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Working in the San Francisco Bay area, I quite often meet entrepreneurs who want to start their own business. You’d be surprised how many of them don’t have a business model yet.
Before starting a business, you need to have an idea that you think will result in a large amount of customers. It must be well documented and innovative. You should keep in mind that an impressive start-up idea will attract the attention of investors who can finance your creation and support you during the start-up and growth phases.
More often than not, the idea comes with a lot of hard work and introspection. Take your concept through a series of questions before moving forward. Will it generate income? Will it be popular? Why? What is the probability of failure? Remember, about nine out of 10 businesses fail. What puts you in the remaining 10%?
Related: The 15 Most Profitable Small Businesses
Here are some things to consider when developing a winning start-up idea.
1. Your idea should solve a real problem.
Will your service or product solve a problem that many people face? The idea that you have to make a cup holder on washing machines so that people have a place to put their drink while doing the laundry – is that even a thing? If your brilliant idea is a solution to an imagined problem, you have just made a huge mistake in entrepreneurship. Because if nobody has the problem for which you have the solution, nobody will come to look for it.
Jason Romrell of Tellit.me was looking for a solution to assess friends and colleagues and came across Peeple, but then came up with his own idea for an app that could do it. This app allows you to read reviews about yourself, family, friends and others, then add your comments to those reviews and give an up or down boost to the reviews and notes. Ratings and reviews are linked to your phone number. So you cannot hide behind anonymity.
2. History is also important.
The story of how you came up with your amazing idea for your next startup is just as relevant as the idea itself. People love to know how this guy lived his whole life for this incredible product or service he created. Ideas that are only opportunistic, although great, will get you nowhere.
Do not try to follow trends, because trends are bound to change. You have to tell people how you are best placed to solve the particular problem with your product. This is what stellar narration is.
3. Fear of failure is counterproductive.
Are you afraid of stinking ideas? Are you afraid that no one will like or understand your idea? If you are, you are completely normal. Most people fear that a task will fail before they even tackle it.
Telling you that you are not good at coming up with a good idea will surely limit your ability to come up with a good idea. In order to come up with a great start-up idea, you have to tell yourself that you are capable of doing it. You also need to remember that no man is an island – you will need a team to help you truly succeed.
Related: Feel the fear – then walk past
4. Ask for feedback.
Speaking of teams, you will need to assemble a team to solicit feedback when trying to come up with a startup idea. Most people will be polite when you present your idea to them, even if it is a horrible idea. This is because from the moment we are young, we are taught not to hurt anyone. But you will need to ask your feedback donors to give you an honest opinion.
One way to get people to give you honest answers is to ask them if they “see” you doing something. You can say, “Do you see me selling parkas to Hawaiian tourists?” Obviously, people will say “no” when asked about this idea, because it is a horrible idea. But asking them if they “see” you doing something, further opens up the question of whether a good idea is right for you as well.
5. Personal satisfaction
When trying to find a good startup idea that is right for you, there are some things to consider. First, look at the things that you really like to do. Do you like to cook? Is there a problem you are having in the kitchen that you think you can fix? It would be a good starting point for an idea.
Also take a look at the things you do or are interested in and that make time pass when you do them. Is there anything you have learned and are extremely excited about passing on and teaching others? Is there something you do that gives you renewed energy? These are all good starting points for good ideas.
6. Don’t stick to a bad idea.
One of the biggest mistakes entrepreneurs make is sticking with a good idea that went wrong. Doing this is almost as horrible as coming up with a bad idea in the first place. When you have an idea that you think is really worth developing, you need to define certain criteria to measure the success or failure of the idea.
Related: Ideas Are Crap Without Execution And Follow Up
Take a look at it a month, three months and so on. If you do not meet the success criteria you have defined, abandon the idea and propose a new one. There is no shame in trying something that doesn’t work. It’s best to just classify it as a learning experience and move on.