11/07/2019 Ideation: How to come up with a promising startup idea?

| EU-Startups

Ideation: How to come up with a promising

startup idea?
By Bojana Trajkovska - February 19, 2018

A journey of a thousand miles begins with a single step. In the entrepreneur’s life that first
step is the idea. The world is full of great ideas, but only few of them eventually become
successful businesses. And since you can’t predict when inspiration will strike, there might
be some things that you can do to generate good ideas.

1. Look for your passion

What is the thing you are most excited about? Best case, your company should be a
reflection of your passion. If you start with an idea that has emerged from that passion, you
will automatically be more motivated and dedicated to the project. Even venture capitalists
state passion in founders as one of the key criteria by which they judge a startup’s
potential. Or in the words of Confucius – Choose a job you love, and you will never have to
work a day in your life.

2. Travel to new places

New ideas require creativity, which thrives on novelty and diversity. Explore the world
around you. This is the most fun way to come up with ideas. A surprising number of well-
known companies have been inspired by the founders traveling and bringing good ideas
home. If you want to find new business ideas that are worth pursuing, you should change
your perspective on things: let hidden features emerge and you might find something that
others don’t see.

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3. Find out what’s bugging you

The greatest business ideas are born out of solving problems. Not just any problem, but a
personal one. Find the problem that you actively want to solve, that you are best suited to
solve and that has significant market opportunity. Focus on building a “must have” rather
than a “nice to have” product. If you have been able to identify a crucial problem that you
can effectively execute and deliver to market, you will be able to create a real business that
matters.

4. Widen your perspective

Awareness has come with globalization and nowadays the amount of information available
to us has the potential to change many things. It has never been easier to reach
information in any format. So here are some activities which will give you the right state of
mind to grow entrepreneurial ideas: reading articles and books out of your area of
expertise, writing a journal, watching TED talks, playing games or talking with people from
different backgrounds.

5. Be in the right environment

New ideas are the product of many factors that influence our state of mind. One of the main
determinants is the environment, both the physical and social space that surrounds us.
From expert advice to capital to talent, there are known startup hubs around the world
where the chances of success are simply bigger. So, surround yourself with others who are
doing the same.

6. Share your ideas

The more you talk about your ideas, the closer to reality those ideas get. Sharing your
thoughts can be extremely valuable because the contributions of others allow you to see
opportunities that you may not have thought about, or provide constructive criticism. It
helps you see the idea more clearly and understand it more deeply. So, if you plan on
pitching your idea to potential investors, why not practice beforehand?

7. Observe the world

The environment around us is filled with ideas. Observe the world around you and identify
everyday problems, issues or societal trends. This will provide your brain with raw material
for building unique ideas. Then ask yourself if something can be done better, faster or
cheaper? The best ideas are the ones that makes life more comfortable or convenient, and
they will always be a market demand for them.

8. Stay informed
By exposing yourself to the business ideas of others you might recognize elements in
others’ ideas that are usable in solving problems that you have identified. Attend
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conferences, join the community, know your industry. Moreover, the Internet is the best
learning environment nowadays. Industry websites, blogs, ebooks, competitors’ websites,
groups on LinkedIn, Facebook, all just one click away.

By the way: In order to stay up to date regarding startup advice, tech events and funding
opportunities, please make sure to also subscribe to our weekly newsletter.

Bojana Trajkovska
Bojana is a startup enthusiast from the Balkan region. Currently exploring the entrepreneurial community in
Italy. Passionate reader and traveller.

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