Nearly 90% start-ups fail, but acquiring a perfect idea for start-up itself reduces the chance of failure. Although start-ups fail due to many other reasons but a better idea has more chance to thrive. So, it is the most important step to start a new venture. Even people, including most successful entrepreneurs, did not know whether their idea will rock or suck.
So, the best way to generate an Idea for start-up is to initiate it and get it practically implemented. I know you would not like to take any risky chance, but honestly it’s the game of risk and you have to play. Dharmesh Shah once said the best way to generate an idea for start-up is as similar as finding a better job if you already have one.
Basically all of us inherent an idea by birth but we cannot work on that due to lack of time, money, and also because we love mental orgasms. So, the best suggestion for your start-up might be the one that you dream to do. Now turning your dream into a reality depends on: How smart you are. How you can give it a shape of a business. Ok, still confused? Keep reading this post to learn “How to execute a better idea for Start-up?”
Generate Better Idea for Startup
First of all even the best idea is worthless, if it is not in action. So, on the whole, the generation of idea is the game of action. In my opinion start with the most feasible one, do market research, ask people and prospective customers for feedback. This exercise will not take more than a week. At times, smart people can take more than one. Ask your friends and family to help you.
Then based on the below multiple factors design your own scale:
1. Time: How much time you have for this project. Say 100 hours per
2. Money: Someone said its donkey of start-up. How much money or potential do you have to get investment
3. Resources: You cannot make another earth because you don’t have raw materials for this
4. Skill: Although you can hire talents but you should have it in oneself at least to start
5. Knowledge: Why are you still reading
6. Past Experience: Helps a lot to take right decision
7. ROI potential: I think it decides whether you should go ahead or not
8. Interest of people: Do you have enough technique to make your own venture for people
9. Marketing opportunity: You will get nothing in return if your venture is not marketable
10. Networking: Not last but the most important action at the commencement stage
11. Add your own parameters
Put yourself into the game and filter one that fits exactly on your scale. Now you have a great start-up idea you are already fuelled up to start. So, don’t wait for good time because the time of your first action is the best time to start.
I think this topic will never end like our plans to initiate. The bottom line is to not to waste your valuable time in finding results without any action. It is important to think of an idea but it is equally important to put that into action.
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