There could be a point in life when you know you want to startup, but then you do not have the right idea to start with it. I have had it so many times, and I can bet almost everyone has felt the same – even the best of entrepreneurs out there.
So, here are my thoughts about how to have the right startup idea. First things first – always remember that you intend to solve a problem by starting up, and the idea has to be such. If you’re thinking about the moolah you can make from it then possibly you can’t start with a good idea.
Now, have a look at the following questions which might help you to get the right startup idea:
- Problem? – If you’re looking to start up, this could be the first fundamental question that you’d like to ask yourself. Show me the problem and I will give back to you the idea.
- Solution? – Now that you’ve identified the problem think of what its solution is. Go to the next question only and when you can answer the solution part convincingly.
- Will people pay to buy your product/service? – Yes, my dear friend it matters whether your startup product/service sells or not. If it won’t, then probably it is not a good startup idea at all and you shouldn’t pursue it as a startup then.
- Unique? – See if your idea is unique then it can be more easily scalable and will bring you that much more value easily. The best example is Apple’s iPhone. They keep innovating every time they come with a new version. It helps Apple’s products to be unique and different from other smartphones and hence they don’t need to spend much on marketing and sales expenses. Now, a good and unique startup idea helps you to cut costs and leads to success at a quicker rate. Don’t be disheartened if your idea isn’t unique. Try making it different at least form what present services/products are though.
- Scalable? – Investors won’t invest in startups which will fetch like a $ 1000 or $ 2000. only. I’d invest in a startup which has the power to take off and conquer at least a big chunk of the market. Now, I’m not asking your startup idea to be scalable to a world-wide level. You should still think big here as more scalable the idea, easier it’d be to woo in investors as well as bring more revenue.
- Profitable? – There are so many ideas which are scalable but then they need to be profitable as well. Now, some ideas like Tumblr, which has millions of users but still does not have a profit of that level. It’s not that it is not profitable at all, but it has a less profit quotient than say Facebook which has got a solid backing of ads as the major source of income.
Now, if your idea passes the 6-Question benchmark give up there, then you probably should take off. Time is scarce and the Indian startup scene has started to become better. I still feel it needs to go more global. One example of a global startup from India is MobStac, the mobile-site company. I hope you get such startup ideas which are unique, profitable and scalable. Then for sure the investors would back you up to your startup success. Btw, do checkout Springwise which is one of the few sites in the world which has a huge collection of startup ideas – not that they are too much scalable though, but some are. 
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