What is the first thing you should have when you are about to build a startup? Of course, it is the so-called ‘brilliant’ idea. Although there is nothing new under the sun, we still need to find a great idea to reach startup success.
Based on the current trend, your startup idea could go for mobile, photo-heavy and e-commerce. Those three categories can easily explode, but your approach could vary. Ranging from travel, fitness/health, beauty, home and office decor, DIY, cooking/recipes to animals. The next one-billion dollar idea is predicted to be around those themes.
Still clueless on getting a ‘brilliant’ startup idea? Follow these steps:
#Step 1: Stimulate your mind
The ‘aha’ idea often comes from surprising moments, such as when you are having a short getaway, or even taking a shower. Indeed, ideas generate best when your brain is more relaxed. Thus, it is important for your mind to go into a relaxed state, in order to let your creative juices flow.
How could you achieve that? Try to do some mindless tasks. Ranging from jogging in the green nature, gardening, to meditating. Ensure that you have a digital detox, if you are really searching for a great startup idea.
#Step 2: Observe real problems
You might be too ignorant in your daily lives, while a ‘brilliant’ startup idea could change many people’s lives. While you are having a comfortable life, try to go on a pain point. Some problems that are existing for some people, you need to dig it. Thus, real observations are needed: read books, interact with others, or trying to feel the problem/pain.
Although you may interact with other people to find the startup idea, you should understand that the generation of ideas happens within individuals. Remember, only ideas to solve real problems can be game changers.
#Step 3: Find the market
After you found a startup idea that solves a real problem, you need to understand the market. Heck, you have to find a big market, if you want to consider this as a ‘brilliant’ idea. You will put a lot of efforts and time for this idea, ensure that your startup will eventually have an important part on the industry.
On the other hand, it is okay to enter a ‘new’ market with less competitors. However, the market must have the potential to be big. Opportunities are always there.
#Step 4: Evaluate the idea
Okay, so you found the solutive idea for the right market. To succeed, a great startup idea needs to either create a new market where there wasn’t one before, or find a way to be more profitably serving the least attractive customers of existing markets.
But, not so fast, start analysing your idea by asking yourself about these things:
Are you literally passionate about the problem you will try to solve? (You will spend, say, a decade around the problem’s area. Thus, passion is needed.)
Is the idea simple enough? (The key is that the product could solve one problem for one customer.)
Is the idea unique enough? (Differentiate the idea from other products on the market.)
How well do you know the market? (You have to be an expert on the chosen market.)
Do you know your customers? (Breakdown your most likely customers to understand them.)
How big is the market? (Less than 10 million people isn’t considered as a large market.)
If you can answer the questions above positively, congratulations! You may have found a ‘brilliant’ startup idea. But, it is still a long journey. There are countless of real brilliant ideas on many people’s minds, but it doesn’t mean anything. Always remember that execution trumps ideas!
Next read: Think Big, Set Your Startup Vision from the Beginning
Article contributed by Startup Jobs Asia‘s Team.
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