Generating Startup Ideas That Will Be Successful
Startups have become “the talk of the town” in India these days. From fresher’s to experienced people, everyone wants to try out their hands in this word called “Startup”. But it all comes down to that IDEA that will earn you a MILLION Dollar. So, how will you find your startup business idea that has the potential to make you rich?
There Are 2 Ways To Find Unique Startup Idea:
- Try to solve a specific problem or pain that you have come across in your life or noticed in other people’s life.
- Take a deep dive into your passion to do what you love and invent something that has a potential to become a big company.
Still confused??? Let’s try to clear both the ways of generating a startup idea with the help of examples.
Example 1 – Have you heard of Ritesh Agarwal? No? And how about OYO Rooms?
The journey of Odisha boy who started rather early than normal had decided coding is what he wants for life. he travelled a lot, to conferences, seminars and so on and used to stay in odd bed, breakfast budget rooms and PG’s etc. That’s when it struck him that hotels in India fail to offer the basic needs of budget travellers. OYO Rooms which stands for “On Your Own” is now India’s largest chain of hotels which offers travellers budget rooms at the best prices with basic amenities for a comfortable stay.
Example 2 – Alibaba And Jack Ma – They Definitely Don’t Require An Introduction
when Ma realized that the Internet had something great to offer. He took a deep dive into the internet field and in 1999, with a group of 18 friends he founded Alibaba, a China-based business-to-business marketplace site in his apartment. Alibaba has now more than 40,000 employees with jack ma wealth more than $37 Billion.
After one has found a startup idea for himself, He or She cannot directly jump into executing your idea. One has to follow a series of steps with the end goal in mind which will be to validate the startup idea.
So what comes next in the row once you have finalised your startup idea?
Market Research About Product/Service That Wish To Create
Identify The Existing Solutions In The Market Similar To Your Startup Idea
It is possible that the service you are trying to start-up with already exists in the market. For this, it is important that you do a thorough market research related to the product/service you will be offering. If the same kind of startup idea does not exist, you have no harm and the runway is all open for you to take off.
But, if the same kind of startup idea already seems to exist, you need to work on your offerings to make them more easily consumable and high tech when compared to your competitors. The best solution to do this is by modifying your service. There is no problem if you offer the same product again but it needs to have an addition too. The new product/service should have an advanced service that does not exist in the previous one. You should try to make your products/services more attractive. The product should be designed in such a way that it offers the maximum services and consumes the least resources. Also, try and understand the issues and hurdles faced by your competitors and try and solve them in your service. This will give you an edge over their experience in the market.
Below we have provided a List Of Question That You Need To Get An Answer From Your Target Audience. It will help you get insights into your startup idea
- Where do they live?
- Where do they work? And How much do they earn?
- What do they need?
- What are they afraid of?
- What frustrates them? And What problems do they have?
- Where do these people gather in groups? Or Where does your target market hang out?
- What do they do for fun?
- What do they read? And What other media do they consume?
- How do they learn about new products in your industry?
- What is the most effective way to reach your customer?
Also, we have provided a List Of Question That You Need To Have An Answer For Which Will Help You Validate Your Startup Business Idea
- Who will actually pay for this?
- Is the market for your business big enough to support your idea?
- Can the concept be easily understood and described to all age groups?
- Are these people the type of customers who are likely to become repeat customers? If so, why?
- Who are your competitors?
- How many people are there in your competitor’s company?
- What is the size of your competitor’s business?
- What are the drawbacks of your competitors?
- How much do your competitors make? And How much do they spend?
- Who has these clients before you? And who do they buy from?
There’s still have one thing left for you in our cart today. And that is –
What Are The Tools And Technique Used To Validate A Startup Idea
Any Startup Idea Will Be Validated By Two Groups Of People.
- The first by those who already own a successful startup or have got experience in the industry in which you plan to open your startup.
- Your target audience i.e. People to whom you plan to sell your product.
So where can you meet the first group of people and what tool will you use to verify your startup idea?
List Your Startup Idea In Startup Community
- Use sites like Quora or LinkedIn to message some relevant entrepreneurs for feedback on your idea. People on niche sites are usually more responsive.
- Make it personal, know who you are connecting with — nobody likes generic messages
- Ask Other Entrepreneurs / Investors in startup events and meetups
Find Relevant Meetups, Events or Conferences Happening In India
- Make sure you have your concrete idea and plan ready because nobody wastes time for talk happening in AIR.
- Try to get them involved by your vision and generate interest in other entrepreneurs and investors
- Make sure you walk out having genuine feedback in your hand.
And where can you meet the second group of people and what tool will you use to verify your startup idea?
- Walk into the nearest Starbucks store and talk to a random person.
- Tell them your brother/sister/colleague want to start a new startup and you would like to hear their honest feedback on their startup idea.
- If they do so you will buy them a cup of coffee.
- Its recommended that you record each and every conversation you have with your audience
- Create a landing page that gives a short and crisp description of your startup idea.
- It can be in any format viz. text, audio or video whichever you feel will best explain your startup idea to people visiting your page.
- Once your message is conveyed provide options to your audience as follows: what do they think the idea will work or not?
- Also, set up tracking code on the landing page to measure other metrics.
- Create a social media landing page describing your idea
- Post it in all the social media groups and communities where you are likely to get a response from your target audience.
- Measure your startup ideas success probability by using the following formula:
Success Probability = Number Of Interaction On Your Landing Page
Total Number Of People Who Saw Your Landing Page
These steps, tools and technique will definitely help you validate your startup idea.
Wondering what is the next step after you validate your startup idea – Check out our Start-up Guide.
Also, check out Entrepreneur Quotes from the world’s most successful people and learn some important messages.
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