One in a Million?

A singular thought? Any concept that has not been utilized by a startup? Is there any such factor as an unused thought?

In accordance with a report printed by NASSCOM, there are greater than 4,200 startups in India as of yr 2015. With this quantity already in place what number of concepts will you discover that haven’t but been carried out? Add to that NASSCOM's formidable plan to scale as much as 10,000 startups over the subsequent ten years. As an entrepreneur what are your choices?

“Nice issues are carried out by a collection of small issues introduced collectively”. Vincent Van Gogh

Discover concepts which can be distinctive or seldom used

In considered one of their articles, The Financial Occasions lists 5 startups that have been arrange with distinctive concepts (the hyperlink to the article is talked about within the references). The record comprises:

On-demand residence companies market.
Life-style merchandise and equipment of Indian origin.
Teaching establishments for skilled programs.
Refurbishing IT items and promoting them in a special market.
Buying used cellular handsets, refurbishing them and promoting them within the second-hand market.
You may map your concepts with such implementation and work out a standard floor which you could capitalize on.

Be outrageous in your disruption

Sure, excessive concepts are what entrepreneurs are developing with. Who would have considered an app for canine sharing or canine sitting? Or, for that matter using the 'extra capability' in an individual's automobile to ship your stuff to the place that particular person is touring? A couple of different superb concepts embody sharing healthcare gear, investing in lawsuits on-line, on-line fund elevating for social causes, funeral logistics, getting prasad on-line, renting garments and likewise shopping for and promoting pre-owned garments and equipment. These and lots of different out-of-box concepts are elevating hundreds of thousands of {dollars} from buyers.

Slender down your focus. Assume area of interest

You have to think about this selection fastidiously as your potential buyer base may even cut back whenever you slender down your goal market.

This wants cautious consideration as a result of with narrowing your goal market additionally, you will cut back the dimensions of your potential buyer base. Accuracyly classify your market and decide its needs. Based mostly on these parameters tailor your answer to the minimal quantity doable and speedily launch your answer. An excellent instance is Jugnoo, the auto rickshaw aggregator. With established giants resembling OLA and Uber, Jugnoo narrowed their focus to auto rickshaws and has develop into fairly standard. You can be stunned with the names of some manufacturers which can be in area of interest markets: Apple, Google, Marlboro and McDonald's are all targeted on a slender market.

Create distinctive worth proposition as a differentiator

Because the saying goes, “If you cannot beat them, be part of them”, however with a distinction. In the middle of your analysis and market research, you discover that the market is crowded with companies offering the identical answer as you. You continue to want to search out methods to make your thought a runaway success and earn a living for your small business. The very first thing is to determine what your competitors is doing, and their inadequacies. Don’t replicate issues which can be working for them, as a substitute go along with your energy areas. Wanting on the competitors's inadequacies decide what you are able to do higher and be reasonable about it. If it can’t be carried out don’t try it. For a lot of companies the success issue lies within the value-added service that they supply or the shopper expertise that they provide. Your worth proposition might be low costs, buying comfort or vary of merchandise or a mixture of them. Check out your thought earlier than going to market with it.

“For good concepts and true innovation, you want human interplay, battle, argument, debate”. Margaret Heffernan

Enterprise the complexities of entrepreneurship with one thought is not going to take you far. You will have a 'bucket full' of concepts which you could consider and proceed with or discard as required. Don’t embark on this train alone as your selections will likely be affected with your individual biases and priorities. Speak to individuals, decide their brains, seek the advice of consultants and think about recommendation from skilled individuals. Operating out of concepts? You may all the time decide up extra from the Web.

“Creativity is the method of getting unique concepts which have worth.” It’s a course of; it's not random. ” Ken Robinson

Maybe one of the best course for you’d be to not fear about concepts which can be distinctive or much less used. Come out with an concept that will likely be worthwhile after which usher in uniqueness within the type of the worth you provide. Establish your potential prospects, speak to them and decide their actual issues after which consider an answer. Rope in some artistic individuals to generate concepts across the issues your potential prospects are dealing with.

Chances are you’ll discover that the answer is straightforward, only a matter of fixing a deficiency in an current services or products. Don’t draw inspiration from the biggies of startups that got here up some 5 to 10 years again. These are established companies and also you will be unable to compete with them. Furthermore, what was in demand 5 years again might not be the pattern right now.

Properly, that undoubtedly places an enormous burden on you to tackle one thing and make it work and flourish. In case you can consider venturing into entrepreneurship, you’ve it in you to do nice issues. Within the phrases of Orison Swett Marden: “Don’t quit your dream as a result of it’s in all probability not being realized, as a result of you cannot see it coming true. the bread-and-butter aspect of life cloud your excellent or dim it “.

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