What to do When You Do not Find a Good Idea for Your Start up

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A friend asked me this question during a seminar.

The simplest answer is that you have not mustered enough courage and conviction to start any business yet. Truely.

Business ideas are everywhere. But your inner dialogue becomes a hindrance in choosing one.

When you choose an idea the negativity just pops up to say that it is not going to work or that it is too hard to do!

Stop procrastinating. Choose any idea and just do it. At least you will get some valuable lesson!

It basically boils down to your temperament and type of personality. Not everyone is suited to the start-up game. It is vital to do an honest assessment of your own strength and weakness before you take the jump.

To get good ideas you need to invest in yourself. Take time to read and research. When you do that opportunities will present themselves. Ideas will start coming to you!

Visit start up seminars. Join a business study group in your locality. Take time to seek out entrepreneurs in your area and talk to them personally. Ask them for advice and ideas.

Figure out what you are good at. What comes to you naturally. Research to find if the niche is profitable. If it is then you can create a business around it.

Yes, there will be competition but then we are country of 1.6 billion people! and one more provider can definitely stand on the market and make profit.

To start a business you do not have to start from scratch. There are sure to be franchise business opportunities available in your area of interest. Pick an opportunity, see how it is doing in other areas.

Visit a center and see how they are doing business. Find out the profitability. Engage and start from the franchise business. You may have to dole out some cash for that though!

The upside is that you do not have to do everything from scratch and the franchise will already have a standard business procedure to operate.

Look around. What are the problems people are facing? Is it big enough to be profitable? That can be a business. People will pay to fix their problems.

If you think starting alone is going to be a big ask, then find a joint venture partner. One that is in the same wavelength as you. Ask in online forums. Query your Facebook network. Someone will turn up.

But solving problem alone is not going to make it. You must know if there is really a need for the solution you are offering. That is where market research comes in.

It is easy to set up a landing page where you can give a proposed solution to an existing solution and ask people how much they are willing to pay.

Get people to sing-up for early bird offers so that when you complete the product or service then they will be the first to get it at a discount price. This way you can gauge the market interest.

Another way to know if the product/service is needed is to ask your network in Facebook or Instagram or Linkedin. People tend to help other freely in these forums.

The challenge is not to figure out what is the business idea, but to figure out a business that is scalable and interest you, so that you can stick to it through thick and thin.

Find problem areas can be quite challenging specially if you are not mentally geared towards finding problems. Here are some places you can search to find inspiration –

  1. Amazon, Flipkart and similar platforms
  2. Reddit and similar platforms
  3. Crowdfunding sites
  4. Twitter and Linkedin
  5. Online courses
  6. Consumer trends magazines
  7. Talking with people

Often, business ideas come from life experiences. Listen closely, observe the pain points of people and you will find ideas freely.

When people tell you about their struggles and pain points, try to solve that, and find out if you can stick to it in the long turn. See if it is scalable and you have a business in hand!

Another thing is that, you have to research if the market is big enough for the business. If it is not, then your motivation will dry up pretty quickly and it will fail.

What should be the size of the market? That is question that only you can answer. It will depend on your ambitions.

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