In love with your startup idea? Make sure the market loves it too!
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By
fn7 Team
·
2 minute read
Every founder is blinded by the love for their solution!
Do you have what it takes to see the truth?
Introduction
Transforming a vision into a unicorn isn't just about having a groundbreaking idea—it's about making sure it solves a real, critical problem that people are willing to pay to have solved. Today, we're exploring how to assess if your idea is not just good, but commercially viable. Ready to start? Let's dive in.
We address pressing questions such as:
- Is investing time in my idea worthwhile?
- How do I start my entrepreneurial journey?
- Should I launch a business or startup with my idea?
- Can my idea provide a sustainable income?
My Idea Syndrome
First, let's tackle My Idea Syndrome. It's like you've baked the most delicious-looking cake, but oops! Nobody told you your friends are gluten intolerant. Or picture this: You're inventing the coolest, sleekest, most feature-packed hammer ever, but maybe what the world really needs is a screwdriver.
It's a classic trap: loving your solution so much, you might miss the actual problem. So, what to do? Take a step back. Peel away that personal bias like old wallpaper. Look at your idea with fresh, critical eyes. Is it truly answering a dire need, or is it just a shiny new toy searching for a problem to solve?
Well, the goal isn't just to invent something cool; it's to invent something indispensable. Let's not just fall in love with our ideas; let's make sure they're the right match for the problems out there waiting to be solved.
Assessing commercial viability
To ensure your idea is commercially viable, consider these Four Key Questions for Assessing Viability:
- Is it unavoidable?
Imagine you're in a room that's slowly filling with water (this is your unavoidable problem). You could ignore it, but eventually, you're going to need to find a way out. Is your product the lifeboat people can't live without? If your idea tackles something as unavoidable as our metaphorical room filling with water—like the critical need for data privacy in the digital age—then you're on the right track. People need to escape; your product is their escape. - How often does it happen?
Think of a problem like a leaky faucet in the background of your daily life. If it's leaking all the time, you're going to want to fix it ASAP. The more frequently a problem occurs, the more your solution becomes part of the daily routine. It moves from being a luxury to a necessity. - Is the pain big enough?
Some problems are like a pebble in your shoe. Annoying, but you can live with it. But what if it's not a pebble but a rock? That's the kind of problem you want to solve—one so painful, your customers can't ignore it and will look for solutions actively. - Are existing solutions falling short?
If the market's already flooded with solutions to a problem, why would anyone pick yours? Unless, of course, everything out there is like using a bucket to bail out that room we talked about earlier, and you're offering a high-powered pump. If current solutions don't cut it—too expensive, too complex, or just plain inadequate—there's your in.
Conclusion
Wrap these insights up, and you've got a litmus test for your startup idea. Dive into these questions honestly, and you'll find out if you're on the path to creating something people truly need or just another "nice to have." Remember, the best startups solve real problems—big, unavoidable, frequently occurring ones that existing solutions can't handle. Is yours one of them? Ready to see if your idea has what it takes to be the next big thing? Let fn7 Helix guide you.