How do you know if your startup idea is good enough? We all have ideas, some of us turn them into businesses but only a select few endure. Herbusiness ends your insomnia by sharing a few tips.
Your startup idea can be the most innovative we’ve had of. You go ahead and start working on your product. Heck, you are well funded and ticked all “how to” boxes of venturing into a startup. Then when the time comes to convert your subjective ideas into objective reality you’re hit by a shocker. Your startup launches to the sound of crickets.
What possibly could you have done wrong? You probably made the same mistake many entrepreneurs make. Most entrepreneurs are product-centric. This is because “innovation”, just like networking, has become so ingrained in the entrepreneurial ecosystem. I’m not hating on innovation (as they say) but it oft leads to the right answer being given to the wrong question.
The startup idea must be customer-centric. It must solve a problem people know they have. If you’re too smart and do the opposite you will pay the ultimate price. For instance, I once saw frozen chapatis in one of the retail chains. If you solve problems people don’t know they have you will expend a lot of resources marketing the problem. Conversely, an entrepreneur solving real-world problems will hit the jackpot.
Issue with a problem people know they have is that someone is already working on it; in some form. This should neither put you off nor scare you. The name of the game is reinventing the wheel. Don’t be blinded by the allure of a bigger missed opportunity. Pioneers rarely turn heads.
Another hurdle for your idea is the grasp you have on it. How familiar are you with the industry concerning your startup idea? The secret on the reason entrepreneurs are told to possess both skill and passion is revealed. Picking an idea from your area of interest or from a personal strength will put a little more mileage in you. The game will be more in your favour regarding information; on competition, market, pricing, marketing techniques and so on.
Lastly, your idea needs to align with the planets. I’m not talking about lottery luck. Your startup idea must benefit from perfect timing. The early bird does not catch the worm here. If your idea is ahead of time you will not find customers. If you launch after the clouds have passed you will experience the same.
Of course idea alone is not enough though. You have to implement it right. But getting the first of these two steps right is a big boon for your startup.
