How To Find Your Billion-Dollar Startup Idea…
One of the most difficult roadblocks in your journey to becoming an entrepreneur is coming up with your startup idea. In this article, I have noted three different maxims that have helped me overcome this roadblock in the past.
Start with the problem
Start with the problem, then think of an outside-the-box and innovative solution to address the problem.
The subject of this problem shouldn’t be a trend other entrepreneurs are flocking to. The fundamental point here is that the problem should be something you’re passionate about solving. You should be intellectually curious about the subject of the problem you are trying to solve and have a genuine drive to solve it.
After finding the problem, brainstorm solutions that are within the realm of your skills and strengths
After finding the problem you want to work on, brainstorm innovative and outside-the-box solutions that address the problem and fall within the realm of your skillset
I don’t know anything about machine learning (yet). Unless I believe building a machine learning model is the optimal solution to my problem I’m not going to go out and take 4+ months learning machine learning when I can build an effective software solution to my problem without making that investment. If I really want to integrate machine learning into my idea, that’s when I can find people to help me fill those knowledge gaps.
Finding a solution that utilizes your strengths and skillset will only increase the likelihood of your startup succeeding. You will ultimately be more involved in the development and creation phase of your startup and having a greater role in your startup will only increase your drive to succeed.
And finally, the most important rule of all …
Pursue an idea that even if you weren’t going to get paid for, you would still go after. An idea you would spend the rest of your life pursuing, even if it meant getting nothing in return
This is the kind of passion needed to build a successful startup. 90% of startups end up failing and the chances are you will fail too. The lifestyle of an entrepreneur pursuing a startup is extremely difficult and filled with sacrifices. You have absolutely no chance of succeeding in your entrepreneurial journey unless you are willing to work harder than 99.999% of people every single day for years.
The chance of failure is high but…
When something is important enough, you do it even if the odds are not in your favor – Elon Musk