7 Ways to Come Up With Great Startup Ideas

Pavel N. | Business | Innovation | Video
A free video tutorial from Pavel N. | Business | Innovation | Video
Reverse Engineering Successful Business Strategies
4.6 instructor rating • 12 courses • 65,657 students

Lecture description

Ways to Find Startup Ideas from 1 to 4 : Develop an Expertise, Observe Social Interactions, Monitor Future Trends and Spot Inefficiencies

Learn more from the full course

How to Find, Evaluate and Launch New Startup Ideas

A comprehensive entrepreneurship course to find business opportunities, evaluate their potential and test with customers

02:59:39 of on-demand video • Updated November 2020

  • Spot great business opportunities in everyday life
  • Quickly assess any startup idea and evaluate its market potential
  • Design a process to test a startup idea with real customers
  • Create landing pages, promotional videos and prototypes
  • Implement the best free marketing hacks to attract visitors and convert them into users
  • Understand precisely why some startups succeed and others fail
  • 14,000+ entrepreneurs & 1,400+ ratings!
  • Course material updated regularly
English [Auto] So if problems are the most common basis for great startup ideas then how do we spot problems. Well there are many ways to do it and we're going to go through seven common practices and this course that we found out and put together. This is not an exhaustive list so you might very well find ideas using totally different approaches. So let's begin let's start with the first one for many famous companies out there. Great ideas came by when founders were really good at something. Very often they were simple side projects that were started to solve personal knish problems or even just for fun. Jamail started off as a search engine for e-mails that worked better than the others. So being an expert in a certain field and feeling that there is something to be improved there can lead to great discoveries. Another good example is hotmail the developers Jack Smith and Subir Basia were working at Apple and wanted to communicate with each other about their business ideas but they didn't want to do it for their work email so their bosses couldn't read them. They also couldn't access their private emails because the company's firewalls blocked access to it. So that's when they started to code a Web based e-mail service that can be accessed from anywhere in the world. And that is not linked to any Internet service provider. And so Hotmail was born. But you don't have to be that experienced to be an expert. And that's the story behind Oculus Rift virtual reality headsets existed before. Many companies have tried to commercialize them back in the 80s and 90s but with no success as a teenager. Ballmer Luckey was passionate about them. Galectin mini vr headsets in the garage of his parents when he was only 15 after trying them out. He found out that they had a low resolution a limited field of view. They were extremely heavy and almost as expensive as a new Porsche. He got to learn a lot about them by playing around. So he decided to create a much better solution and made his first functional Oculus VR prototype. To recap. Always remember that being in the earth means having an expertise in any field is extremely valuable. As Bill Gates puts it be nice to nerds. Chances are you will end up working for one. What if you feel you're not a nerd or anything like this. That's not a problem. There are other ways to spot great ideas like observing your surroundings. When was the last time you were in a business meeting. It's very likely that it looked something like this overwhelmed employees rushing through their messages on their various devices and not paying attention. Slack came in with a simple proposal. Be less busy. Let's take a look at more examples. A good one is Tinder. It's founders Shaun the red and Justin Mateen knew each other since they were teenagers and studied entrepreneurship together. Arad observed how difficult it was to approach a girl when you don't know her and especially when you're shy. Wouldn't it feel much more comfortable approaching her if you know that she wants to be approached. Is there some way to break the ice. Tinder was born in 2012. Based on this mutual opt in system so that all the stress of meeting a stranger could be taken away and the founders were also not tech geeks they were design graduates and created a successful company in an industry they knew nothing about real estate rental. They were roommates in San Francisco and couldn't afford to pay their rent at some point. So they decided to rent mattresses in their apartment during a design Congress when there was a shortage of hotel rooms in the city. To do this they created a basic web site and guess what. Three people showed up and paid $80 each for a night. That's when they figured out that this could be a great business idea. Many people have surely also rented a room in their apartment. Just like urban B but they haven't thought to create a global business out of it. Right. You have to be in a certain mindset when you come across such ideas and be able to realize that you can not only solve your personal problem but one that is common to many people. So put your glasses on and start observing people around you. Let's move on. Do you recognize Paris. This is how it might look like a few decades from now. Monitoring future rants is another great way to find opportunities. Don't start anything. In a dying industry. Instead get yourself up to speed in growing industries and the most important global trends. These trends can be as diverse as the increasing urbanization of our planet. It's growing population the increasing longevity and global warming reducing fossil fuels and their impact on increasing CO2 levels and global warming is indeed one of the biggest threats and challenges of our time. Tesla for example is surfing on this trend. Its founder Elon Musk set out to create a powerful sports cars which are not powered by fossil fuels but by electric batteries this electric cars are a hundred percent eco friendly and aim to change the automobile market to one where fossil fuels will not be needed any more in the future. For some inspiration you can check out Gartner's hype cycle for emerging technologies which shows each year which technologies are at which stage of maturity for example drones robotics 3D printing and virtual reality are important emergent technologies today this are growing business areas with lots of opportunities if you set out to look at them ever get mad about being stuck in traffic think twice. This recent picture shows a 50 lane traffic jam in China. Makes you feel better about your rather small scale traffic jam right. And it's also a great inspiration for finding new ideas. Try to spot inefficiencies like this outdated business practices and terrible customer service. That's often how it is in well-established industries where there's too little competition to stimulate innovation. For example cable companies in the US like Comcast or Time Warner Cable used to compete for a city instead of competing for customers. That was something established by law when a city was awarded a cable operator. People had no choice but to use it. So of course there was no need to improve customer service because it was impossible to switch to another provider. Instead the cable companies were more focusing on their own business processes first and customers came second. When streaming options like Netflix came by people started to cut the cord of their cable TVs. And these companies started to witness massive losses of viewership. Same for the taxi industry in a lot of countries. Taxi drivers get a limited number of licenses to operate. Once you've got one there was no need for improving the customer experience because you had a monopoly and everybody knows what happened when Uber came. So many inefficiencies had accumulated in the taxi industry including queuing for taxi for hours at the airport terminal versus getting notified by the driver when the car is there or wondering if your driver is screwing you about their itinerary versus being able to track it on your smartphone in real time or having to pay cash without knowing what the taxi meter will show versus confirming the price in advance and even being able to rate the driver. Turns out that reducing all those inefficiencies in improving customer service can make a terrific business. So put on your glasses and look for established industries or practices which make people's lives difficult or for a bad customer service or operate in some sort of monopoly. The rule of thumb is improve and simplify make people's lives easier by spotting those who make it difficult.