A Million dollar startup idea to launch your business

By Published On: October 3rd, 2016Categories: Articles, Inspiration3.2 min read
million dollar startup idea

If you are trying to start a business but are not able to get a million dollar startup idea, then this blog will help you to get the spark.

Your cup of tea:

First of all, you have to find your ground to play. Analyze your area of expertise. Everyone is best at something. When people say “Startup”, everyone thinks that it has to do something with tech and the person should be an expert in an industry. That’s not true tech is a type of startup there are other types too. Just find your talent and start investing time in it.

Find the pain points

Now you know your ground but don’t know where to start. Here is a tip, think about your day-to-day life. Write down your pain points (which you think “it could have been better”). Remember Redbus? The founder missed a bus which lead to the leading bus booking platform in India. Once you have the problems listed out, now think about how can make this better.

An example of pain points for people in Bangalore is getting back their balance money from conductors in BMTC buses. If you can think of something (Service, App or Device) which will help people that could be a startup idea.    

Keep it simple.

As I said in the above point most successful startup ideas have always been simple.  Leave out the complicated ideas which have to do something with rocket science, etc. and start thinking simple. To get a better idea of this watch a TED video by Navi Radjou, in which he explains an Invention in India. Also, watch Shubhendu Sharma’s how to grow a forest in your backyard. Both of the ideas are simple yet make a huge difference.     

Explore other startups

The other main source for your idea is other startups. You may get inspiration from others’ ideas. There are startups which depend upon other startup products. Learning from them or filling out the missing points in their product might give you a better product idea.  

Do your research

One of the most important things is doing your research before getting down and spending some money on them. There was an online video-sharing platform startup, unlike YouTube this platform allows you to share videos based on location. For example, say there is a festival going on in Bangalore a person takes a video of it and shares it. People can just search for the location and find videos related to that location.

The startup team was excited to have this idea and started working on it. Spent time and money, at the end people were not excited when this startup released its product. People seem to be not using the product. The team didn’t get what was wrong.

When they were trying to figure it out. They found out that people didn’t need that and they were doing good without it. So always it is best to find out what your customers/target market really want before spending some time on it.

Example: with reference to the above pain point of getting balance from buses. If a startup introduces an iPhone app, it won’t work out as most of the iPhone users belong to the luxury side of the population who don’t care about balances or don’t travel by bus. Also, India is an android country.  

Give it all you got

Last but not least this point holds most of the important place in creating a startup idea. That is giving your best in this process. This is why you have to work on a platform you know or you are interested in. Without these, you won’t be able to get the million dollar startup idea.

Hope this will help many upcoming entrepreneurs. All the best for your startup.  

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