Monday 16 January 2023

How to find Million Dollar Startup ideas?

One of the best ways to find startup ideas is to look for problems that you yourself are facing in your life. Why? Because in entrepreneurship, the hardest part is to understand the customer's problem deeply and the second hardest part is to build a solution that has a Product/Market fit.

If you yourself are the customer, it makes your life easier because you understand that problem well and you can very well decide if the solution you made solves your problem or not. So by solving your own problems, you can cross the 2 hardest barriers with much less effort.

Here are a few other ways to find startup ideas:

1. Look for changes in laws/regulations. When the Government changes regulations, it often opens up a lot of opportunities for startups. For instance, demonetization led to Paytm taking off. GST was introduced in 2017 and it created a lot of startups. The ONDC was launched recently and so many companies are jumping onto it.

2. Look for mass-scale changes in human behavior. When COVID happened in 2020, people could not go to the offices and had to work from home. That led to the creation of so many remote tools startups. Many of them are growing fast even today because so many people now want to only work from home. The 2023 recession will lead to a lot of changes in human behavior. Companies will cut costs. So many people are losing jobs and want other income streams. So many of them are becoming creators on Social Media. All of this will create startup opportunities.

3. Look for large industry disruptions. When a large company changes the business model of the market, it leads to a lot of derivative startup ideas. For instance, Reliance Jio changed the business model of the telecom industry and made the internet extremely cheap. So that led to YouTube, Tiktok, WhatsApp, and Instagram taking off like crazy in India. So many OTT Platforms also skyrocketed because the internet became cheap. Ask yourself - "which industry is getting disrupted at the moment?"

Riding on trends is a great way to find business opportunities. However, remember - trends are all short-lived. The one who creates long-term robust business always wins. So, while you can ride on trends to start something, always remember to create long-term sustainable businesses which create value for the customer in the long run.

I have shared a lot of my learnings about Business and Entrepreneurship on my YouTube Channel. Please check it here:

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