In recent times, due to a sharp upsurge in the demand by consumers for both consumer goods and services, the scope for businesses worldwide has taken a flight. Therefore, nowadays we can easily encounter an inclination towards the start-up trend.
The most important aspect of any business venture to success lies in the uniqueness of the idea with which it is set up.
Many people look forward to stepping into venturing their own business strategy, but generally, they do miss out on the pre-eminent step in the league, i.e. probing for the business idea.
Certainly, if you are ruminating on how to dwell upon the formulation of a business idea?
Then get ready to explore the trail to end your search for answers.
Contemplation of the idea
Look around and find a problem
What makes you annoying and frustrated. I have an issue other people have it too and they all want to get rid of it.
Uber is a great example of it. It was really difficult to find a cab when needed and people had suffered from unreasonable pricing as well. Uber analysed the problem provided a solution where people can book a cab using their cell phone and get the price on their screen. This brings down all the hustle that people had to deal with before. Today Uber is the World’s Leading Companies.
Another great example is OYO rooms, Ritesh Aggarwal, Founder and CEO of OYO found out that people find it really difficult to Book a Hotel room and often there are no proper services. With OYO he standardised the hotels and gave them branding which led to an increase in the Revenue by around 80%. Today OYO is a Unicorn startup and World’s Top 10 Hotels Chain.
One needs to trace our answers to certain questions before actually starting with the formation of an idea.
What education do you have? What is your sphere of expertise? Initially interrogating the inner self is a must to get your business going.
Don’t forget to bring light upon the identification of an industry that fits into your talent space and more importantly that will satisfy your wants.
Read, Research & Discover
Write down about you care about
Once the self-evaluation stage is passed out, list down all the ideas running in your mind. Choose only the ideas you like. Don’t follow the herd, create your own path.
Analysis of the Trends
Take the time, go to the library, read books, newspaper, suffer the internet and research thoroughly on each and every idea that brainstormed with you.
Since timing places a crucial role in startup success rate, keeping yourself up to date with the latest trends in business and technology would be a great idea
Apply the well-known business model to other industry
Find some successful business models and try to apply the idea in some other industries.
E.g. Make an OYO for X, Make a Swiggy for Y, Ola for Z. You got the point.
Hear people’s problem
Discover Problems that are faced by people and try to find a solution for it.
Keep the focus on the target markets and accordingly analyse the best-needed idea of time. Find a problem to solve
The Discovery of a niche market and moulding their desires into a product is the best path to success in business.
Improve the existing startups
create the extraordinary
You don’t have to come up with something new altogether every time, you can make improvements in existing businesses in the market and launch your own startup
Work with existing startups
If you can have an idea that can help businesses already in the market to grow, don’t let that opportunity go. Find the problem that companies face on a regular basis and provide an Aid to this.
To find those problems, you can Go on Linkedin or our website where People write problems.
Using surveys to get hold of a start-up idea
Surveys are a good start
Understanding the industry needs is a very crucial step.
It has been rightly said that consumers are drivers of a business, and therefore taking account of their individual preferences is very important.
Get Feedback
Feedbacks can sometimes be tough to handle since they are the bitter truth about the actions of the business but they are very crucial and they are a guiding force for future corrective action.
Negative feedbacks are more welcome than positive ones — Elon musk
Ask an expert
For an expert opinion, reach out to an investor through their email or on social media.
I have messaged Garry Tan, co-founder @ Initialized Capital & partner @ Y combinator on Instagram and he has replied to me and gave me advice about a startup idea.
Cognizance about consumer needs and then building a product to meet them will definitely make the success knock on the door of your enterprise.
Create a Minimum Viable Product
Now that you have an idea, create an MVP and get feedback on the product before you start investing more money into the business.
build a team
It is a good time to build a team. For that ask your friend or family member to get involved in the startup. You can also find team members through LinkedIn or collaborate with people working on the same idea through our platform.
While scrutinizing your ideas this way, you will certainly encounter the best start-up idea that does fulfil market needs and add value to society at large.
In the end don’t forget to stay aligned with what you enjoy the most, what will ultimately satisfy your personal obligations.
Get yourself going
Go easy, as slow and steady wins the race.
According to Inc.com, The best ideas come when the brain is not stressed and it also increases productivity.
A startup idea will take some time to succeed. It will not happen immediately but eventually.
Just don’t give up on your idea.
Use feedback as a confirmation and let it happen.
Look for improvement and Excel takes a flight to excel in a business venture.
Conclusion
Let the ideas swirl around in your brain box. Think with an open mind and widen the domain to let the entrepreneur in you get wings to make you fly high. Don’t forget to wear the most essential ornament of confidence. Dream big, ponder a lot and plan before execution- and you are all set to get your business sailing smooth.
