But, more important question is are they worth to start a business.
The question is more difficult especially because we as entrepreneurs are not the persons who evaluate ideas, they are evaluated from the market, or rather customers. If the ideas pass the evaluation, they will be accepted as products and services.
Let’s take a look at a process to find and evaluate possible startup business idea.
1. Know Yourself
Each business idea, especially startup idea need to come from you as a present or future entrepreneur. You need to build on it, you need to manage on it, you need to work on many different tasks if you want a particular startup idea to be as much as closest to the market, but also without doubts about your potential to bring the job to the end.
- What is your knowledge?
- What are your skills?
- What is your experience?
- What other people tell about you and your knowledge, skills or expertise?
- What you like to do?
2. Look at the Future
If you know yourself, your possibilities, potential, skills and experience, you can quickly start to look into the future to find something that is part of interest of you and your potential customers.
- What you will like to have later based on your knowledge, skills and experience?
- How the life of the potential customers can be improved based on your knowledge, skills and experience?
- What will be future trends on the market or industry based on your knowledge, skills and experience?
3. Be Close to the Market
In this third step, your job is to start to get closer to the customers and build habits of hearing. You need to learn directly from the market, from your potential customers.
- What they will want?
- How they solve their current problems that you want to solve for them in the future?
- How you can talk with them?
- What you can promise them?
- How you can help them?
- How you can improve their lives?
4. Start With Something, Then Iterate
Now, because you already have enough information about you, the future and your potential customers you can start building something, something that can be tested, not from your side, but directly form the customers.
- What is the one thing that you can quickly build and offer to your potential customers based on your already-collected information from previous steps?
- How you can offer it for them?
- How they can try it?
- What’s the feedback information from your customers?
- What you need to improve in your next or final launch version?
5. Build and Rebuild
Because until now your product or service is already shaped you can start with a launch of your final version of product or service that you build through this process.
But, you don’t stop here. Your product is not final in true meaning of the word, because you will need to continue with improvements.
- What is the real value of your products?
- How you deliver your products to your customers?
- What are your most important partners?
- How you communicate with your customers?
- What about your most important resources?