5 Steps to Finding the Right Startup Idea for You

5 Steps to Finding the Right Startup Idea for You

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Are you trying to begin a enterprise however do not know the place to start?

Jerod Harris | Getty Images

I’m the VP of Business Operations at Intro, a marketplace connecting people to entrepreneurs. I’ve chatted with a few of the world’s most profitable founders (like Alexis Ohanian at Reddit and Spencer Rascoff at Zillow), and I distilled my high 5 tips on producing the proper enterprise thought.

If you need personalised assist and recommendation, you possibly can guide one-on-one video calls with these founders and plenty of extra at Intro.

1. Start with an issue

“The method to get startup concepts isn’t to strive to consider startup concepts. It’s to look for issues, ideally issues you will have your self.” – Paul Graham, founding father of Y Combinator

Nick Huzar (*5*) as a result of he was having a child and had no room in his home. He wanted to promote stuff.

David Greenfeld founded DreamPops as a result of he beloved sweets and have become lactose illiberal.

Starting a biz is not simple and the most profitable entrepreneurs are the ones who’re actually invested in the issues they’re making an attempt to clear up. So earlier than you begin brainstorming concepts, ask your self:

  • What are the points that I care about deeply?
  • What issues have I confronted in the previous that I understand how to clear up?

If you need to search enterprise funding, you want:

  1. An issue that impacts a bunch of individuals
  2. A market that’s rising 20%+ a yr
  3. Something that wants to be solved instantly
  4. An issue that impacts folks usually

2. Craft an answer

(Note: Don’t begin right here! A solution trying to find a problem is an train in frustration.)

Once you’ve got recognized an issue you are keen about fixing, it is time to begin eager about how one can tackle it. And considered one of the finest locations to begin is by what’s already on the market.

  • What services or products are at present out there in your business?
  • Is there a spot in the market that you might fill?
  • Is there a method you might enhance upon present options?

3. Consider your expertise and experience

Why you versus any person else?

Your background and expertise are beneficial belongings when it comes to beginning an organization.

Think about what you are uniquely certified to do, and the way you should utilize your expertise and experience to clear up the drawback you’ve got recognized. You ought to have some benefit over any joe shmo off the avenue.

4. Get suggestions from potential clients

Sarah Leary, the co-founder of Nextdoor, is aware of the energy of getting actionable suggestions out of your customers.

Talk to potential clients, however keep away from asking main or evaluative questions. Instead, concentrate on gathering details about the buyer’s historic and present actions, behaviors, and wishes:

  • Focusing on the buyer’s actions and behaviors: Rather than asking for somebody’s opinion, strive to perceive what they really do and why. For instance, “How do you at present clear up this drawback?” or “What made you determine to use our product?”
  • Asking open-ended, non-leading questions: Instead of asking “Do you want our thought?”, strive asking “Tell me about the final time you used [insert name of a similar product in your industry].” or “What do you utilize [product name] for?”
  • Avoiding sure/no questions: These kinds of questions will be limiting and do not present a lot helpful data. Instead, strive to ask questions that encourage the potential buyer to clarify their ideas and experiences in additional element.
  • Listening actively and taking detailed notes: Pay shut consideration to what the buyer is saying and take a look at to seize as a lot element as doable. This will allow you to higher perceive their wants and ache factors.

The extra you possibly can study from potential clients, the higher.

5. Don’t be afraid to pivot

Don’t be afraid to kill your child.

Intro began as an in-person networking device and pivoted to a digital consulting platform.

Even the finest startup concepts might have to be refined or fully modified as you study extra about your market. So do not be afraid to pivot for those who understand your authentic thought is not understanding.

Hopefully, this information helps you navigate the waters of discovering the proper startup idea. Choose an thought the place you care deeply about the drawback and the clients. Something that excites you and that you simply imagine has the potential to achieve success. With the following tips in thoughts, you will be nicely in your method to developing with a startup thought.

If you need assistance alongside the method, don’t be afraid to ask.