Most startups fail. Building a startup takes a lot of your time, money, and emotional investment. If you decide to start your own business, it is crucial to ensure that the result is worthwhile.
But, it is not easy to find high-quality ideas for a startup. Here are some rules that will help you identify high-quality ideas others can’t.
1. Search for Organic Ideas
Most successful startup ideas are discovered rather than created. You can’t make something new if you start brainstorming ideas. However, it is easy to think of ideas that sound good. This is usually done using the X-for-Y model (e.g., Uber for a service, etc. However, they are impossible to understand for reasons you don’t know.
Even though a startup idea might sound appealing to most people, if you search Google for a similar business that offers the service, it’s almost certain that some unknown factors keep the company from success. Many clear ideas have been tested many times.
These valuable startup ideas may not be evident to you (which means that they aren’t possible to generate on a whim), or they are obvious, but few people are in the correct position to solve the problem. To be a successful startup idea, you must have insights that others don’t have. You have to be unique to gain those insights.
2. Keep Up With The Latest Wave
Airbnb opened up a whole new sector in the hospitality and travel industries. Despite all odds, they were able to change the culture and create something new. Many startups fail to invent new technologies or industries. But many startups have been able to ride the waves and become very successful. They were just the first to recognize the potential of the technology and implement it best.
It is the best way to identify opportunities to stay on the cutting edge of a trend. This can be a new technological wave, such as the Internet of Things. This could be crypto, machine learning, or genomics. It could be a new wave of culture. However – esports is a new type of music.
If you are at the forefront of something before it becomes mainstream, you will be able to see the apparent opportunities earlier than others.
3. Be at the Intersection Of Two Or More Fields
You can also gain unique insight by being at the intersection between two fields. There will not be many people near your location on the Venn Diagram. This is an excellent opportunity to use your strengths and transfer successful practices (or businesses) from one industry to another.
4. Do. Don’t hesitate
It is not difficult to find great startup ideas. To search actively for them, you will need to be active. This means it’s not a good idea to sit back and wait for the right idea.
First, you should look for opportunities. Second, once something is attractive, you should validate its potential quickly and at an affordable cost. Third, after you receive positive signals from market validations, start working on your project.
Accept that the initial iteration of your idea may fail. But, keep trying. Your market insight and unique experience can help you make the next iteration that’s the right fit.
Facebook used to be “hot or not” for college students. Mark and Co. would never have been able to see the potential of Facebook had they not embraced this not-so-great idea.
It is this that allows you to see diamonds when other people see only coal.