What do you need for your new startup idea?
There are millions of intelligent and sharp brains keep looking for new business ideas. Its not limited to only businesses anymore. Students love challenges and want to try their hands with something they want to do and turning them into businesses. Existing businesses are looking for some great ideas to grow their existing business and/or start a new vertical. All these brilliant people are coming out with new ideas almost everyday and they believe each one of them is a ‘game changer’.
1. So what’s your idea for next technology startup business? Is it good or bad?
2. Are you sure that’s not just a napkin idea and there is definitely a business around it?
Statistics says that the first year is the most toughest as you are spending money and not making making. Also, 85% of businesses fails in the first 5 years. Trust me, with those facts; the above two questions are really very important to be answered before going any further.
If you are here, this means you already have a technology idea. Remember, no idea is good or bad but, not all ideas can be turned into profitable business. So don’t worry about the first question in the first go. Narrow down your technology idea and write down somewhere on what exactly you want to build, what is the catchy part of our whole idea, what is it that you want to achieve. In a nutshell, at the end, you will have “Business Summary” which you can summarize in 15 mins while talking / explaining your idea to your stakeholders & team members.
Second question, “Is there a business around your idea?”. This is an obvious question which your stakeholders or anyone who is putting in money will ask. You should be prepared to answer that. Infact, before even answering them, this is required for yourself to keep you motivated, energized and into it through its life. So, how can you be sure that you can build a business around your tech idea? Simple:
- Find out the problem you are solving.
- Write down those problem areas.
- Write down the solution you are providing.
- Do problem interviews with your prospective buyers – the most important step to get the sense of whether your expected prospects are really going through those problems and are ready for your solution.
With this, you will have the clarity for depth of your technology idea and its worth. Now, you will be in a better state to decide if you want to go ahead with this idea or want to make some tweaks with it before touching upon the market. This activity will definitely take some time but once done properly; you will be assured that you are going in a right direction, its worth it, there is a demand and most importantly, you will be motivated during the struggle period of bringing it to the market.
Why not give us a call at +91-11-42141242 or write us at:info@kenovate.com to help us getting you prepared for your technology startup business idea?
2 Comments
I agree with the importance of ‘Is there a business around your idea?’. If that’s answered well, there is no looking back.
You are right Sanjay. And that should be done thoroughly & intelligently to be sure that you are ultimately solving a problem customer is ready to pay for.