Most people pick their ideas from what they love to do, some people love technology so they build apps. The majority of the entrepreneurs are clueless of what they are going to create. We tend to pick things that we see in our surroundings, some times we copy models of other successful companies. When I talk to founders asking questions like this - Why they want to start e-commerce when Amazon, the common answer but we are cheaper or we will service faster or our quality is good.
While they might be telling the truth, we human beings are nothing but our assumptions or prejudice. We have preconceived notions on many things. In the case of e-commerce example while its good that we are cheaper today, the BIG question how do we communicate it to the customer ? How are we going to pass this message to the customer ? Even if I pass this message what is the likelihood of customer believing it? Let's say I go a tell we deliver faster than Amazon, people would say he must be bluffing. Battles like these are not easy and also not fair. We need to understand that we are not playing on level playing field like a game.
We need to pick games (our Startup ideas) which are to our strengths. Here are some things you should do once you get a Startup idea. Whenever you think of an idea if you think everyone is the customer you are thinking of it wrong. Startup ideas are nothing but "Problems" - Problems for Whom. It's very important to identify who has this problem? If you cannot point out who has this problem may the problem is nonexistent. You are just imagining a hypothetical problem. Making sense?
Now the golden question is how do we know if there is a problem? The simplest answer is talking to a prospect who has that problem. What do you talk to them? Ask them the following questions
While they might be telling the truth, we human beings are nothing but our assumptions or prejudice. We have preconceived notions on many things. In the case of e-commerce example while its good that we are cheaper today, the BIG question how do we communicate it to the customer ? How are we going to pass this message to the customer ? Even if I pass this message what is the likelihood of customer believing it? Let's say I go a tell we deliver faster than Amazon, people would say he must be bluffing. Battles like these are not easy and also not fair. We need to understand that we are not playing on level playing field like a game.
We need to pick games (our Startup ideas) which are to our strengths. Here are some things you should do once you get a Startup idea. Whenever you think of an idea if you think everyone is the customer you are thinking of it wrong. Startup ideas are nothing but "Problems" - Problems for Whom. It's very important to identify who has this problem? If you cannot point out who has this problem may the problem is nonexistent. You are just imagining a hypothetical problem. Making sense?
Now the golden question is how do we know if there is a problem? The simplest answer is talking to a prospect who has that problem. What do you talk to them? Ask them the following questions
- Do you face this particular problem?
- If so how are you solving this currently?
- What challenges are there in the current solution you use?
- What do you think should be the best solution according to you?
- How will your life change if that solution is available for you?
- How much are you willing to pay if so and so the solution is available for you?
Talk to 100 Customers before you Start working on your idea. The first thing you do after getting an idea is not to rent a spot in a co-working space, not to quit your job, not to start coding. The first thing you do is go to those "100 customers for whom you are solving this problem" and try to understand them just like any journalist would do the only difference here is you care more.
The answer to your question "How to pick the right idea" lies in "How valuable your idea / Startup to people" Here are some good practices while picking Startup idea
- Pick hard problems
- Pick problems specific to your country
- Talk to 100 customers for whom you are solving
- Don't start with a solution first approach
- Is the timing right ( Is the country ready, infrastructure-ready to solve this problem)
- Why are you the right resource to solve this problem ( Founder - Problem fit)
This brings us to the end of lesson 1, In the next lesson lets talk about " What is the first step after getting a startup idea " Wait for my lesson 2.
Share me your startup idea I will share my thoughts on them
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