It is surely a myth that great business ideas simply strike a person. Fortuity that same thing might appear in you mind too but it will be only happening if you have done research and analysis on particular idea.
Nobody wants to work as a slave in any field where he/she would be spending 8 hours of their day sitting in front of a computer. Everybody wants to have their own company and work as a boss. But in today’s world of competition, it is next to impossible to setup a well-established company overnight. One must begin with a start up and settle the company with time. But starting a business is never be more than a dream. Not because of shortage skills or motivation; instead, it is difficult to come up with a bewildering idea that could challenge these entrepreneurs and their new businesses. While only the idea isn’t sufficient to declare success, a lot more factors affect your attempt to start a new business, like your experience, field work and knowledge about a particular industry. It takes a lot of patience and hard work to come up with an idea and fulfill it. It requires the knowledge and problem of an industry, analyzing the acquired information, engaging with others to discuss and find the flaws in your idea and finally commercializing your idea into a business model for the product or service you will be offering.
Following are the activities that will help you to establish a sustainable startup idea:
- Learn the Industry
The most crucial and initial step to develop a good startup idea is to completely understand the industry and it functioning. Out there are a lot of potential entrepreneurs who lack solid ideas but most of them knows the industry which interests them, because it’s the industry where they have worked their entire careers.
- Meet the Consumers and Ask Questions
It is most obvious and simplest way to find an idea for your new business. Because a business runs on the demand of consumers. The main idea of a startup is to solve the existing need of the people. Many entrepreneurs fail only because they tried to make a new need instead of solving the present ones. By providing a cheaper and better solution for a current problem will attract the customers and your startup will be having more chances to be succeed.
By creating a new need, you will be creating a new market but there is already a target market for the current problems. So, go into this market and ask the customers for their needs and the problems they are facing.
This will help you to have an insight of the market.
- Identify a Problem or Need
After understanding the market and collecting data from the consumers, use the information to find the common problem to be solved and which is being solved in an inappropriate way. Before Developing the ideas, you must ensure following things:
Firstly, develop a solution to the problem which is self-experienced by you. If you understand the problems personally and deeply, you will be able to develop a better solution. And also, if you got any special skill or passion then that could also be the base for your business idea.
Secondly, you should understand that startup is not about always bypassing a long solution or improving a pre-existing business model.
Sometimes, it is also about a completely new idea which was never struck in anyone’s mind and it have a potential to make change in the world in a positive way.