“The best way to come up with startup ideas is to ask yourself the question: what do you wish someone would make for you? The initial idea is just a starting point– not a blueprint, but a question. Treating a startup idea as a question changes what you’re looking for. If an idea is a blueprint, it has to be right. But if it’s a question, it can be wrong, so long as it’s wrong in a way that leads to more ideas.” Paul Graham. Once you have settled on the idea you intend to pursue, ask yourself these questions to clarify and explore the idea further. This helps you know if that idea is worth pursuing.
- What problem do you intend to solve?
- What is your solution for this problem?
- How many people will buy into the idea?
- Why would people pay you to use your product?
- Does the idea require a huge cost to take it to market?
- How different is your idea different from what currently exist?
- How many other people or businesses are in the same space?
- Can you bootstrap the idea or you need investment right from the beginning?
- Does it have the potential to scale?
- How big is the market?
- How easy is it to replicate the same idea
- Does it require an experts knowledge to deliver, if yes, do you have that knowledge ?
- Will an investor believe in your idea and invest in it?
- What will happen when other people see your idea works?
- Can this idea generate sufficient profit to run a business?
- Would you use your own product?