3 Steps to finding the best startup idea

If you are reading this then you probably already are thinking e-commerce, Ed-tech, FinTech, etc is being done by a lot of people. What’s new that you can start with.

Don’t worry I’ve got you covered.

This is your complete step-by-step guide to finding a startup idea that will work for you.

Presentation created by Sudhanshu Kumar | Presented at MITAOE E-CELL

Start with a Why

You have heard this phrase several times, that’s because this is one of the most important points to consider.

Imagine going on a trip of which there’s no destination. That won’t be called a trip, that will be called wandering.

It’s time to decide whether you want to wander or travel.

What is your goal?

Why do you want to do a startup?

  1. Do you want to become rich?
  2. Do you want to be your own boss?
  3. Do you want to serve the poor of the nation?
  4. Do you want to make the world healthier?
  5. Do you want to solve social issues?
  6. Do you want to solve political issues?
  7. Do you want everyone to be educated?

What exactly is your goal?

Take your time to think about it. Once you have the answer, you’ll know which direction you have to go.

Where to find a startup idea?

Now that you have a direction. Let’s walk the road and figure out where exactly to go to find a startup idea.

Idea lies within a problem

If there’s no pain, there will be no need for medicine either. Similarly, if there’s no problem, there will be no need for a solution.

A startup is all about finding a solution to the problem people face.

The bigger the problem the better your idea will be.

Now, I’m gonna give you 7 ways to find a startup idea.

1. Look around you

To be able to solve a problem you will have to feel and understand the pain. So, for finding a startup idea, your own environment should the first best place.

Our common tendency is to ignore the problems or find a Jugaad and move on. But, if you want to become an entrepreneur, you’ll have to spend some time thinking about a problem.

We face a lot of problems on daily basis. I’m sure you too have faced several issues in your life. Did you try to address them differently?

2. Keep yourself updated

keeping yourself updated means that you have to stay updated about the happenings of the world and around you.

Believe me or not, newpaper/e-news itself is the greatest place to find problems. All they publish is about the issues around the world.

Rather than getting angry and irritated about that, read that from an entrepreneur’s mind.

Other than news, read good books, business magazines, some other shows on youtube which are full of good content.

3. Make it Luxurious

Living a luxurious life is the dream of every living person. In fact, most of the people earn only because they want to buy a luxury house, cars, etc.

People around the world pay loads of money for luxury.

Brands like — Rolls Royce, BMW, Audi, Gucci, 5-Star Hotels, etc thrive on the concept of luxury.

So, think about an existing product and can you make it luxurious?

4. Make it better

In this rapidly changing world, nothing is perfect. A product which was best in the market a year ago is simply thrown away in some corner of your house.

Take an example of your Smartphone. Are you using the same smartphone you were using 2 years ago?

Probably not.

So, can you make an existing product better?

5. Go Niche!

Can you name a product that serves a very specific part of society?

Domino’s Pizaa or Pizza Hut.

These brands only bake pizzas and their complementary food items.

Burger King, McDonald’s

They sell burgers and their complementary food items.

You too can select a specific product from a large segment and provide the best you can.

6. Make a Hybrid

How about a vehicle that can run on roads, swim in the water, and fly in the air?

Sounds difficult?

Let’s make it easier and think about a different sector. The idea is solving several problems or making one product fit for multiple uses. can you think of any such product?

7. Let’s make the future brighter

One of the most popular examples of this category will be Elon Musk. All of his product are made for future.

Good research can tell you what will be the future trend or another way will be to decide what kind of future you want.

You can create products/services which will be required a few years later. I will write an article about it soon.

It’s time to make a list…

Now you have a list of all the ideas but which is the most suitable idea for you?

Let’s find that out.

There are certain points you have to keep in mind to find out the best idea for yourself.

Make a list of all the ideas you have and spend some time analyzing all of them one-by-one keeping the following points in mind.

  1. Is there a demand for this product?
  2. How big is the problem you are trying to solve?
  3. Can you create a solution for this?
  4. Do you have all the required resources to solve this problem?
  5. Can you arrange the resources required to solve this problem?
  6. Do you have enough funds to start?
  7. Is this the right time to start this startup?
  8. Are you ready?
  9. Do you have a fallback option?

Once you figure that out, you’ll have your best startup idea for you.

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Happy Entrepreneurship.

Founder — Monk Bike and Onestartup | Logical Thinker | Productivity | Entrepreneurship | Success