The 3 GOLDEN RULES to finding Great Startup Ideas
& Becoming an Entrepreneur
Startup, Innovation, Entrepreneurship, Disruption, seems to be the words you hear and read in all types of mediums, coming out of the mouth of young and old alike and touching every type of industry you can think of.
People are running towards Entrepreneurship and Startups like hound dogs after a wild fox, reminding me of those times when hunting was still legal and the wealthy aristocratic elite would roam through the forests on top of their elegant horses, going after a bunch of barking dogs looking for the prey.
Well, those days are long gone.
Welcome to the 21st Century, where aristocrats have been ‘replaced’ by wannabe entrepreneurs and the wild fox has turned into a unicorn, still being chased by many but only a few able to reach it.
There is a lot of people writing and talking about this subject and for sure i am not the first and most probably the best qualified either.
However, being part of this movement and offering a part of myself and my time to the 'cause' has made me think of the criteria or rules that a Startup business idea needs to fulfill in order to qualify to be further pursued and invested into.
These rules are simple, yet important, and even though they are no guarantee for success, they will help you clear your vision and hopefully build a stronger foundation for your future business.
GOLDEN RULE No.1
Great Ideas Must Solve a Problem
Great ideas are the ones that solve a problem. The bigger the better. But don’t be discouraged if your idea is only for a small group of people or a small niche. You will be surprised how successful that can be in todays globalised markets.
GOLDEN RULE No.2
Great Ideas Must Be Economically Viable
You found your winning idea. After all this time of thinking, you nailed it. Found the right niche, the market will accept it, you are flying. But… Is it economically viable? Will there be enough customers that want your product? Is there any competition? Are they doing a good job? How will your offer be different, in order to become a player in the market?
Great ideas can not be called that if they are not able to make money, return a profit and actually transform into great businesses, great companies.
GOLDEN RULE No.3
Great Ideas Must Be Heart Felt
I know a lot of you will disagree, because business is supposed to be cold and calculated, if the numbers match everything is great and Bob’s your uncle.
I happen to believe that is not enough. Great ideas are also the ones that you go ALL IN with your heart, not just your head.
And how could it be otherwise; most of us when thinking into getting into entrepreneurship and following our dreams, we put so much on the line. We throw out the window all kinds of comfort and security build until that moment; personal and family savings, quit our jobs, put our homes on the line, and all sorts of other sacrifices that you can name.
That is why Entrepreneurship is not for everyone, you must have a tough stomach to handle it, because Entrepreneurship is hard, nothing compared to working 9–5 for someone else.
“In Entrepreneurship YOU are that SOMEONE ELSE”.
You are the decision maker, the first in and the last out, you are the startup.
“So unless you go all in, you are better sticking to 9–5”.
And the crazy thing about all of this is that:
“IN ENTREPRENEURSHIP SUCCESS IS NOT GUARANTEED, BUT THE RIDE WILL BE SPECTACULAR”
The only thing left to do is, wish you Good Luck.
Besnik Ligaci is a tech enthusiast and aspiring entrepreneur, a firm believer in empowering women and men through equal opportunities and presence in entrepreneurship and all walks of life. Connect with Besnik also on other social media channels: LinkedIn Twitter Instagram Facebook Quora Medium. You can also say “Hello” when you see me on the street 😊
