How to get a Startup idea ?

Wed, 23.02.2022, 14:00

The term “startup idea” refers to a concept that can be used for financial gain, which is usually centered on developing a purpose, a product or service that can be offered for money. Developing a business idea is the first milestone in the process of building a successful business.

A business idea can have certain characteristics such as unique, innovative, profitable, problem solving and much more. It can be considered as the first spark of Entrepreneurship and is often linked to a creator identifying the unique selling point or value proposition to obtain some market share and competitive advantage.
Generating a business idea requires creativity and there are a few methods that can be practiced in order to learn how to come up with them.

One general mistake which entrepreneurs usually believe is that you will need an amazing and unique idea to get going. This leads to waiting for a long time in search of an amazing idea and not using any other which might be worth it in the meantime.

Looking at successful companies of today, it is easily assumed that yes, they are working with a great idea. Taking Google or Facebook for example, these are now multinational businesses which are flourishing. In fact, they were both not the first to try the idea of a search engine or an online social media network. What made them successful, is that the idea was executed in a better manner than the competition, determining the success on today.

As a result, an idea might not be thought of as the best or unique, but the procedure of creating and developing the idea might make an entrepreneur, product or service rightfully stand out.
The following mistake is what we could consider the opposite: using the first idea that comes to mind and jumping into developing it without giving any thought or time.
 
If a startup idea was to be successful one, this would include working the majority of your time towards building the success of the idea and would in turn benefit from a few weeks of thinking and planning beforehand.

Overnight success has happened in the past before yet planning and building the startup idea in order to be ahead of the curve, is one mistake that can simply be avoided through allowing some time for research.
Choosing a good starting point is how you want to frame your thinking. Ideas can be developed and will adapt overtime, therefore if your idea starts of as “not great” -  than you can adapt the idea for it to be successful in the future.

Take Airbnb for example, the idea started off as an air bed rental which then became an all vacation platform used by millions. The idea was good initially, but adapted in turn with the demand of customers and the market environment to become the success it is today.

Evaluating a startup idea with the Idea Quality Score framework put forward in the Startup School talk called "All About Pivoting," can help to understand firstly if the idea is a good starting point, with four categories:

• How big is the idea?
• Founder/ Market fit?
• Solving a Problem?
• New/Important Insights into the idea?

(Source: How to Get Startup Ideas (Online) from Jared Friedman, Accessed 04.02.2022)
Using each category with a scale up to 10, the average will indicate an initial starting point to which the business idea can be assessed in terms of quality.
How can you promote an environment that will help you create ideas?

• Brainstorm
• Research public demand.
• Listen to your passions and interests.
• Look into the future.
• Use creativity.
• Browse crowdfunding platforms for inspiration.
• Look around.

Think of products you would want to be built for you. Or what would be your ideal working situation in 10 years if the idea was unsuccessful?  Think of how the world has changed & can you benefit from that?

Put yourself in a position where you are stimulated enough and encouraged to establish or develop an idea.

Sources:

https://www.forbes.com/sites/forbesbusinesscouncil/2021/05/24/where-and-how-to-find-ideas-for-a-new-startup/?sh=1fda92d58c4f 
https://www.ycombinator.com/library/8g-how-to-get-startup-ideas
https://www.youtube.com/watch?v=uvw-u99yj8w