5 Steps to reach the Best Startup Idea for you!
Before we jump on to finding a great startup idea, let us understand that every startup, big or small, follows an unintentional series of events while developing their idea. The basic idea becomes the sun with all parameters revolving around it like planets. Sun is valued only because it takes care of the planets; similarly, the idea is valued only when it takes care of the parameters.
Step 1: Know yourself, and what you care about!
Before we start anything, it is essentially important for us to know ourselves and what do we care about. We need to categorise our priority domains, for example: "love to work for poor", or "love to work for education", etc. These domains may be as diverse as our thoughts. When we choose a domain, we must answer 1 question to ourselves - would I continue doing it even if I don't get any money for it? And if the answer is yes, Go For It!
Step 2: Focus on the Problem to be solved, instead of the solution!
When we know the people (or cause) we wish to work for, it is important for us to be updated about their conditions (good and bad). Problems compel us to brainstorm and come up with a "need to have" instead of a "nice to have" or just a "want".
Step 3: List down all potential ideas coming across your head (may even be a 100)!
Human brains are well programmed to come up with a number of alternative routes for reaching a common destination. It's for us to choose the best way out. But in order to do it, we must first know all the possible routes! So, let's just list down all the potential ideas that come across our head.
No idea is stupid, its the people who say so!
Step 4: Let's now check how fit we are to take these ideas forward!
Now, assuming we have a bunch of potential ideas listed down with us, let's check how we can take these ideas forward. For doing this, we ll have to answer 3 different questions for each idea (that we feel has potential):
1.) How passionate are we about this idea?
2.) How enthusiastic are we to solve this problem?
3.) Does this idea fit to our fundamental strengths?
Step 5: Finally, let's see what potential does our selected ideas have!
Finally, after we know what are the potential ideas (which we are fit to take forward), the next thing we do is to see how much "potential" do these ideas actually have. For calculating and analysing the potential we ll have to find answers to some more questions:
1.) Is it a mission or just a product idea (a set of features)?
2.) Are we solving a real need?
3.) Are there enough potential customers with this need who face it frequently enough to make it worth solving?
4.) Are customers willing to pay for a solution?
5.) Can we differentiate ourselves against our competitors?
6.) How big (scalable) can this idea be?
By the time we reach this stage, we ll have a crisp and clear idea on which we can start our own venture. It can be social, commercial or both! Start thinking!