Sep 21 2011 comments 2
I have always been asked this question “how can I think of an idea for my startup?”, and I always had the same answer. Look for a the biggest problem, for the largest number of people and try to find an innovative solution for it. Think about it, if you have a pressing problem that faces a huge number of people,
and no solution seems to satisfy them, and then you came up with a really innovative solution.. wouldn’t you capture this market easily.
The trick is to focus on one problem, define it and define the opportunity right. Let’s take for example trafic problem. It is a really big problem to a huge population. If anyone comes out with a really innovative solution for this problem, whouldn’t you pay for it? See you already have your business model up! Many entrepreneurs tend to generalize or gather many problems together and try to fix them thinking that they will improve their opportunity to succes while they are just digging their own grave. The truth is that you can only create one success story at a time. So just focus, narrow your targ
et to just one problem with the biggest pain to your customers, and just build the best product that solves this problem. Simple!
As simple as it looks, it is really hard to go through this process, it needs many iterations and followup on your ideas until you nail “the one”. Just be patient.