Wednesday, June 23, 2021

HOW TO HUNT FOR A STARTUP IDEA?

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The secret to a successful business lies in a unique idea. Now, how do you get an idea to start a startup? What made Jamsetji Tata go there to find one of the world’s best motor giants? What led Dhirubhai Ambani to set up a billion-dollar business at its current value?

If you take a closer look at all these industries and their creators, you will find one similar thing and that is that they recognized a dilemma that many people around them had. They were studying the issue and working on a solution. That’s how they began!

HOW TO HUNT FOR A STARTUP IDEA?

To find great ideas for your start-up company in India, here is a fast 3-step process:

  • LOOK FOR PROBLEMS: Searching for any little or big problem in your everyday life is the secret to having ideas. On paper or a notebook for the record, you will find these problems. Go through these problems every day to find the one idea that will deliver the best outcome.
  • FIND A PROBLEM THAT MESSES WITH YOUR MIND: Look for those that interest you more when working through your list of issues. For example, look for a problem that consists of decorative items if you love to do craftwork. Business is not only about making a lot of profits, but it also has to do with passion and interest. Do what you love to do and your biggest achievement will turn out to be that.
  • FIND AN INNOVATIVE SOLUTION: Well, if you have a problem that can be fixed, and it’s of interest, too. Looking for an out of the box approach is important for you. Everyone may use a hammer, for instance, to drive nails into the wood, but a nail gun makes it much simpler and quicker. Just like that, do your analysis and find a better one on the solutions to the issue that is already there (if any).

HOW TO ANALYZE YOUR SOLUTION?

You’ve noticed a problem: people love to download Instagram images, but it’s difficult to do so.A suggestion you’ve been dreaming about: an app that lets them do that.

How do you know that this is the right solution? Here’re some things you should continue to research:

  • PRODUCT OR SERVICE ANALYSIS

Well, what your product offers people is the very first thing you need to check. In the industry, there may be some comparable products that appear to provide the same services as you. Therefore, you need to make your product or service a bit special. India is a densely populated country, so the quality of your product matters a lot.

For instance, you can also add other platforms if you are creating a video download app for Instagram. This means you can add video streaming capabilities from Twitter, Facebook, Vimeo, etc.

  • DOES THE MARKET NEED YOUR PRODUCT OR SERVICE?

This is one of the main questions to ask yourself, too. After all, it would be a dead-end for you if your product or service is not liked or needed in the market. So, you need to make sure that people need your product or service.

A lot of people love to download and upload content from Instagram if we take the same example. So, if you perform a detailed market analysis (included in-depth in the next section), you can get an idea of the demand for the product you are about to create.

  • ARE YOU ENJOYING WHAT YOU ARE DOING?

Finally, all of this won’t last long unless you love it with all your heart. Many of us have attempted to work on a start-up but have not been able to move it forward. The lack of curiosity and enthusiasm for it is the only explanation behind this.

If you are not fond of coding, for instance, then creating an app may not work well for you. So, continue to focus on producing a product or service you are passionate about.

VALIDATING THE IDEA

You’ve evaluated the solution extensively so far. Now, it is time to examine the market closely. This means that you need to make sure how your product is going to work on the market.

  • DETAILED ANALYSIS OF INDUSTRY

This section contains all the steps required to ensure that your product or service on the market is fresh and unique. Here are some of the key points.

  • Make your product a short layout that includes its attributes, its uses, its audience, its advantages, etc.
  • In order to know the level of rivalry, search for similar items on the internet.
  • If you see any related items on the web, make sure that every detail is cross-checked to see some similarities.
  • To learn more about the small sides of the items, refer to customer reviews; you can boost them in your product.
  • INTERACT WITH THE AUDIENCE

This is the most fruitful aspect of the process. From the point of view of the client, you can get to know some new stuff.

  • To learn about the customer’s concerns about the current goods, you can link to different online forum websites.
  • Make an online survey to learn about the needs of the customer, the characteristics they want in the object. You can create surveys such as KeySurvey, Typeform, Survey Monkey, Gosurvey.in, and Google Trends on some websites, etc.
  • By collecting feedback from your social circle, harness the power of social media. Discuss the idea and know-how with the established ones that they want the product to be.

There is no perfect trick to understand how the idea would work in the industry. It’s only possible to try and check how it works. Before getting to the stage where they are today, some of the young entrepreneurs had faced a lot of failures.

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