How to get start-up ideas
I start with the famous ‘Nike’ catchphrase- JUST DO IT! This sentence jumped out at me right at the end of the video.
I've always thought you need to have a certain mindset to be an entrepreneur - I still believe this to be true. However, from Bala's talks and this video, I believe anyone can develop into an entrepreneur. I believe this because being an entrepreneur is about finding real problems that need a solution, and I suppose they are big enough to scale up, and there are problems everywhere! Secondly, I don't need to go it alone! It is advisable to work on an idea the team has expertise in or has the requisite knowledge of.
I learnt that while you can be calculative about a start-up idea, whether it takes off or fails is really an unknown—you just have to ‘do it’!
I’ve had an idea ruminating in my head since we started the course, so I'm applying YC's evaluation process to it in this blog.
First, I learnt that a start-up idea may not always be new or flashy—sometimes, it's a good enough initial idea with great execution. That's encouraging.
Secondly, it's good to start with a problem that needs a solution instead of the other way around. Applying that to my idea, there are definitely two problems!
Let's apply the criteria to my idea:
1. How big is the idea? That's a good question. The idea is focused on Iceland, and it's an ongoing problem that won't go away anytime soon. Does that make it big? Maybe not on a global scale, but maybe it's big enough.
2. Founder/market fit—Are the founders experts in the area? Well, I don't have a team, and I don't have expertise per se, so this is something to work on. I can find people with that expertise, ask questions, and learn from those who have done similar things in other industries.
3. Do I have personal experience with the problem, and is it a solution I'd love to have? A big yes! I'm living the reality now, and so is the second group within the problem.
4. Have I identified my ' filters' or subconscious biases? Examples are the rejection of ideas that seem hard, ideas that sound boring, and ideas that seem too ambitious. I think my idea is a little hard...definitely not boring, could be ambitious...
Are there existing competitors? - yes and no. There are solutions for part of the problem I'm trying to solve but not the other half, and I think my 'solution mix' is unique to Iceland.
I hope to progress my idea and see where it takes me! My new motto: Just do it!
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