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Startups

Tips for Coming Up With a Million-Dollar Startup Idea

Look at your surroundings, analyze and then reflect!
Tips for Coming Up With a Million-Dollar Startup Idea
Image credit: Shutterstock.com
General Manager, APAC , Enterprise Cloud Business
4 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Have you ever heard of any successful entrepreneur without an idea? If you have already answered this “no”, then you are already aware of how crucial it is to find that one idea when you are determined to start your own. If you are racking your brain for this, I’m certain that my article will share some fresh perspectives on what can drive you to zero in on an idea.

In business, passion creates a profession. If you are passionate to bring your own, then read the following ways to look around yourself, your surroundings to understand how to find that Eureka moment!  

Feed the Need

Most commonly, an entrepreneurial bug does the work. Once the bug bit you, be sure, you are very close to your Eureka moment! Most commonly, an entrepreneur ventures out his/her own when he has been bitten by some issue/challenge. S/he looks around a solution for that issue which itself is a way of forming the best startup idea. Broadly speaking, an entrepreneurial venture tastes success when it fulfills a certain demand-supply gap in its vicinity or when the entrepreneur predicts a future behavior/demand and craft an idea to meet this need. Yet, make sure you are addressing the most critical factor. Are you willing to do what it takes to build it into a million or billion dollar company? Will you get out of your own way, hire, seek top-level advice, invest in learning and raise the money? Prepare yourself with these questions.

Making an Existing Idea More Efficient and Cheaper

Sometimes it is helpful to look around and evaluate if you can find any lapse, gap in any successful food business around or in the AI solution providers company. If you have expertise in these fields and think you can provide better solutions than the existing ones then why not you? You can start making a blueprint of how you can be better and cheaper as a business service provider to the target group and make your plan work.

Can You Address a Big Market?

We survived well before Google, Flipkart, or Facebook. Yet, they now seem indispensable. Their market was massive. Virtually everyone on the planet is, will be, or has been a customer of these types of businesses. Just imagine the founders have understood that there could be a need for this kind of venture and hence they succeeded.

Also, many of the best startups are those that began simply trying to solve or improve a personal challenge or pet peeve or have flourished out of hobbies. What are you good at? What are you most passionate about? What will people pay you for? How do you scale that to millions of dollars? How many units do you need to sell? How many enterprise customers do you need?

Outdated Industry

Look at your surroundings, analyze and then reflect! If you find an outdated industry but it has a lot of growth potential in the near future adding some innovation, then you get it right. Uber is an excellent example of this. Taxis were well-established and had many advantages, including regulation. Yet, Uber and Ola have established in our lifestyles. Your task is to recognize the common points of frustration out there among consumers and find a way to give them what they want and a solution that matches their lifestyles. Ritesh Agarwal’s OYO Rooms is an apt example to add here.

Journaling

Writing down thoughts bring clarity hence one of the most common habits shared by history’s greatest leaders, artists, inventors, and business minds is journaling. Perhaps it is the clarity of getting ideas out on paper. Maybe it is looking at its own patterns over time. Maybe it is the habit that lets other ideas out. However it works, it’s worth trying.

Also, think Archimedes bathtub! Walking, exercising and listening to music are all ways to distract part of your brain to let other ideas through.

Visit Inspirational Places

Visiting inspirational places is also a good idea to open up the chaotic brain. You should visit places that inspire you. It could be walking out your door to sit on the beach, heading off to your favorite a vacation spot or traveling abroad to gain a completely new perspective.

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