👉 Follow my daily startup journey!
👋 About me:
My name is Mike. I'm a serial startup founder. I've had several businesses and have learned a lot in almost 10+ years of entrepreneurship. The reason I've started this YouTube channel is to share my learnings and I hope to inspire you by doing so.
🚀 My startups:
Upvoty: customer feedback tool (
Streaky: free app to set daily goals and build a streak (
Vindy: home improvement platform for constructors
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TRANSCRIPT HERE
What’s up everybody? One of the most questions I get asked is how do I begin my startup. Well, of course, it all starts with an idea for your business. Without an idea, no startup can be founded.
Coming up with an idea is hard though. And most of the people who want to start a business, don’t have any ideas to begin with. And, on the other hand, some people have an idea, but don’t know how to start.
In a series of 2 videos I want to talk about how you can startup. In the first video we are going to discuss how you can come up with an idea for your startup.
So, how do you come up with an idea for your startup? Well, there is no simple answer to it and to be honest, everytime I start a new business, it’s because of different reasons. In general there are 4 ways to search for an idea for your startup.
1) Markets
Look for markets that have potential to be improved. Like markets that are standing still for too long or where innovation isn’t something common.
Think of Uber for example, they came up with an app for the taxi market to improve the usability of ordering a cab. And they also made it cheaper. A big win-win for the consumer.
2) Scratch your own itch
Look around you. Do you see things that could be better, cheaper or more efficient? Think about the problems you face and try to come up with a solution.
Just like Zach Sims did when he founded his startup Codecademy. He wanted a way to learn code by doing actual code work and thus he built a website where you can take online courses and work on real code assignments.
So, look around you. What can you do to improve your life?
3) Disrupt!
Turn the market upside down with a product that is a better alternative or way cheaper than all the things out there.
Think of Airbnb when they launched their website for booking homes in all the cities around the world. This was a market which was highly dominated by hotels at that point. Not anymore, Airbnb disrupted it.
4) Innovate
This one is the hardest with the least chance of succeeding. Because when you innovate and launch something completely new, people need to learn to understand what you made and how it will fit their lives.
Overall people don’t like changes and thus it’s a hard challenge to face. But, it’s certainly not impossible. And if you succeed in building something completely new, you will have a lot of traction which can boost your branding and sales.
Think about Tesla and the first electric car; every move they make is news. Even when Elon comes up with a Tesla flamethrower…
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