How To Find A Killer Idea For Your Startup?
India is the third largest startup ecosystem in the world. It has more than 60,000 startups flourishing throughout its states. The Indian economy is booming with endless opportunities making it indeed the best time to startup.
However, launching a startup requires dedication, consistency and a lot of innovation. The beginning of any successful startup is the development of a good and viable idea.
According to a few recent surveys, India’s youth is turning to entrepreneurship. More than 80 percent of people are ready to quit their jobs and start a business of their own but what they are lacking is an innovative yet feasible idea that has great market potential.
There are a plethora of good ideas around us - all it takes is a keen observer, hard work, and a lot of patience to come up with a successful one. So, here are some ways that can assist you in identifying & developing ideas for a startup business.
1. Learn the industry
Discover the industry that interests you the most. It might be an industry in which you have prior working experience. Your experience will enable you to identify an unmet need of your target market. Learning about all the recent developments, trends, regulations, and technical innovations can trigger ideas. Spend some time researching and learning about the industry and your target market to get an in-depth understanding of the same.
2. Interact with new people. Ask more questions.
This is the simplest and most effective way to develop an innovative idea. Identify your target audience and engage with them. Interacting with different people will allow you to gain access to new perspectives. Listen closely to them and try to understand the challenges that they are facing. Ask meaningful questions and try to resolve the common issues by providing easier, quicker, and economical solutions.
3. Jot down every detail
List down all your findings in one place so that it becomes easier for you to evaluate their respective pros & cons. Make detailed notes on everything that comes up during your interaction with people. Only if you have a deep and thorough understanding of the problem will you be able to develop a better solution.
4. Identify a problem
Most of the time, a startup idea fails because it is trying to create a new problem rather than solving an existing problem. Use the gathered information to solve an unmet need or an existing problem. Your personal experience or passion for something can become the seed for your business idea and because of it you might be in a better position to solve the problem.
Brainstorming is not as worthless as you might think it is. Brainstorming at this stage will enable you to understand which one of your startup ideas is feasible. Extensive research and discussion about your idea with other people will provide you with alternative ways of looking at a problem. The main motto is to discuss your idea with others so they can critique it. Maintain a proper record of the brainstorming sessions so that you can review them at later stages.
6. Validate your idea
Well planned is half done. But you would want to validate your idea to see if it is worth putting in all the effort. After brainstorming all the pros and cons, you need to identify your target entity and determine how differentiated and relevant your idea is in their eyes. You have to determine if you believe in your idea and think that you can build a financially viable business. Here you move from the idea stage to the actual working stage.
Great ideas do not just pop into your head. They are a result of the groundwork and investigation that you have done. The key to a successful startup business idea is your deep understanding of the industry and your target market.
Got an idea?