where Jeff Bezos saw the increasing trend of internet users and thought of starting an online book store which later on become the everything store.

Find ideas while traveling abroad:

It can be a great start to look abroad to find a startup idea. There is numerous product launched abroad that are not found in your local area yet or you could discover a new way to improve an existing product.

Jimmy Cregan, the founder of Jimmy’s iced coffee, found inspiration for his idea when he was traveling in Australia and discovered the iced coffee market there.

Inspiration lies everywhere, you just need to patiently find yours.

Research:

Invest your time in reading about different industries and areas. The ideas may not come soon but when it does you will become a realm of ideas. The more you read and gain knowledge about a topic the more you increase your chances of finding an idea that may suffice into a successful business.

Mistakes you should never make while looking for a startup idea:

  • Solving a problem faced only by a small target audience.
  • Not knowing precisely who your target audience is
  • Choosing an idea that is not possible for you to accomplish
  • Choosing an idea that is nearly as same as the other products in that niche, especially if that niche is competitive.
  • Choosing an idea that you are not passionate about.

These were a few tips that you can use to figure out your startup idea. Make sure that the idea complements your skills and passion and solves a problem for a large number of people and you are good to go!

Hope this helped you!

Do Share Your Thoughts:

Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.

Also, don’t forget to download our Android app 📱 which contains startup and business book learnings, verified business strategies and concepts, and no bullshit!!

Related Articles:

Leave a Reply

You cannot copy content of this page