7 WAYS TO RECOGNIZE THE ACCURATE IDEA FOR A STARTUP
Yashasvi Khushu || The CEO Magazine
The most common question that you will see people struggling with is an idea that storms the market of startups.
It also is fair, because picking an innovative idea is the first and the most difficult decision to take by the team or an individual. Then is the execution part of it, it becomes far easier to do the drill, if it is a team sharing the pressure, more the brains, more the ideas pop.
The team is the most important part of any startup, though the shuffling happens when the investors are picking up what they feel a need of on the grounds of professional experience and skills, once the team forms, there is no changing after that. Once you have a team in place ideas flow far easily with everyone pitching their thought in the bowl.
Here are a few criteria’s that you can keep in mind before picking an idea for your startup,
1) Pick an idea that sounds difficult and make it simple, say, for example, we come across so many firms who are making living in different cities easier by collaborating with people. It benefits all, the people who share their places, and the ones who rent it, it is a friendly and economical option.
2) If there, is something out there, raging like fire in the market but is expensive, try to make it cost effective. Even the slightest change in the price will benefit your product massively. There is a clear value proposition when you offer something on a discount because everyone cares for his or her hard-earned money.
3) Entertainment sells like nothing else. One sector will never go out of business because people will never stop entertaining themselves. Look for something in that segment, try to innovate it, make it interesting by creative ideas and make a great sell out of it. People appreciate creativity; go social as much as you can with it.
4) Do not run after quantity focus on quality. If there are a number of consumers of your product that are only partially happy, stop and shift your focus. Focus on making less number of people exceptionally happy. This will make your product gain market value and help you create a heavier capital.
5) It is very important to think from the user end, the product that you are thinking of making, would you need it as much you believe your consumer does. This will solve many problems for you. Build an idea for yourself, before you build it for your consumer. Empathize with your user’s needs and only then, you will be able to identify a product that takes the market by storm.
6) As much as we deny, it is not too bad to be a little pessimist. A pessimist will always find a way or at least think of potential other ways for something to happen. Unlike an optimist who would just sit back and be okay with everything. Someone came up with the idea of sharing rides, probably because they got tired of waiting for one or were worried about the environment, either way it proved to be a good idea.
7) Keep a track of your expenses, just recognizing the idea is not taking you anywhere if you cannot utilize your funds to make the idea work. If there is something that you are spending too much one, do not be extravagant, cut your expenses down. If there is some part of your business idea you feel you are investing on and constantly the returns are either low on zilch, retract from that plan, and find a better one.
It all is, in the end, a gamble, for you to see if your idea will be successful is to launch in the market. Until then you can only make guesses and anticipate its working or not. Sometimes even the greatest of minds cannot think of an idea that is right out there and obvious and sometimes the most naïve and inexperienced infant heads come up with some brilliant plans. The ideas are in abundance, in our everyday lives, in the little things we do, all we have to do is observe, pan a solution, and throw it in the market to see what wonders it does.
Brainstorm for a few weeks, think of all the ideas that make sense to you, chalk out a plan. Familiarize yourself and your team with what all points you think you want to work on and systematically explore them. A great idea does not pop in a day and formulate in a week. It takes time to let it; it is okay to take a calculated risk rather than being on the side of “Why didn’t I think of that”.