Wanting to be a successful startup entrepreneur is a dream for many of us. However, we often get stuck when it comes to choosing an idea to go with. Some people may have many ideas and wonder which one is innovative enough to change the world. Others may draw a complete blank and not have any idea worth considering. Luckily, we have studied hundreds of startups and know what it takes to come up with a ground-breaking idea. Read on for some great tips that will help you come up with your own creative idea.
1. Strategically Think Ahead
Entrepreneurs are change agents. Peter Drucker said that entrepreneurs are people that search for change and create business opportunities out of it. They have developed a curious and critical mindset that questions why things are as they are and if they could be done cheaper or faster.
To come up with ideas that change the world, you should know the historical as well as the current business environment and be able to predict how things could change. Alternatively, you could also determine how to manipulate change, e.g. by lobbying for new favorable laws.
UBER is a great example of strategic forward-thinking. The founders were able to leverage smartphone technology to change the taxi industry and make it easier and cheaper for the general public to travel from point A to B.
2. Find A Solution To A Personal Problem
Successful entrepreneurs earn a lot of money by finding innovative solutions to problems. If you have something that keeps annoying you, see it as a business opportunity and instead of complaining, find a solution to the problem. Surprisingly, instead of coming up with solutions to real problems many failed startups come up with solutions to non-existent problems. Avoid this mistake by starting with a problem that you genuinely have and can solve. See if people would be willing to pay for your solution before starting the business.
3. Follow Your Passion
Yes, this is very generic advice and may not even make sense for some of you. However, many businesses have come out of the founders’ passions. For example, the GoPro was created out of Nick Woodman’s passion for surfing. He wanted to take great photos and videos of his surfing adventures. Similarly, you can find a great idea while pursuing enjoyable activities. Your love for the business will carry you through the difficult times all entrepreneurs go through.
4. Improve On Current Businesses
There are startups that come up with new and innovative ideas and then there are startups that come up with a better way to do things. For example, Apple wasn’t the first company to come up with a smartphone, however, their iPhone completely revolutionized the smartphone industry through better design and applications. If you have a way to improve on current technology, then you could be having a potentially successful startup idea.
5. Think Small
Something that paralyzes many would-be startup entrepreneurs is the thought that they must have world-changing startup ideas. However, even Google and Facebook started out as small companies catering to just a few users. As you are thinking of a startup idea consider making a difference in the life of a few clients. If you find a great solution to their problem your company will grow organically based on your small successes. Thinking small will prevent you from procrastinating on business ideas that you consider insignificant.
Pick An Idea And Start
There you have it. Five tips to help you come up with awesome startup ideas. Once you have a workable idea the best thing to do would be to start your entrepreneurial journey by testing it. For more examples of innovative startups read our list of top automotive startups or the best machine learning startups in the world.