Develop Ideas
Show your vision of the startup through problems of people. Needs of people are more important than business plan. At the same time identify your motivation and purpose in life. Pay attention to your leading advantages. The main criteria for the successful idea are as follows: durability (value over time or long-term importance), trustworthiness (possibility to defend it), and sustainability (possibility to fulfill the idea over some period of time).
So, you are ready to create a startup. Here is the question, where the idea is to be taken from? Here are several ways that can help you find a great idea for a startup:
- Thinking over what you or people close to you are in need of.
- Modernization of your hobby. Shabnam Mogharabi always wanted to tell stories that would change the world. Now he heads SoulPancake, a growing media empire in Los Angeles focused on spirituality with annual revenue equal to $3.9 million (2014) and 3-year growth of 3,044%.
- Finding market areas not yet noticed by existed companies. This is typical for established professionals who are already involved in developing an existing business of other people. Bai Brands used its imagination in combining ingredients, including organic coffee fruit and white tea extracts and earned $100 million revenue in 2015.
- Development of the area in the new thriving sphere. The reason of developing the area in the new thriving sphere is that companies are not able to manage all demands appearing there. For example, pet industry on which nearly $61 billion was spent in 2015. The Seattle-based startup (Rover.com) has been regarded as the Airbnb for dog sitting. Greg Gottesman and Philip Kimmey founded Rover.com in 2011 and raised more than $50 million.
Research the Market
Understanding your market is key to success. If you do not know particular features of the business sphere you have chosen, your efforts will be in vain. Stay within the area you know. Don’t start anything you are not familiar with. Remember to feel like consumers, figure out what their needs are.
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The keys are finding a need and creatively creating a solution you can have a business from. This is a win/win for the consumer and the business, and a sure way to success.