Sunday, November 27, 2016

STARTUP LESSONS : Identifying and Assessing the Idea

The first step for an entrepreneur before starting a new company is to find the right idea for his or her startup. The best way to arrive at a good startup idea is not to try to think up startup ideas – that would be the wrong way. The ideal way is to look for problems and needs, preferably problems and needs you have faced yourself. However, it does not necessarily have to be a problem you have faced personally. It could be something you have seen other people, your friends or family, face regularly.

Why is it better to work on such problems? First and foremost - it ensures the problem really exists. It sounds obvious to say that you should only work on problems that exist. And yet, by far the most common mistake startups make is try to solve problems no one has.

You should aim to solve a problem that you’re sure exists, and try to provide an offering that betters what an individual or a business would be going through today in the context of the problem or need to be identified. 

Trying to solve for pain points that individuals or businesses face can help you arrive at your venture idea. In this video, you saw how your idea should look to solve an existing problem. You also heard how some founders worked on the pain points that they observed to build their businesses:
  1. Saavn: South Asian music digitally not available (B2C business)
  2. redBus: Not being able to get a bus ticket at the right time (B2C business)
  3. Freshdesk: Experiencing poor customer support services (B2B business)

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