Start With the Problem

Good startup ideas don’t come by looking for startup ideas.

They come when you find yourself saying “that’s interesting” as you notice someone trying to solve a problem.

To generate ideas for a startup, start with the problem to be solved.

Choose a problem you have so you avoid the mistake of building something no one wants.

Startup ideas are plentiful but ultimately you have to sell the solution to someone.

If you’re not solving a real problem, then it will be difficult.

Solutions to real problems attract people who are willing to pay.

To test your startup idea, ask the following:

What is the cost of this problem to a person in dollars?

What is the cost of this problem to that person in time spent?

How many people have this problem?

How many people who have this problem want to solve it right now vs later?

Focus on startup ideas that are must-haves.

Avoid ideas that are nice to have as they are hard to sell.

With practice, you can build the skill to identify good startup ideas.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.