Which Idea Category works Better!! Need Inputs

By vishal on April 8, 2014 12 Comments / 1603 views

Folks, I am in big dilemma. Need your inputs. please help.

My point is about which idea category works better. Idea with altogether new concept/innovation or new business model which is not prevailing in the market before or Idea with tweaked business model or with same existing service with additional features or sale service with new UI & smart content !!

Just to be more precise let me explain my point by giving examples. Actually, I am loaded with 5-6 ideas which might be happening with others too but to be honest I am not able to finalize which particular idea will work best. Okay, I know that the idea works only when passion is there but when it comes to finalizing one idea and converting one into doable business model then what should we look for?

I know very well that ideas are worth nothing unless executed but again the fact is that Idea is the first step and it comes before execution.

Now Idea might be the one which is let say on social networking concept(facebook, twitter, vine, myspace, flickr, Instagram, gift portals, online cake & flowers delivery) or ecommerce concept(myntra, flipkart, snapdeal, ebay, amazon etc) and these concepts are already prevailing in the market and I would say very crowded market it is.

Now another idea is let say altogether very new to the market with some disruptive technology or first in segment kind of product or solution i.e. Oculus with VR technology, AR technology. This kind of idea always appeals to mass and set the direction for the industry and society.

Now the point is that when it is said that 90% of the startups fail then I assume that idea selection or product packaging is something which plays critical role in deciding future of startups.

So again my doubt is about going with idea which is not prevailing in the market before or Idea with similar concepts or platforms already existed into the market but with tweaked business model or with same existing service with additional features or sale service with new UI & smart content!!

Need inputs on how to choose ideas if loaded with few and how to do idea validation

Comments

vishal

12 Comments

vishal April 9, 2014, 6:06 am

Guyz, request you to take out your time and read this as I need inputs from most of you. This will give me more clarity and help me to improve my thought process.
parul sharma April 9, 2014, 6:39 am

Hi Vishal,

I an yet to start on a fully fledged business and I have had dillema on these lines too. Here are my conclusions.

1. Ideas are great! They only work when you detail them and create and execution plan. I had an idea and decided to put it up for inputs here and in the back end I am ironing out issues and writing my business plan. Unless you know how your business is going to run and what your position in the market is none of the streams will work for you.

2. When you plan to start a new venture in virgin markets it is important you validate it before you go ahead and spend time and energy on this. I had wanted to do a Saas for food businesses to catalog their inventory and orders. With the interaction I had with my potential customers I realized that they need exposure and validation more than a way to track their inventory.

3. I have this exercise which I do when I get and idea I feel like pursuing.

Write down your Idea and your sketch execution plan. Leave it on your table for a few days and then come back to it if you still think it works put it up for discussion .

Bottom line Validate your ideas before you go heads on. It is always the execution which wins the game.

Hope that was helpful

Parul
Natwar Maheshwari April 9, 2014, 7:21 am

I second Parul here. Validate and see what is customer telling you. Spend 1-2 weeks on top 2-3 ideas and go out and talk to people (potential customers). You will get the feel of what’s required in market or which one is solving a real problem.

At the end, I would go with something that is easier to SELL.

All the best Vishal.
vishal April 9, 2014, 7:50 am

Thank you Parul and Natwar for such a thoughtful replies.

I totally agree when we say we have to talk to our potential customers before executing and while validating our idea but what I have experienced is that getting customer feedback depends totally on customer type. if customer is corporate client then yes easy to get relevant feedback but when it comes to taking feedback from retail customer the problem is that they never realize the actual need which is proposed to them. this might b due to most of the customers might not b able to think so far and in india most of the customer follow others blindly while adopting any new idea or service or product.

lot of time it has happened that need was created in the market as there was no realization of need before, take an example of social networking websites, ecommerce websites. before this networking era, nobody was actually cared about this power of communication but since this networking platform is there and it seems that it has become mandate or basic necessity being online presence.

Is there any other way to get idea validated other than customer feedback?
parul sharma April 9, 2014, 7:58 am

Take out time and listen to this it will help clear your doubts. https://www.smartpassiveincome.com/no-ideas-no-expertise-no-money-business/
Natwar Maheshwari April 9, 2014, 7:59 am

I am in violent agreement with you (one of my friends says this) 🙂

This happens and happens a LOT. How to understand customers and learn their behaviour (or sometimes intent) is a process and it takes time to learn this process. Can it only be practised and learned.

At the cost of sounding like a sales person (which I hate) I am gonna tell you about the workshop that we organize, where we exactly do this. We start with multiple ideas, go out talk to customers (first discuss and learn on how to talk to customers), come back with learnings and then rinse and repeat.

If you want to start, Mom Test, by Rob Fitzpatrick is an amazing book (little expensive though) (https://momtestbook.com/) There are a lot of other blogs and books out there which are amazing and really help.

Let me know if this helps 🙂
vishal April 9, 2014, 8:49 am

Thank you to both of you for taking out time and helping me. I will surely go through both of diz links and I am sure my doubts will be solved. Thanks once again. Cheers 🙂
Karan Ahuja April 9, 2014, 9:45 am

hi vishal

i have had similar doubts before 🙂

try reading this https://paulgraham.com/startupideas.html when you are free.

it will take a time of couple of hours but will really be worth it .

tc cheers,

Karan
vishal April 9, 2014, 10:08 am

Thanks a ton karan for ur time and sharing dis link 🙂 cheers buddy 🙂
Karan Ahuja April 9, 2014, 10:12 am

also 1 thing i learnt recently is :

once you select an idea – you pledge to give 10 years of your life in case it works out .

10 years is long man .

it better go for something real hot 😉
Abey John April 11, 2014, 12:47 pm

The questions to ask:

1. Does the idea have a market? Is this market large enough to support the idea? i.e. If this idea is crystallized into a product or service will I attract an audience/buyers?

2. What is the competition like? Why is my idea so much more hotter than what the competition is doing? i.e. Why will I win over customers/users? Is there a way I can test my answers?

3. What is the cost of bringing the idea to market? Do I have the funds or can I get the funds?

The only really important question is #3. Startups fail due to many things, but the bottom line is this: if I bring this idea to market can I find an audience who will consume my widget and pay me enough for it (directly or indirectly).

Also IMO (which is highly jaundiced btw) there is nothing like a ‘new business model’. Its the same ole same ole shit repackaged since the beginning of commerce.
vishal April 12, 2014, 4:31 am

Thank you John..I am sure answering these questions will solve my doubts.. Cheers 🙂