How To Find A High Potential Startup Idea

How To Find A High Potential Startup Idea

Many people think their business success is based on a brilliant startup idea that no one has come up with yet.

They know they want to start a startup, but they don’t have the revolutionary startup idea yet.

But before we start, let’s clarify something: people always wonder if it’s the right time to start their startup idea.

 The fact is that there is never really a bad time to launch a startup.

It’s obvious why it makes sense to launch during a strong economy.

People have money and are looking for ways to spend it. But launching in tough or uncertain economic times can be just as smart.

And, depending on your startup idea, in a down economy, there are often facilities, sometimes even entire startups, at great prices.

How To Find A High Potential Startup Idea

Estimates are that more than 600,000 startups are launched each year in the United States.

Yet for every American who actually starts a startup, there are probably millions more who start each year saying, “This is the year I’m going to create a startup,” and then don’t.

Everyone has their own roadblock, what usually keeps people from taking that crucial first step is the fear of starting and stepping out of the comfort zone.

Others find that starting something from scratch. Means coming up with something no one has done before – a new invention, a unique service. In other words, they think they have to reinvent the wheel.

In this article, you will discover how to come up with a startup idea and how to determine exactly what you want to do and how to act on it.

Finding a Startup Idea Starts With a Pen and Paper

How do you start the startup idea process? First, get out a sheet of paper and list five to seven things about yourself – things you like to do or are really good at, personal things.

Your list might include, “I’m good at problem solving, I’m good at computer programming etc.”

Just write down anything that comes to mind; it doesn’t have to make sense. Once you have your list, number the items on one side of the paper.

On the other side of the paper, list the things you don’t think you’re good at and don’t like doing.

You may be good at marketing concepts, but you don’t like prospecting people, writing email sequences etc.

 Don’t overthink it; just write down your thoughts. When you’re done, ask yourself, “What are three to five products or services that improve my personal life?”

Determine which products or services would make your life easier or happier, make you more productive or efficient, or just give you more time.

Next, ask yourself the same questions about your professional life. Consider what you like and what you don’t like.

Finally, ask yourself why you are looking to start a startup in the first place. Then, when you’re done, look for a model to emerge.

How To Find A High Potential Startup Idea

What Problems Do Others Have?

Here’s a startup story that is a great example of seeing a need and filling it.

Have you ever been charged a fee to return a late video?  When Reed Hastings received a huge $40 late charge, instead of getting angry, as the vast majority would have reacted, he was inspired.

Years later Netflix has become a big company with revenues exceeding $1.3 billion.

Getting an idea is very simple because they pop up all the time. Many entrepreneurs have made tons of money by bringing the Starbucks coffee concept to their hometowns; then expanding from there.

And don’t overlook the basics. Hot businesses often go through cycles. Take fishing. In recent years, fishing products and supplies have been all the rage, but you don’t think of fishing as a 21st century business.

In other words, you can take any idea and customize it to fit your time and community.

Add your own creativity and personal touch to any concept.

Don’t think that customizing a concept is a choice; it’s a necessity if you want your business to succeed.

You can’t just take an idea, put it down and expect it to work.

Outside of a McDonald’s, Subway, or other major franchise concept, there are very few businesses that work with a one-size-fits-all approach.

One of the best ways to determine if your startup idea will succeed in your community is to talk to people you know to get their feedback.

Your idea must be relevant to work.

The solution is simple…there is no mystery or magic bullet. The need has to be real and it has to be big enough.

If you refer to Maslow’s Pyramid to find a startup idea that’s pretty smart; but you need to work on a growth market with real financial potential.

You have to take the time to study your future market, is there a frequent demand or just an occasional demand?

You must also be sure that in these markets consumers are willing to spend money, otherwise again it is useless.

Never go after projects that don’t have potential because you’re bound to lose money. Even if they are projects that you like and that you care about.

How To Find A High Potential Startup Idea

Does having a start-up idea have to be a passion?

It is true that being passionate and working for your passion is an opportunity. But beware in business this can be dangerous as you can easily fall into the trap of stubbornly trying to succeed in a startup you love but which has no potential; you understand that it is useless.

On the other hand, getting involved in a startup idea that you would like to develop can have a lot of advantages as well; because as you must know, entrepreneurship is never a fun thing to do every day.

So if you start something that you hate, you certainly won’t get far either.

Take Action

Understand that coming up with a startup idea isn’t rocket science.

It’s a step-by-step, common-sense process. So take one step at a time.

Figure out what you want to do. Once you have the idea, talk to people to see what they think. Ask “Would you buy and/or use this, and how much would you pay?”

Understand that many people around you won’t want to encourage you to pursue your startup idea, but if you like your idea and you’ll see how it goes! 

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