There are a plethora of new startups stepping into the business industry to try their luck at it. However, most of them fail due to not having good startup ideas. In fact, according to a report on Forbes, 90% of all businesses fail within the first 5 years.
It is important to have a good and unique idea to capture the attention of people and make it grow because the business industry is expanding day by day and new startups need to come with a bang if they wish to make their venture successful.
Here’s how to come up with the best start up idea:
Look For Problems and Their Solutions
They key to finding great startup ideas lies in figuring out what’s in high demand or what kind of problems are people facing in their daily lives.
Consider any business. They all need goods and items, a lot of which have to b imported from other countries, such as China. You can start a business that helps other businesses import goods from China without any trouble.
It isn’t like there aren’t such businesses running already, but the scope is there. A good example would be Uber that saw a need and created a company that is among one of the biggest companies out there and is available in dozens of countries.
The trick lies in doing some research and understanding demands and psychology of the customers. There are two ways to work this out.
One, you do the research as per what’s trending currently and brainstorm ideas that you think may be needed in the future. For example, there are many underdeveloped areas where there’s no electricity and since there are many ways to generate it such as from water, heat and even plastic, you can come up with ideas for the future. If your idea packs a punch, you might get huge sponsors, too.
The other way to utilize research is to look into past trends and try to introduce them again but in a more creative and interesting way. Remember that people like ideas when they are different. So make sure to kick in to your innovative side.
Sometimes, getting bombarded with many ideas can also be problematic. It confuses you what to pick one. You may find all your ideas good, and picking one can be a difficult task.
Here’s where surveys come into play. Find out what people really want. A good example would be McDonald’s. When the restaurant introduced the concept of self service, the first day went poor, but eventually they grew because they surveyed the audience and understood their needs. Thanks to this, today McDonald’s is among the most well-known food chains in the world.
Start your survey with small steps so that it is easy to manage and implement. You can target a smaller group of people and see how they react to your idea. This will narrow down your list of ideas and help you choose the right one.
Adapting to these tips can help in coming up with a creative idea and kickstart your startup.