To have a brilliant startup concept that has the potential to capture the targeted market base is the main requirement to unleash the entrepreneur in you. Most of the ideas are derived by the self-encountered problems or the most obvious problem faced by many of us. So the approach that should be used to get an amazing idea for your startup is quite simple – pick a problem faced by mass and do the reverse solution analysis on that.
For example – the problem of daily commute is the biggest problem faced by office personnel. The problem starts from the point when person leaves the house and remains alive till he reaches the office. The existing solutions are Auto Rickshaw, Metro, E-rickshaw. The better solutions are carpooling, daily bus commute, cab pooling etc. Based on the feasibility any of the available solutions could be implemented.
Startup Idea Selection – Requirements
- The first requirement for startup idea selection is the list of common problem faced by mass. The relative analysis of all the problems will decide the market base for your idea. The large market base will decide the chances of appreciation by mass.
- The second requirement is the list of existing solutions to the problem. The comparative study of these solutions will give a guideline for the scope of improvement in the existing solutions.
Startup Idea Selection – Steps
Steps that are required to select the best idea for your startup are as follow:
- Market Base – Decide the market base that you want to target. For eg: students, girls, office personnel etc. Deciding the market base prior to selection of idea gives a clear picture of future scope of work – strategies to reach the consumer, acceptability limits of the concept etc.
If you want to focus on the problem first, that also nice, but again the major requirement is to decide the target market base, the consumers of your solution that is going to be appreciated by the specific market base.
- Problems Statement – List down all the problems faced by the targeted customers. Listing all the problems will enable you to decide the potential of the concept in the market. More the criticality of the problem, more are the chances of success.
- Existing Solutions – List down all the existing solutions for those problems. Listing of the existing solutions will help you in deciding the priority of the solution need.
- New Solutions – List down all the new solutions that come to your mind. Based on the feasibility of the solutions decide on which you would like to work as your startup concept.
- Final Concept – Based on the above documentation, decide the final solution that you want to execute.
Startup Idea Selection – Outcome
The outcome of above exercise is the startup concept that will address the problem faced by many of the people and hence will capture the market soon. Once you have an idea for your startup, the very next step is to evaluate it and do the planning for its execution.
Wish you Luck for your startup.
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