The Startup Idea Dilemma

"What's your startup idea?"

This is a question all founders have to answer.

But it's hard.

I recently pivoted my startup and had to look for a new idea again.

Here is the dilemma:

People say that the execution is more important than the idea...but there's nothing to execute if you don't have an idea.

"Ideas are a dime a dozen...but you still need one."

I realized no one had a good approach to finding new startup ideas.

I had to personally face this dilemma many times - and eventually found a framework.

Here are the 3 approaches you can use to discover your startup idea.

1) Solve A Problem

This is the most common approach.

"By far the most common mistake startups make is to solve problems no one has."

-Paul Graham

If it wasn't obvious, your idea should solve an actual problem.

And the easiest way to do that is to start with the problem.

It's good to tackle a problem that you personally have. This makes it easier because you understand the pain points and what kinds of solutions you're looking for.

For example, let's look at Beyond Meat.

The problem: I care about animals and the environment. But I love eating meat.

The solution: Plant-based products that look and taste like meat.

Sometimes, you may find a problem that you don't personally have.

That's okay. You just have to put in more work to understand your customers.

I wrote an article about my 3 lessons for talking to customers.

Your outlook on life changes because every "problem" is now a "startup opportunity"!

2) Find Your Ikigai

What's Ikigai?

It's a Japanese concept that roughly translates to "reason for being". It's often described as an individual's purpose in life. This video goes into details on what Ikigai is.

Ikigai consists of 4 sections:

1. Something that you love
2. Something that the world needs
3. Something that pays you well
4. Something that you are good at

At the intersection of them is your Ikigai.

Do this exercise by answering the 4 sections.

Don't limit yourself. List as many as you can for each section. Quantity is better for this exercise.

Then, connect as many dots as you can to find your Ikigai. You'll be surprised by what you learn about yourself.

The Futur has a step-by-step video that walks you through finding your Ikigai.

3) Start With The Market

"When a great team meets a lousy market, the market wins. When a lousy team meets a great market, the market wins. When a great team meets a great market, something special happens."

-Andy Rachleff, CEO of Wealthfront

The market wins.

You can control your product. You can control your team. But you can't control the market.

So here's a simple solution.

Start with the market.

There are many ways to do this. Are there any emerging technologies that you can use to be better than competitors? Does the data show a shift in consumer behavior? Is there a global pandemic that is changing the way people interact?

• Netflix invested in new emerging tech (streaming) to beat Blockbuster.
• Warby Parker spearheaded the D2C movement when they saw customers buying online.
• Zoom was well positioned for a remote-first world when the pandemic happened.

But it's hard to know what the current market trends are ??

That's why I created my startup Smoothie.

www.withsmoothie.com

We do the work of analyzing the data trends.

Then we send founders emerging startup opportunities.

We believe that everyone should have access to the best startup ideas. That way, there will be more innovative founders. Which results in a better world.

I hope this article helps your startup journey.

If you were able to find a new startup idea through this - let me know via Twitter!

Twitter: @mattkim_5

I love hearing about new ideas ??

Cheers,

Matt