Friday 2 May 2014

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How to find the million-dollar business idea for a startup?

Posted by Unknown at 9:34 pm
Being an entrepreneur isn't a simple feat. It requires so many elements and knowledge to get things started. But before all else begins, it always start with a great business idea. 

How do you find the million-dollar idea? How do you find an idea that could start your engine and begin your great entrepreneur career. I believe many of those who have read this could have the same question. "I am passionate but I just couldn't find the perfect idea!" 
I've been through the same stage, I used to crack my brain to find the perfect idea. Making every move possible  to find the ultimate idea that make millions. But it doesn't work that way. 

 In fact there is no need to crack your brain to think of a million-dollar idea. The fact is, the million-dollar idea is already within you subconsciously, you just find the right way to get it.

FIVE RULES OF FINDING YOUR ULTIMATE STARTUP IDEA.


FIRST, what is your passion? What is your skill?
- What do you like to do or what are the things that can keep you awake doing, and time passes by without you noticing?
- Do you have any particular skill that can be traded for a payable service? Eg. copywriting, programming, consultancy, musical skill, dancing, etc.

SECOND, find a problem and identify solution.
 - By doing this, firstly listen to people. When people around you starts complaining about something, be conscious about it. It is a problem, and if you can think of a solution to people's problem you get the demand for potential business.
 - Can your hobby/skills solve people's problem?

THIRD, think your idea long-term
 - How long do you think your idea can last you? 
 - If it is a seasonal fad, it wont last you too long. When thinking of an idea, you start with the end in mind. How big and how far do you want your startup to grow?

FOURTH, ignore eureka myth, don't find idea that no one has done before.
 - If you are waiting for an eureka moment, you probably gonna wait forever. To source for an idea you need to work on it. Think, observe, identify, that is your eureka. Idea don't just bestow upon you for no reason.
 - Idea is nothing unique. Your new idea is actually the combination of different ideas. You can't waste your time thinking about an idea nobody has ever done before. You wont find it. A way to solve this, please refer the FIFTH rule.

FIFTH, be different.
- Thousands of entrepreneurs out there doing what you are doing. Your competitive edge is to serve the same business, but do it by being different. 
 - Serve the same audiences by adding something that no competitors has created before? 
 - How Facebook stands out from Friendster and MySpace? The answer, Facebook has newsfeed, the two players don't. That is being different.

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