Generating a winning startup business idea

3 top tips on how to generate a winning startup idea.

 

  1. Generating a startup idea in the first place

Get hold of a notebook and start with writing down all your ideas. Think about all those things you are generating a startup ideatruly passionate about and find a way to turning your passions and skill set into a profitable business. In addition the following tools should help you during the idea generation process:

  • Listen to TED Talks
  • Research business model generation
  • Make a list of things that annoy you. Research customer feedback. The success of most business lies in solving peoples’ problems.
  • Take inspiration from TV programs such as Dragon’s Den and The Apprentice
  • Look for new opportunities in the latest technological developments and trends
  • Research all the latest and most successful startups (in your country and abroad)
  • Attend startup events, business idea generation workshops and networking events

 

  1. Ponder and validate your idea

Ideas are worthless if there isn’t a market for your product or service. Your idea must serve a purpose, therefore begin with a thorough market research to ensure that someone else isn’t already offering your invention. Make sure that there is a demand for your product or service. Talk to everyone you can think of about your idea and collect feedback! You may even consider seeking startup mentoring advice. A business expert can give you an honest opinion on your business concept. This should provide you with valuable guidance.

 

  1. Market research is paramount

Once you have identified your market, carry out a vast market and web search about the latest trends and new startups in your field, both in your country and abroad. Research the market place and see what your ‘competitors’ are doing. Note down ALL ideas and best practice that you come across. All of those ideas and bad practice will be extremely helpful when it will come the time to turning your idea into a real business!

 

Ready, get set, go!

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