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10 Actionable Frameworks to get a Billion Dollar Startup Idea and ways to test your ideas to make your next startup successful
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You'll likely find a lot of basic suggestions like" brain storm ideas" and "merge two ideas into one" if you're seeking for tips on how to come up with business ideas. But this kind of guidance falls short of offering you any useful suggestions on how to generate startup ideas.Instead, you need frameworks that you can use to methodically come up with ideas for your future business.
By utilizing frameworks, you can methodically progress toward a viable business concept. In other words, it's a more direct strategythan simply sitting down and attempting to come up with a brilliant company concept on the spot.
Though it's impossible to know for sure whether or not your company idea will be successful, VCs have discovered that ideas developed utilizing intentional tactics like the ones listed below tend to perform the best.
Consider your special abilities, knowledge, and connections and how you may leverage these to develop a product as a wonderful strategy to uncover the best startup concept. You find founder-market fit by basing your firm on these distinctive personal advantages.
If you already have a co-founder or a team, consider your group's knowledge and its areas of specialization.
After listing all of your distinct advantages as a founder or founding team, consider the kinds of product and service concepts that you would particularly excel at implementing.
Some of the most prosperous firms were founded to address the personal issues of their founders. For instance, the creators of Door Dash created their wildly popular food delivery app in response to their inability to receive Thai cuisine delivery in the suburbs and their realization of the need for a user-friendly, universal delivery service.
Think about the various issues you face in your personal and professional lives, whether you are still in college or are well into you professional career. Then, brainstorm products that could help you overcome these issues.
Consider producing the things you want others would create for you as an alternative perspective on the situation.
You can try switching things up and placing yourself in new situations that allow you to encounter new problems if you don't currently have any particularly significant challenges in your life that you can conceive of new product ideas to fix.
"Follow your passions" is a piece of general advice you've probably heard a lot, whether it's used to find a career or develop a startup idea. However, it can be useful in terms of coming up with a company idea.
Consider an area or sector you would want to work on a project in for the next ten years, even if it didn't succeed, to identify a startup concept you're enthusiastic about. After that, try to come up with several product or service concepts based on it.
For instance, if you adore virtual reality (VR) technology attempt to come up with a variety of real-world uses for the technology that you could base a product on.
When you're coming up with startup ideas in this fashion it's crucial to keep in mind that not every passion makes a successful transition into a business. Even if you have a strong interest in Star Wars, you shouldn't necessarily try to launch a business around it (Disney probably has all the Star Wars-related ideas covered, anyway). The free language-learning programme Duolingo is an excellent illustration of a firm that was established out of a passion. The creators of Duolingo, Luis von Ahnand Severin Hacker, were committed to education and intended to provide a free alternative to costly courses, instructors, and textbooks for language learning.
The top-down strategy to finding a business concept looks for new technologies or situations in the world to create a company around rather than creating a product or service to solve a personal problem, as the bottom-up approach does.
A notable example are all the new companies, goods, and services that have developed as a result of the special circumstances brought on by the COVID-19 pandemic.
A situation like this had never been seen before in the contemporary era, and to keep life working relatively normally, a variety of new rules, regulations, and difficulties had to be overcome.
Many various businesses developed applications during the pandemic to do things like providing digital vaccination proof for travel. Then, they offered these technologies for sale to other countries and organizations that were in dire need of them.
One startup formed to address the new issues brought about by COVID is QuickHire, which bills itself as "a career discovery portal for the service economy workforce."
Co-founders Deborah Gladney and Angela Muhwezi-Hall recognized the need to create a platform to make it easier for employees of service industries to find new jobs because so many people were losing their jobs due to the pandemic, particularly in the service sector.
Therefore, be careful not to lose sight of the real execution if you employ a top-down strategy to build a firm around a new technology or circumstance. Otherwise, there could not be a solid product-market fit and you might wind up producing something too late.
Making intelligent and well-informed predictions about the future is the essence of strategic foresight.
To find a startup idea, consider historical recurring theme sand consider how they might effect the future in an effort to predict future market trends.
