How to Find a Lasting and Lucrative Startup Idea?

By Guest Author | starting | July 27, 2021

“The smallest company in the world can look as large as the largest company on the web.”- Steve Jobs.

Ever thought about how one stumbles upon those unique gems that lead to recognition? Well! It’s the idea that plays a pivotal role that entrepreneurs come up with initially. However, if you think you’ll get an idea just like that, you’re probably wrong.

How can anyone come up with a solution to any persuasive problem “by chance?” You need to discover and develop ideas without relying on serendipity. So, here are some ways that you can use to create a perfect startup idea for your business.

Let’s start!

Your Focus Matters

“You can’t depend on your eyes when your imagination is out of focus.”- Mark Twain.

Simply thinking of any potential startup idea does not mean you are on the correct path to creating a lucrative business. Instead, experts suggest that you need to focus on specific targets during your ideation phase. Ideally, the best startup ideas have the following things in common:

— The idea is something that the founder is passionate about.
— The idea is worth the development phase.
— A few others realize that the idea is worth doing.

Having said that, you need to focus on existing problems to develop a strategy. While this might seem too obvious, many entrepreneurs often waste their time developing non-existing solutions for non-existing problems.

Besides that, when developing an idea, you must focus on one thing. And that is: create a solution that will cater to a small group. That way, your vision will have some substance that will have a recurrent usage in that group. Luckily, we live in a technologically enabled world. So, you can use startup software to write a pitch to get an overview of your startup idea. That way, you can quickly validate it, bring it to life, and get the right inspiration to take it to the next level.

Follow This: Keep it Simple, Silly (KISS)

Entrepreneurs must keep their ideation process free from any complications. So, don’t get into jargon right from the start and use the following principle to build your startup.

— Be passionate about the startup idea since it’s something you have to deal with everybody.
— Understand the reality around your idea. If it does not support your vision, you must not move forward with it. For instance, your picture must have a definable realm like domain, market, or industry.
— You must have a compelling and actionable idea.

In the end, if you have an idea that you are passionate about and have a specific market, but you can’t possibly make money out of it, it won’t be worth pursuing. Remember, it must have the potential to scale in the future. Only then can your idea sustain.

Wrapping Up

Now that you are finally making a move to plunge into the well of creativity, it might seem more treacherous than you ever thought. So, you must only focus on one thing- there is always something new to uncover.

All you have to do is put together your ideas, validate them, and prepare your business plan right away!