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The Irrefutable Laws Of the Best Startup Ideas (Part 2)

Emmanuel Nnaemeka
  In our previous article, we looked at the dos and don’ts in picking a successful business startup idea. Some laws guide successful startup ideas. If your startup idea breaks any of the laws, chances are that your startup might not scale as you expect it. Successful startup founders looked up to this set of rules, before agreeing that their ideas are worth executing. Hence, before you execute that perceived million-dollar idea, you have to ask yourself certain questions, subject your idea to certain litmus tests, and check to see if it can pass for a good startup idea. In this article, I will show you the laws that govern the best startup idea.
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Solve a problem

What is one thing that successful startup ideas all have in common? They solve a problem. The key growth indicator of every successful startup is that they are addressing a particular problem in the market. Don’t just execute your startup idea so that you can bear the title “CEO” or “Founder”. Ensure your startup idea can address people’s pain points. Don’t forget the thumbnail of this rule: Find a big problem affecting a large population of people who are willing to pay you to fix it. Most often, when thinking of a startup idea, you might fall victim to being engrossed with the notion that if you aren’t the first and only person with that idea, then it is not worth pursuing. The best startup idea is not all about being the first and only, but it is about being the best among the rest. You can’t take away the fact that many people are solving the problems you want to solve. These people are competitors.
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Rather than chickening out, existing competitors validate your idea. Moreover, improving on an existing idea is all that makes the difference. Using Google to verify and validate the uniqueness of your solution will help you gauge its success. Successful startup founders revealed that they used Google to check if people and companies are solving the problems they intend to provide solutions to. Further, they also used Google to measure the urgency of the problems they want to fix. For example, there is a growing cyber fraud problem, and people are in dire need of a solution. Noting how large the problem is can give you the courage to execute your solution. Don’t repeat what others are doing. If aren’t bringing something new to the table or aren’t creating an obvious tweaking, customers might find your product boring. Why should customers leave their beloved brand that meets their needs and buy the same from you? They already have the solution you are selling to them.
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The only way to survive with that type of ‘me too’ business is to undercut competitors’ pricing, leading to very slim margins. Victor Hugo, one of the greatest and best-known French writers said “Nothing is more powerful than an idea whose time has come.” This is exceptionally true. Knowing if your idea corresponds with the time can be complex because time is elusive and can be difficult to gauge properly. The time for you to launch your idea could be too early or too late. According to Ravi, CEO of FindMyFans.co, “For example, if someone re-discovered the search engine today to be better than Google-it would cost too much money to unseat them and the search engine battle happened 20 years ago.” Another example was when several e-commerce platforms in Nigeria shut down as a result of wrong timing. Most of them were established between 2011 and 2012 when most Nigerians did not have smartphones that could carry out online transactions. Moreover, most Nigerians found buying goods online strange.  Featured Image Source: Business Yield
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