It’s great if a brilliant startup idea hits you in the middle of the night or while you’re standing in line. But is your idea good enough to become successful and change people’s lives?
We will tell you how to find a promising idea in this article.
What do you know about startups?
There is no “one universal” definition of a startup. But we define a startup as a newly formed business that wants to develop a product or service for which they believe there is demand. The startup is ambitious to grow fast with a scalable business model for maximum impact.
Although this definition is correct, it does not define the whole meaning behind this concept. Here is the set of features that all startups have in common:
– Age
A startup is a new company that is still in the early stages of brand management, sales, and hiring employees.
– Innovation
Innovation plays an essential role in the success of a startup. Startups either create entirely new products or fundamentally modify existing ones.
– Growth
The startup’s goal is to grow and expand rapidly, taking up sometimes drastic proportions. This is one of the points that distinguish a startup from a small business.
– Risk
Initially, a startup puts all its efforts into finding ideas for a unique product and investment, while the company’s business model is not clearly defined. Hence, the risk of failure of a new project is high, and there is no guarantee of success.
– Flexibility
A startup is very dynamic and ready to adapt to the adversities that may arise.
– Solving a problem
The goal of any startup is to create a product that will improve people’s lives. Startups focus on solving any existing problem in the market.
– Scalability
It can grow without the need to increase human or financial resources.
– Work team
Usually, the staff of a startup has no more than 100 people.
There is an opinion that startups are focused only on developing high-tech products, but this is not entirely true. The essence of a startup is looking for innovative ideas that drastically reach a large number of people or a specific audience. Our team has helped develop many startups, and believe me, your ideas should not be limited to high-tech products. Please take a look at our portfolio for some inspiration.
5 Reasons to Start a Startup
It’s your chance to create something impactful. Imagine the idea that exists in your mind right now could be just what people have been waiting for and could change your and others’ lives.
1. You’ll be following your dream
Following your dreams will fulfill you in a way that working for someone else may not do. You create your business from the ground up, so you can shape your company to be something you’re proud of.
2. You can achieve financial independence
Starting your own business has several financial benefits over working for a salary:
– You’re building an enterprise with the growth potential – so your wallet grows as your company does.
– Your business itself is a valuable asset. As your business grows, it’s worth more and more.
Also, according to ZipRecruiter, for example, the average salary for the position of “startup CEO” is just over $110,000 per year. Salaries ranged from the 25th percentile of $43,000 to the 75th percentile of $156,000, with the 90th percentile at $274,500.
3. You’ll become an expert in a broad range of skills
Part of running your own business is picking up many new skills, especially early on. Then, as your business develops, you’ll help for those tasks you enjoy and outsource those tasks that you dread. So you will know how every aspect of your operation works.
4. You can build valuable connections with inspiring people
Networking is one of the most important and rewarding aspects of launching a startup. Successful startup founders are dedicated to networking with other entrepreneurs, founders, and professionals to gather inspiration and build connections that will strengthen their startup.
And believe, the worst that can happen isn’t that bad. So, yes, your startup could fail, but remember that failure at a startup does not mean failure in life.
You can always try a different direction, join a company whose mission you believe in, or try again. It is all in the journey and learning.
Our team is also ready to help you bring your ideas to life and make them successful. We have been helping companies design beautiful products for years. You can schedule a 30-minute consultation with our CEO & CTO for a quick hello and receive an estimate for your next stunning idea.
Where and how to find an idea for a successful startup?
1. Solve a personal problem
One of the best ways to come up with a great startup idea is to find a pain point that you constantly deal with and would like to solve. For one, you start with at least one user, yourself, but more importantly, when you’re building for yourself, you can trust your intuition about what to make. Sounds obvious, but often entrepreneurs launch startups that solve false problems.
For example, we can cite the failed but appeared on one of the crowdfunding platforms, the idea of creating a social network for pet owners.
This idea’s potential is excellent because millions of people have pets. But such a social network does not solve any specific problem, so there is no motivation to use it.
Our team is currently working on a new project, which is a great example of solving a personal problem.
We want to tell you a little more and inspire you to find your ideas.
Everyone deals with stress, and it is a normal part of life. But when you constantly react to stressful situations, the effects can threaten your inner peace and healthy sleep. Unfortunately, because of all these recent events in the world, this has become a problem, especially because part of our team is from Ukraine, and the last few months have become especially difficult for them.
So, our team has started working on the Lavender app to help people reduce stress by relaxing their minds and falling asleep better by listening to calm music. We have sleeping sounds, nature sounds, rain sounds, meditation sounds, white noise, and many more.
The app is currently in the final stages of testing and will be available to download soon.
2. Follow your passions and interests
Interesting in your idea is the key to creating a business that will work. Also, in such a case, you have background information and can apply this knowledge to build your future startup.
To make a startup successful, your passion drives you towards your goal and breeds confidence, curiosity, and motivation.
Remember that you will fail if you don’t love and don’t believe in your idea. So, if you are passionate about something, research what the market lacks and why.
One of the examples when passion was realized in a startup idea, is the Edmradio project. It is one of our internal projects and the idea of the project was offered by Evgeniy Loktev, Founder & CEO of Sweetcode Lab.
Edmradio – is a unique free online streaming platform in the universe of electronic dance music.
“Our mission is to ensure that everyone can listen to the best EDM Radio and DJ the world offers. Our vision is to build a solid community through our platform.”
Evgeniy has long been fond of electronic music, created tracks, and worked on one of the local radio stations before starting his own business. Thanks to this, he already had experience in this industry and an understanding of the market. But the main thing for creating the Edmradio project was the love for EDM music and faith in the idea.
3. Improve an existing technology
If you’re looking for the perfect startup idea, don’t try to come up with the most innovative ideas. Instead, you can think about what others are doing and what value you can add to the current technologies.
But simply copying a pre-existing product isn’t going to cut it. Instead, you must provide value beyond what already exists, which means you have to fix a problem your predecessor couldn’t solve.
4. Focus on solving problems of a small audience
Ideas are everywhere but when looking for a startup idea, think about the one audience small you can help. For example, even Facebook was initially created for Harvard students and spread to other Ivy League schools.
Let’s take a look at the Pareto principle (also known as the 80/20 rule) is a phenomenon which states that roughly 80% of outcomes come from 20% of causes.
In other words, a small percentage of causes have an outsized effect. This concept is critical to understand because it can help you identify which initiatives to prioritize so you can make the most impact.
It would be best if you were not trying to appeal to everyone when discussing startup ideas. Instead, focus on that 20% who would love to try and use your product.
We know that sometimes we can think too big, too fast. But it will be best if we start with solving one person’s problem and solve it better than anyone else.
5. Be creative
Think how something “usual” could be applied in an unusual environment. In other words, try to take an idea commonly used in one industry and place it in another industry. One of the most illustrative examples is 3D printing. This technology can be used in healthcare, construction, and even the food industry. But when opening the mind to creativity, one should never forget logic and whether the idea can be implemented in real life.
Ready to come up with a great startup idea?
We outlined the five ways you can use to come up with a good startup idea. Also, your startup can contain more than one element.
Every promising startup starts with a good idea, and when you’ve completed this first step of becoming a successful entrepreneur, you are ready to move on. Now set some goals, build yourself a clear vision, and let your idea take shape. Then, work hard to turn your idea into a reality and let it change the world.
Need help refining it or making sure it’s viable? Our team is there to support you at every step of your entrepreneurial adventure.
Don’t hesitate to contact us via email – at [email protected].
