How To Choose The Right Startup Idea

I’m not sure about you, but I’ve got about 50+ domains for “projects” that have never gone anywhere.

What most people don’t know is when I started working on Clarity, I also has 2 other projects I was pursuing.

Photovino — Take a picture of wine and 2 bottles will show up in 2 days
SecretSender — Simple way to send private information

Even though both were great ideas and solutions I used… they weren’t the right project to grow into a business (for me).

The tough part is always picking the right idea, project or business in life.

That’s what I want to share with you in todays video… some strategies for picking the RIGHT idea.

At a high level, it comes down to these 3 things… but not for the reasons you think.

You’ll really need to watch the video to get the gist.

But here they are:

1) Trends
2) Domain Expertise
3) Passion (again, not the way you’re thinking about it)

To me, these “filters” have helped me pick the best ideas that turned into the biggest companies.

I’ve started 5 companies in my career and the last three I used this filter, hence why they were such huge successes (and acquired): Clarity, Flowtown, and Spheric vs. the ones I didn’t and they failed miserably: MaritimeVacation & NBHost.

Now, a favour…

What I’d love to hear from you is how many projects you’ve started? How many went nowheres? I’d LOVE to hear from you so I know I’m not the only one :)… leave a comment with your answer below.

Have an amazing day!

-Dan

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Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. (Get the free 3 videos to grow your business here.) He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.