How to find the right startup idea?
Startup Idea 1: Implement Strategic Foresight
An entrepreneur’s job is to create change whether locally or internationally, socially or for personal needs. In the simplest terms, strategic foresight is actually the ability to make informed and educated guesses. However, it is definitely something more than just trying to predict the next market trend that would go famous. Strategic foresight looks into the past for recurring trends and which might apply to the future also. The goal is to take all the information available in the present market and actively implement strategies to shape and inform the future.
Startup Idea 2: Solve a Personal Problem
One of the better ways to come up with an excellent startup idea is to try to solve a personal problem. It can be some sort of pain point that one has to deal with all the time, while simply wishing that there was something out there that could make your life just a little bit easier.
Startup Idea 3: Follow Your Passion
Passion is a key ingredient to success. But what actually is passion? It is a word that is so excessively used that it has lost almost all meaning. Passion, however, is not a dream or a hobby. That’s why the phrase “follow your passion” can come off as flawed advice and suggestion, not because it’s bad, but because of a severe misunderstanding of what passion actually is. For example, the fact that you like to bake as a hobby doesn’t mean you should become a baker, much less a business owner. One should know how to differentiate a hobby from a passion.
Startup Idea 4: Improve Current Technologies
In this modern age where the majority of entrepreneurs are aiming for new disruptive innovations, it’s hard to deny the fact that there have been many other incredibly successful entrepreneurs who have made their millions off creating clones of pre-existing product/service ideas.
Startup Idea 5: Change the World One Person at a Time
One major common mistake many young businesses make is that they want to be the next Facebook or the next Google. Usually, these entrepreneurs naively believe they are creating something that is guaranteed to be universally beloved, that they will be able to hack their way to explosive growth and that they will also manage to change the cultural landscape forever. However, it is not possible at all times.