Startup are basically started from a problem to solve. The founder picks to problem and start working on it and a startup idea begins. In this you will know clearly how to get idea for starting something.
On finding the solution it can be in the form of product or service, they place the product to market and it becomes a successful Business
Questions to ask before starting your Startup
1. Why am I doing this?
2. Am I ready to take the risk of my finance? Who are my consumers?
3. How much do I love this product?
4. How much money can I access?
5. How much will I need?
6. What lifestyle do I want?
7. Who will help me?
8. How will I handle seatbacks?
So once you get all answers that is given above, you can achieve the power to place your product in the market successfully.
But the basic fact is that out of 10 startups, 9 startups fails but it cannot becomes the barrier because 1 startup also succeed and it can be you. So be passionate enough to make your dream product into reality.
For e.g. It can any idea that you believe can be great product and it can be anything.
The world’s no. one selling product is the Rubik cube and the second is the apple product.
The rubik cube is so small yet more complex to solve, so rubik cube is not any high tech machine yet it is the highest selling product.
So you just have to think right in right direction to Get a good idea and it will work for you.
What’s in for you
- What makes a good startup idea?
- Can I patent my startup idea?
- Can I copy a startup idea?
- How to find startup ideas?
- Startup books to read
What makes a good startup idea
“The best way of learning about anything is by doing.” –Richard Branson
Good idea needs the vision that can change someone’s life, so first of all you need a product that you can create to place in the market to test and try.
So first it is product that you need.
The most important thing to consider is the targeted audience. You have to decide that which audience are going to buy your product.
To make best product you have to define your audience and understand what they actually they wants and if you were able to give what they are asking to seeking then it’s your good step towards a good startup idea.
A good Startup idea makes the product for the consumers or say customers. Good startup is decided by what meaningful you are making or giving to the consumer.
You have to address the market correctly. So second it to understand the consumer.
Then comes the timing. Timing is the also a important factor to decide the life to the startup.
Every time the trend for any market lifecycle is open of limited period of time so that’s the chance you have to hit the market with the right product.
There is also a risk in being too early to a market, since chasing unproven markets can lead to dead ends, or worse, a viable opportunity that will not bare fruit for years to come.
The typical startup is best served with a “fast follower” strategy, where you identify a new interest by a set of customers that is already occurring.
You also have to consider the competition. To understand the market you are entering.
This is the dynamic usually seen in the latter half of an innovation’s lifecycle, and why we prefer to focus on newer market opportunities.
What we’re looking for is indication of market inefficiency–that a market has not yet sufficiently met the (potential) need or desire for a solution.
Also see : About Electric Vehicles and it’s Batteries
Can I patent my startup idea
Yes, you can patent your startup idea if its unique. Patent can help you to prevent your privacy and also help you to put claims if any one uses your idea. Now a day’s doing patent is made easy for you.
If you are unable to patent your idea than if anything wrong happen with your idea than you have no right to claim on it.
Robert Kiyosaki once had started a wallet startup but unfortunately he did not patent the product and once his product went viral an popular the other big companies started to create the same type of wallet and Kiyosaki was unable to claim that it is his idea and they are misusing it.
So patent is very important for a startup. Read more about Patents on Wipo.
Can I copy a startup idea :
You can get the answer in the above paragraph. As I mentioned above mostly all the startups have their patents done.
so if you try to copy or use their idea then strong action towards you is taken and it can even cost you much.
So try not to copy anyone’s idea use your brain and find unique idea for startups.
How to find startup ideas
Ideas are every where you just have to pay attention to all the surrounding things that you are surrounded by.
The birth of the startup idea comes from a problem. And how well you were able to solve the problem in efficient manner decides the strong future of your idea like Electrical Vehicles solving the problem of fossil fuels and IoT ideas like Automatic water level controller solving the problem of scarcity of water in cities.
Every day is a new opportunity for a person because every person is complaining about and every complain is a problem to solve and also a good startup idea.
To find idea you have to stop complaining and start doing. You have to observe the environment and go for it.
As we are now in lockdown and we got plenty of time to think on our idea and plan for it.
Most of the best startup started in crises. So don’t wait for better tomorrow its your time.
Startup books to read
In market there are different kind of books related to startups are present. Reading books is a great habit that every person should have. We can make our Vision clear by reading books, it also help us to learn a lot.
Most successful person still reads book everyday. Its affects our psychology in a healthy manner and also broaden our thinking ability.
There are some interesting books around, the list goes by :
1. Rich dad, Poor dad by Robert Kiyosaki
It includes the Robert Kiyosaki personal story, upbringing, and his business and investment ventures throughout his early adult life and into the late 1990’s. From this book you will get the insight of difference between asset and liabilities etc. .
2. The lean startup by Eric Ries
Most successful startup entrepreneur recommend in reading the lean startup. Eric defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty.
This is just as true for one person in a garage or a group of seasoned professionals in a fortune 500 boardroom. This will also help you to find a good idea i.e. Startup idea.
3. Think and grow rich by Napoleon hill
This book is a motivational personal development and self-help book written by Napoleon hill and inspired by a suggest from Scottish-American business Andrew Carnegie.
4. The 7 habits of highly effective people by Stephen R. Covey
Stephen covey, an internationally respected leadership authority, realizes that true success encompasses a balance of personal and professional effective.
5. The 4-Hour workweek by Timothy Ferries
Whether your dream is escaping the rat race, experiencing high-end world travel, earning a monthly five-figure income with zero management, or just living more and working less, the 4-hour workweek is the blueprint.
This are some of the many books that change your way of thinking and help to find your idea and will also transform your life.
At last it can be concluded that every startup idea is great until it face the difficulties. Also get idea that tackle every situation can outshine other ideas and be a great idea that inspire everyone in later time.
So the key point to remember is to make great product and great team with skilled people that helps you to achieve your dream.
Also see : If you are an engineering student and wanted to give Gate Exam then read this blog.
Frequently asked questions
As much as you can reasonably afford, and in an amount to at least carry you for 6-9 months with no income.
What you will find is that it always takes you longer to get revenues, and that you will experience more expenses than you anticipated.
This is difficult. First brainstorm with a bunch of different names. Then do a Google search to see what is already taken, and that will eliminate 95% of your choices.
Make it easy to spell. Make it interesting. Don’t pick a nonsensical name where people won’t have a clue as to what you do (with all due consideration to names like “Google,” “Yahoo,” and the like).
Financial Statements (P&L, Balance Sheet, Cash Flow)
Board and stockholder minutes and consents
Stock and options ledger
Tax filings and records (Federal, state & local income, sales and property taxes)
Secretary of State filings (Certificate of Incorporation, annual filings, etc.)
Invoices & contracts
Some famous and successful indian Startups are:
1. Swiggy – consumer services
2. Flipkart – E-commerce
3. BYJU’s – Educational Tech
4. Paytm – Financial Tech
5. Dream 11 – media and Entertainment
6. Ola – Mobility
7. Oyo – Travel Tech
Pursuing electrical engineering degree from Government Engineering College Bharuch, Gujarat