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How do entrepreneurs come up with great ideas?
5 simple steps we learned from speaking with experts:
5 simple steps we learned from speaking with experts:
1/ Start with a problem
“The way to get startup ideas is not to try to think of startup ideas. It's to look for problems, preferably problems you have yourself.” - Paul Graham, founder of Y Combinator
“The way to get startup ideas is not to try to think of startup ideas. It's to look for problems, preferably problems you have yourself.” - Paul Graham, founder of Y Combinator
@nickhuzar founded OfferUp because he was having a kid and needed to make room in his house. He needed to sell stuff.
@spencerrascoff started Zillow when buying a home and wanted pricing transparency
Travis Kalanik started Uber because taxi services were unreliable.
@spencerrascoff started Zillow when buying a home and wanted pricing transparency
Travis Kalanik started Uber because taxi services were unreliable.
Your problem needs the following characteristics:
1. A problem that impacts a bunch of people
2. A market that is growing 20%+ a year
3. Something that needs to be solved immediately
4. A problem that impacts people regularly
1. A problem that impacts a bunch of people
2. A market that is growing 20%+ a year
3. Something that needs to be solved immediately
4. A problem that impacts people regularly
2/ Craft a solution
Don’t start with a solution trying to find a problem.
- What products or services are currently available?
- Is there a gap in the market that you could fill?
- Is there a way you could improve upon existing solutions?
Don’t start with a solution trying to find a problem.
- What products or services are currently available?
- Is there a gap in the market that you could fill?
- Is there a way you could improve upon existing solutions?
3/ Consider your own experiences and expertise
- Why you vs somebody else?
- What are you uniquely qualified to do?
You should have some advantage.
- Why you vs somebody else?
- What are you uniquely qualified to do?
You should have some advantage.
4/ Get feedback from potential customers
Ever heard of the mom test?
Your mom loves you and doesn’t want to hurt your feelings.
Talk to potential customers and avoid asking leading or evaluative questions.
Ever heard of the mom test?
Your mom loves you and doesn’t want to hurt your feelings.
Talk to potential customers and avoid asking leading or evaluative questions.
Mom Test p1 - focusing on the customer's actions and behaviors:
No opinions.
What do they do and why?
- "How do you currently solve this problem?"
- "What made you decide to use our product?"
No opinions.
What do they do and why?
- "How do you currently solve this problem?"
- "What made you decide to use our product?"
Mom test p2 - asking open-ended, non-leading questions:
Instead of "Do you like our idea?"
Ask them:
- "Tell me about the last time you used {{insert name of similar product in industry}}"
- "What do you use {{product name}} for?"
Instead of "Do you like our idea?"
Ask them:
- "Tell me about the last time you used {{insert name of similar product in industry}}"
- "What do you use {{product name}} for?"
Mom test p3 - Avoiding yes/no questions:
These questions are limiting / don't provide much useful information.
Instead, try to ask questions that encourage the potential customer to explain their thoughts and experiences in more detail.
These questions are limiting / don't provide much useful information.
Instead, try to ask questions that encourage the potential customer to explain their thoughts and experiences in more detail.
Mom test p4 - Listening actively and taking detailed notes:
Pay close attention to what the customer is saying and try to capture as much detail as possible.
This will help you better understand their needs and pain points.
Pay close attention to what the customer is saying and try to capture as much detail as possible.
This will help you better understand their needs and pain points.
5/ Don't be afraid to pivot
Don’t be afraid to kill your baby.
Intro started as an in-person networking tool and pivoted to virtual consulting platform.
Don’t be afraid to kill your baby.
Intro started as an in-person networking tool and pivoted to virtual consulting platform.
