Are you an aspiring entrepreneur looking for a great startup idea?
You aren’t alone. This question is the first obstacle for anyone who wants to step into the business world. But how to overcome it?
How to get that one idea to give a kick-start to your entrepreneurial journey?
Below, I have mentioned three steps that can possibly help you get an idea that works for you. So, what’re you waiting for? Scroll down!
1. Look For Problems
Yes, look for problems around yourself.
As Robert Kiyosaki says, “Inside every problem lies an opportunity.”
So start looking for problems and the hidden opportunity behind them. It doesn’t always have to be a great problem. It could be a small problem you deal with on a daily basis.
You don’t need to be a messiah and go solve the big global issues. Start with small problems.
16-year-old Natalie Hampton, tired of being bullied and lonely at school came up with a social networking platform, Sit with Us. This app helps create a safer and more friendly school community. Through this students can volunteer as ambassadors to keep seats for anyone who is looking for company.
This other Indian startup, Doorguy, also focuses on our day-to-day problem of handling e-commerce deliveries when we are not at home.
So you don’t need to sit and try being the next Elon Musk.
Start small!
Every great company was once a small venture aiming to solve a small problem.
2. Are You Passionate About Solving the Problem?
The key to making your startup work is your passion. Are you passionate about solving the problem?
Is that problem really bothering you? Do you really wish to add value to the world?
Well, if money is your driving force, you’re soon gonna give up. Your startup idea is going to turn into a successful reality only through vigorous action. It requires a lot of endurance and patience. And all of it can only come from “passion”.
So let your passion drive you.
This quote by Mark Zuckerberg will help you realise how important passion is.
“If you just work on stuff you like and you’re passionate about, you don’t have to have a master plan with how things will play out.”
You can start your business around your hobby, something that you enjoy.
We all know Khan Academy, the leading online learning platform. Khan Academy is nothing but an outcome of Salmaan Khan’s passion for educating the kids worldwide.
Carla Lyses had a passion for the craft. She loved making cards. And now she has converted her hobby into a business by starting her own company, Carla Sues Greeting Cards & Gifts. Today her business has turned into a nation-wide brand.
3. Market Research
Once you know what you are passionate about, the next step is to do proper market research.
Is there an existing market for your products and services?
However good your product and service are, without a market it’s useless. So, it’s very important to conduct detailed market research before you proceed.
Know your target audience and also your competitors. The legal boundaries and study about them.
Why should the customers prefer your product? What new are you offering to them?
Back in 2006, Microsoft launched Zune, a mp3player. This product couldn’t even last a decade. Despite vigorous marketing, Microsoft had to close it in 2011. It was all because there was no market for this product. The Apple iPod was already dominating the market. And Zune had no extraordinary or new feature to compete with the iPod.
So, you see even Microsoft failed due to this one mistake. I hope now you understand how important it is. Before you start a business, market research is a must. You’re not Microsoft. You ain’t gonna get over the losses so soon.
4. Prepare The Action Plan
If your product has a market, then yes this “startup idea” can work for you. Now it’s time to take action. Your goal isn’t to get the idea but to implement it. And unfortunately, most people never take action.
Do not step back when it comes to taking action. Prepare a chart and note down the steps to be taken, the resources you might need, the funds required, etc.
When you have a clear action plan, things become a lot easier. Once you have it, proceed without any hesitation and doubts. All the best!
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An inspiring and a must read for all those minds who want to pursue entrepreneurship and be a problem solver. Thanks for this amazing article. Kudos to you, Sanya Singh.