One idea? Any idea that hasn’t been used by a startup? Is there such a thing as an unused idea?
According to a report published by NASSCOM, there are more than 4,200 startups in India in the year 2015. With this number already established, how many ideas will you find that are yet to be implemented? Add to that NASSCOM’s ambitious plan to scale up to 10,000 startups over the next ten years. As an entrepreneur, what are your options?
“Great things are done by a series of small things put together.” Vincent van Gogh
Explore ideas that are unique or rarely used
In one of its articles, The Economic Times lists five startups that were created with unique ideas (the link to the article is mentioned in the references). The list contains:
Market of services for the home on demand.
Products and lifestyle accessories of Indian origin.
Coaching institutes for professional courses.
Restore IT assets and sell them in a different market.
Buy used mobile terminals, restore them and sell them on the second-hand market.
You can map your ideas with such implementations and find common ground that you can capitalize on.
Be outrageous in your interruption
Yes, extreme ideas are the ones that occur to entrepreneurs. Who would have thought of an app to share or take care of dogs? Or, for that matter, using the “excess capacity” in a person’s car to ship their stuff to where that person is traveling? Some other amazing ideas include sharing healthcare equipment, investing in online lawsuits, online fundraising for social causes, funeral logistics, getting prasad online, renting clothes, and also buying and selling used clothing and accessories. These and many other ready-made ideas are raising millions of dollars from investors.
Reduce your focus. think of a niche
You should consider this option carefully, as your potential customer base will also shrink when you narrow down your target market.
This needs careful consideration because narrowing your target market will also reduce the size of your potential customer base. Accurately classify your market and determine its desires. Based on these parameters, tailor your solution as little as possible and quickly launch your solution. A good example is Jugnoo, the auto rickshaw aggregator. With established giants like OLA and Uber, Jugnoo has narrowed its focus to auto rickshaws and has become quite popular. You may be surprised by some brand names that are in niche markets: Apple, Google, Marlboro, and McDonald’s are all focused on a narrow market.
Create a unique value proposition as a differentiator
As the saying goes, “If you can’t beat ’em, join ’em,” but with a difference. In the course of his research and market study, he discovers that the market is full of companies that offer the same solution as you. You still need to find ways to make your idea a smashing success and make money for your business. The first thing is to establish what your competition is doing and its deficiencies. Don’t replicate the things that work for them, instead go with their areas of strength. Looking at the insufficiencies of the competition determines what you can do better and be realistic about it. If it can’t be done, don’t try it. For many companies, the success factor lies in the value-added service they provide or the customer experience they offer. Your value proposition could be low prices, shopping convenience, or variety of products, or a combination of these. Test your idea before you launch it on the market.
“For good ideas and true innovation, you need human interaction, conflict, argument, debate.” Margaret Heffernan
Tackling the complexities of entrepreneurship with an idea won’t get you very far. You will need a ‘bucket full’ of ideas that you can evaluate and continue or discard as needed. Do not start this exercise alone, as your decisions will be influenced by your own biases and priorities. Talk to people, choose your ideas, consult experts and take advice from experienced people. Are you running out of ideas? You can always collect more from the Internet.
“Creativity is the process of coming up with original ideas that have value. It is a process, it is not random. ken robinson
Perhaps it would be best for you not to worry about ideas that are unique or less used. Come up with an idea that is profitable and then bring uniqueness in the form of the value you offer. Identify your potential customers, talk to them and determine their real problems and then come up with a solution. Get some creative people involved to brainstorm around problems your prospects are facing.
You may find that the solution is simple, just a matter of correcting a deficiency in an existing product or service. Don’t be inspired by the big startups that came out five or ten years ago. These are established businesses and you will not be able to compete with them. Also, what was in demand five years ago may not be the trend today.
Well, that definitely puts a huge burden on you to take on something and make it work and prosper. If you can think of venturing into entrepreneurship, you have it in you to do great things. In the words of Orison Swett Marden: “Don’t give up on your dream because it isn’t seeming to come true, because you can’t see it coming true. Hold on to your vision with all the tenacity you can muster. Keep it bright; don’t let the common side of the life clouds your ideal or tarnishes it”.