Finding that winning startup idea

A business idea can develop in so many ways and usually falls into one of the following categories: -

  • Business or consumer problem where you have identified a solution that will either, save money, time, create efficiency, have a compliance benefit, enhance people's lives or a combination of these value points.
  • Opportunity you have identified through an experience you had at work or experienced by a friend.
  • A transformation you went through (or witnessed) where a challenge was faced, overcome and through that experience you spotted a business opportunity to ease/remove the obstacle or to help others overcome it easier.

Remember that the simpler the better and the "secret sauce" at this stage is to speak with as many relevant people as possible including: -

  • Potential customers
  • Industry experts
  • Those with a relevant and experienced opinion to validate the opportunity you see

(Note to self - Friends are more likely to be supportive of you and therefore your idea particularly if it's not relevant to them. Remember that liking something and buying it are at completely different ends of the scale!)

Validation of this product / market fit is everything and ultimately, it doesn't matter where your idea came from or comes from as long as you speak to the target market you are aiming at and get validation from this market before you pull the trigger.