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Today when almost everyone is quitting their jobs, trying to ride the startup wave and make it big, unfortunately not many are finding success in it. While eco-system in every country is different for the startups, there are some factors more or less common, that decide whether the startup will be successful. It is simply a large topic, that I would rather not want to mess up with right now and focus on a small but the important aspect of it. From my discussion with some of the new age entrepreneurs and my own experience, I’ve realized there are a certain things that kind of ascertain a startup’s future.
While the idea may not be everything, but I’m sure many of us believe in the fact that an idea has a lot of potentials if it solves some real world problems.
Finding a successful business idea when you want is like deciding on when to fall in love. Most of the businesses are found by accident, or when there is a sheer need of it. We however have come up with simplified steps on how to find awesome business ideas that will pave the way for awesome future startups…
Table of Contents
1) List what you love
Your business is an extension of your own personality. Make a list of things you love. For example, Music, Parties, Travel, Smartphones, etc.
2) Find the problem
Pick one item from the list you just created and give enough time, do some brainstorming to find out if there is a problem around it. This is the key aspect. If the problem is something that many other people are facing, this might be what you are looking for. When I spoke to Mark Magill, founder of listboom.com, a great email scheduling web service, he said “In the mortgage and insurance business it was essential that we constantly keep in touch with our clients without having to spend a lot of time typing and sending emails. We were looking for a service that will allow us to pre-schedule emails, but sadly did not find any that fit the bill. That was when I decided to explore the opportunity to create ListBoom.” Here he saw the opportunity that many people were facing the same issue.
3) Offer a solution
Once you’ve found out the problem that nags many people, come up with a solution to resolve or minimize that problem. The solution could be in the form of a service, a product, a device or a software application.
You must be curious to know some businesses that were found in this approach. Well, here are some:
(a) FindIcons.Com – Website that has 100s of thousands of icons
(b) TutorCity.In & ThinkVidya.Com – Online Tutor Matching service
(c) AirBNB.Com – Website that lets you find places to stay (other than hotels) across the world.
(d) Housing.Com – Apartment/house search portal that shows real pictures of the property
Once you have an idea you’re excited about, that’s the moment you start building the business plan, execution and marketing strategy.
Hope you guys enjoy this read. Do feel free to comment with your views.
