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