The millennial generation is regarded as the most entrepreneurial generation in the history of humanity. However, the quality of the startup ideas generated can be questioned. There are several methods for generating good startup ideas which can be implemented by budding entrepreneurs. But, most startup ideas do not meet the basic requirements and hence, fail. Setting up a startup is a very resource-intensive affair, and it is necessary to confirm that the idea that you’re investing yourself in is worthwhile and feasible.
The process of coming up with an idea can be an ordeal for the unengaged. So,
Here are a few basic rules that will help you generate feasible, high-quality startup ideas.
- Where to Look for?
Successful startup ideas are not generated on a whim. They are most definitely discovered rather than generated. Brainstorming startup ideas over afternoon tea will not lead to productive results. Most likely, the ideas that you do come up with will have already been implemented or are obstructed by esoteric factors.
The best way to identify if a method to generate a small business idea is viable is to look at its complexity. If an idea sounds logical to an average person, the chances are that the idea will already be enacted. If the idea has not been implemented yet, then there must be some unknown variables hindering its manifestation. The valuable ideas will not be explicit and obvious. Rather they will require one to be in a unique situation to be visible.
- Identify the New Trends
Another excellent method to generate new small business ideas is to identify the new trends. As new trends arrive, they will bring new technologies and opportunities along with them. If you are aware of the recent developments, you will be able to see the potential in any new trend and provide a viable new solution.
Airbnb is an excellent example. It gave the hospitality and travel industry a new outlook. Though not all startups are capable of giving rise to entirely new niches like this, but being at the forefront of all recent developments in the world will give you the best view to identify new opportunities before everyone else.
- Best of Different Worlds
Providing solutions for the gaps generated at the meeting points of two or more industries is a great way to generate good startup ideas. Unique insight can be obtained at the crossroads of two or more fields. When a new trend leads to the generation of a new industry, it will undeniably lack in other aspects. Identifying these aspects will provide you with a problem whose solution could lead to a new business idea.
Additionally, you could implement tried and tested ideas from one field and attempt to apply them to another. For example, home delivery of groceries and raw ingredients was derived from the food delivery industry.
- Just Do it
Understanding that any new idea in its infancy will certainly fail is very vital for any budding entrepreneur. Any new idea generated for small businesses will have to cross various barriers and impediments before it becomes market viable. As stated earlier, viable business ideas are discovered, and discovery requires exploration. So, it is futile to wait for the perfect idea in your comfort zone, as none exists.
Identification of potential opportunities is the first step. The second step would be to assess the idea’s viability. The last step would be to test the market’s anticipated response to your solution. If your idea checks all these markers, start to work on your project with complete dedication and belief.
There is no foolproof method to generate startup ideas. However, keen identification and observation skills combined with an unrelenting work ethic could generate viable ideas. Use the enlisted methods for generating small business ideas to identify the gaps in the current market and provide a great realistic solution.