Ways to Think of Idea for A Startup
A business idea comes up in three ways that are not stringent, and these ways are quite natural. First of all, an idea pops into the mind spontaneously when you’re performing an activity or busy in your daily schedule. An internal stimulus of a person triggers the spontaneous idea, and he/she unexplainedly starts believing this idea. After generating the idea, a person begins gathering information over the internet and disseminates his thoughts to others. After getting some negative feedback, the idea comes to an end due to unforeseen challenges.
Another idea called the insider idea comes from the past experiences and learning of a person after spending years in an organization or enterprise. This insider idea originates from those organizations’ errors and loopholes, leading to unsuccessful product launches or business failure. In short, this idea creates an opportunity for the thinker, and it might be successful. The last idea is the deliberate business idea that persuades a person to become an entrepreneur and quit their current job. This idea is wholly based on starting a new business with up-to-date ideas.
Steps in Business Idea
Here are some following predefined steps which must be taken care of before working on an idea or business.
1: The first and foremost thing is to decide the viable goals through which a person gets inspired and takes action. The idea might be based on a hobby business, part-time startup, or large cash flow business; however, it’s necessary to finalize that idea which influences a person personally and motivationally.
2: Here, you have to list down your ideas from the start; when you perform this action, you’ll have a pile of ideas that could match your area of interest(s). In this step, you have to spend some time brainstorming while segregating your ideas in a spreadsheet where you’ll make two columns one is the business model, and another one is customers or target audience. Your demographics should be categorized for challenges and their needs. In this step, you have to categorize your business type and pricing model, which you’d apply to these customers/audience.
3. After the first two steps, now your spreadsheet is well-established and having all the necessary details regarding the business model and customers/ audience. In this stage, a person should brainstorm over an idea according to its business model. For instance, you have to pick up one business/ pricing model and its audience; then, you have to decide whether these customers could fit into this model or not.
4: Evaluating your ideas is a necessary step to optimum output through narrowing down. A specific criterion should be made to get some unique and final ideas. For example, you must ensure whether you have personal experience or connections in the industry? Does this idea is aligning with your personal goals? And above all, finding a significant market opportunity should be the primary concern, for example, a unique market, a differentiated or disrupted market.
5: In the last step, you might derive out 2 or 3 best ideas that seem interesting and worth doing. Now, you have to engage with your potential customers realistically like you should spend some time on LinkedIn, do surveys, ask about their problems, do they have any idea about this particular industry, or if they had the same idea. After collecting all the relevant details related to potential customers, industry, business name, and initial steps. You have to get in conversation with those potential customers, industry partners who you don’t know personally. For this purpose, you can get in touch with concerned customers and audiences with the help of Google surveys which is the cheapest tool to gather information. To approach your industry partners, you can email them or can have telephonic questions answer session. Meet your suppliers and get the best quote from them.
In the last step, after covering all the critical aspects, now you’re all set to work on your business plan for the best ideas which you’ve drawn. You can follow the business plan steps to write each and everything related to business thoroughly.