Trends and developments in the political, economic, social, technological, and legal settings are specific areas to take into account while using strategic foresight.
You may foresee, for instance, that soon new online business models will be permitted by rewriting certain regulations. The largest crowdfunding site in the world, Indiegogo, experienced exactly this.
Danae Ringelmann, the founder of Indiegogo, anticipated that since the Securities and Exchange Commission (SEC) laws that forbade people from making investments online were created in an era before modern technology, they would be changed.
Find new businesses that are generating news due to their recent success, then create new variations of those businesses.
Consider how booking accommodations while on vacation may change as a result of the recent introduction of Airbnb.
You might create something that is "like Airbnb, but for pets," enabling you to locate people to look after your dogs when you're away from home or to stay at your home with them.
If you employ this method to generate business ideas, be sure your concept completely differs from the issue that the organization that served as your inspiration is attempting to resolve.
Many sectors are out-of-date and are having trouble adapting to the demands of current consumers. A new product or service could be developed in any of these businesses.
For instance, certain financial industries, such as banking and insurance, have historically been relatively hesitant to adapt new technologies and provide clients digital services.
It would be fantastic if consumers could acquire quotes and sign up for new real estate insurance policies through an app in just a few minutes, you might think as you consider the insurance sector.
Then, you might create an app that automates the provision of real estate insurance quotations and the pre-approval of users for policies without the need for cumbersome back-and-forth with an insurance agent or amount a in of cumbersome paper work.
Even better if you have knowledge of the troubled sector that you wish to fix. Using the insurance example again, if you have experience in real estate insurance, you will have a better understanding of the issues your startup may address inside the sector.
Stripe is one instance of a business that came up with a solution to improve a troubled sector. The creators of Stripe recognized that it was quite challenging for those working in the online sales sector to accept credit card payments, so they set out to create a platform that would make it incredibly straightforward and uncomplicated.
Even if you don't personally have an issue that a product or service can help you with, someone close to you might.
To assist you come up with a concept for your business, ask friends, relatives, coworkers, and other individuals in your social and professional circles what goods and services they wish existed.
People with knowledge and experience in specialized field scan make for exceptionally fascinating conversationalists. They can help you gain understanding of particular issues in fields or spheres of life that you may not personally be familiar with.
If you don't have any children, for instance, chatting to friends or family members who do can inspire an idea for a startup that aids parents in raising kids in some way.
Or, if you already know you want to start a business in a particular industry, like travel, speak with acquaintances who work in the hotel industry or are frequent travelers to gather ideas.
Also,don't forget to read about various startup funding stages.
The 10x rule states that you can create a fantastic product by "10xing" it—making it 10 times faster, 10 times easier, 10 times more enjoyable, or 10 times better in some other way—in order to improve the customer experience.
So, to get a company concept in this manner, consider what is already in existence and then consider how you might significantly improve it.
For instance, the email software Superhuman completely revamped the email experience to provide the "fastest email in the world."
All around us, there are idle assets that you might be able to use in a new product or service.
Anything can also be an asset. You could create an app that enables individuals to use their abilities, for instance, as many people have them but don't use them.
Airbnb is a fantastic illustration of a business that figured out how to make use of idle assets. The founders of Airbnb discovered that many people had extra rooms in their homes or extra properties that were largely unoccupied, so they created an app that would allow people to rent out these under utilized areas.
The next step is to examine your startup ideas after you have a few that you believe have potential. This enables you to rate them according to their value and feasibility so you can select the one to pursue that is the best..
For each of your ideas, consider asking yourself these questions:
It's simple to become frustrated and believe that none of your startup idea submissions are good enough when you're trying to come up with a concept. Applying the strategic frameworks presented in this article will increase your chances of developing a startup idea that is worthy of further development.
If you make sure to stay away from the typical errors individuals make while searching for a business concept, you might soon be well on your way to launching your first venture.
At Jordensky, we specialize in accounting, taxes, MIS, and CFO services for Startups and growing business and are focused on delivering an experience of unparalleled quality.
When you work with Jordensky, you get a team of finance experts who take the finance work off your plate – ”so you can focus on your business.”
