The most important factor to consider when you want to start a business is your business idea. If you are not 100% convinced by it, the probability that your startup will be successful is close to 0. Therefore, today we will give you 8 general tips for brainstorming on which product or business model you should build your startup on.
SETTING PRIORITIES IN THE COMPANY
Start-ups want to do everything from the start. That is one of their biggest mistakes. The entrepreneurs want to satisfy every customer need and fully meet the market. That sounds very tempting, but it’s just impossible. Start-ups have to learn to say “No” early on.
It is very attractive for companies with products or technologies that fit into different markets or customer segments to market their products in a variety of ways. However, it doesn’t make much sense.
There are 2 reasons why you should set priorities in your company:
- You need to focus on the tight resources that your startup has available for a specific product or set of customers. Otherwise, you will be distracted and end up with nothing.
- You have to explain what you are doing in the market. Put all your energy into what clearly sets your company apart from the rest.
You should always keep in mind that the clearer the customer needs, the clearer your tasks and the company’s goals are. And the clearer the goal, the easier it is to set your priorities. This, in turn, will make it easier for you to say “No” to nine out of ten things. If your company goal is clear, your team will also be more focused. This is also important for efficient B2B marketing.
However, if you can’t say “no”, you’re doing something wrong. Because the wider your product scope is, the more ideas you will have. It is often forgotten that every idea has its own market dynamics. Therefore, you should always base your company focus on a market need and not lose focus.
If you have alternative markets to choose from, you should bet on the largest, because larger markets are more likely to forgive mistakes. The likelihood increases that you get enough growth momentum. When you enter the largest market, you need a plan with a customer need that you can solve. When you have completed the project, you can start a new problem-solving technique.
Also, be aware that most companies don’t starve to death, but die from an upset stomach. They die because they try in vain to do many things. The priorities were set incorrectly and the focus is missing. The focus is the key and if it is missing, the company will fail.
TIPS FOR FINDING NEW IDEAS FOR YOUR START-UP
Develop Your Idea From A Market With Needs
In most cases, a business idea arises from the fact that there is a certain need in a market. Therefore, you should first analyze and understand the needs of the people. Check in advance that your problem solving is unique and that the demand is large enough to benefit you in the long term. You have to learn to think from the perspective of consumers and users and to precisely identify the problems. Only then can you develop something new, convincing and meaningful that satisfies the needs of society.
The Foundation For Long-term Corporate Success Is Always The Economic Basis
You should be careful if your idea generation is based on funding from the regulatory environment. You should always think about what your company can do if the funding ceases to exist. Therefore, it makes more and more sense to build a company on an economic foundation.
Be Careful Of Markets Where There Will Be A Fundamental Change In Business Over The Next 5 Years
It is very dangerous if your brainstorming is based on an industry that is likely to undergo change in the near future. Often, founders think they can build the business quickly enough and generate enough profit in their available.
It is problematic, however, that they often do not take into account the time until society gets involved with the new product or business model and the structures develop. It is therefore often better not to take advantage of opportunities if it is foreseeable that the market conditions will change in five years.
Watch The Market Participants You Depend On
When you come up with ideas for your startup, you should take into account that you may be dependent on other companies. For example, if they have production or delivery difficulties, this also affects your company. You should never forget that your work also depends on other companies that you cannot control.
With every brainstorming and start-up, it is very important to analyze in advance which things should be contributed by other companies. The potential dangers of the dependencies must then be taken into account when choosing a partner.
Recognizing An Opportunity Is More Important Than Having The Solution In Your Pocket
Anyone can start a business. You don’t have to have your own ideas to be a successful entrepreneur, you just have to recognize great ideas when you see them. It has nothing to do with being the first to secure the technology, but rather the relevant question is whether you are convinced of the business idea and can make the technology freaks join you. Identify the idea and bring the team together – this ability makes you an entrepreneur.
You Need To Be Able To Pitch Your Business Vision From The Start
Many details will only develop over time if you speak to potential partners and investors. Your business idea will go through a refinement process and be transformed. But especially the brainstorming at the beginning of the corporate career requires careful consideration. The core idea and vision must be in focus from the start.
Brainstorming – Don’t Steal Any Ideas And Note The Conditions In Your Employment Contract
Go the right way! Do not break bridges, steal ideas, use ideas from other companies and finish your work before starting the new project. Otherwise, you will have problems.
Go Into An Industry That You Enjoy
The last important aspect for your idea generation should be that you choose an industry that you enjoy. Because an environment in which you feel comfortable will promote your creativity and make you successful!
With this in mind, we wish you every success in finding ideas for your own startup! Regardless of whether it’s finance, media or health & nutrition – do what you enjoy with a project that meets needs!