Finding the right idea

The Art of Generating Ideas

 

Having the billion dollar idea to create a startup does not happen to many entrepreneurs. The only few existing examples do not show the submerged part of the iceberg that represents more than 99.9% of entrepreneurs. Still, valuable ideas do exist as well as tools that can help entrepreneurs generate them.

 

An initial idea is just the starting point and entrepreneurs often realize that their initial idea does not effectively address the need they are trying to solve. However, a wrong idea remains a partial solution and should not be taken as failure. Most startups end up to be nothing like the initial idea. Having a wrong solution gives room for the iterative process described in the Developing an Entrepreneurial Mindset section to get feedback, make new hypotheses, and try to test and validate again until the valuable idea is found.  

 

To be broader in its definition, an idea should then be shaped in the form of a question rather than a statement. Fixed statements are supposed to solve everything and will always raise objections unless the entrepreneur gets it right the first time, which is unlikely. Questions, on the other hand, can be answered in multiple ways, leaving room forthe entrepreneur(s) to come with the solution that will perfectly address the problem their tentative startup is trying to solve. Here is how you could proceed:

 

• Find what is the problem you are trying to solve and why it is there.

  • If you identify an idea, you should instead identify the problem it is trying to solve. The initial idea you had will be the first way you could solve this particular problem

  • Also, you can create a frustration journal where you write all your frustrations from bad experiences as a customer or in general. Maybe some of those problems could be solve thanks to a startup

  • It is common to assess an opportunity in the workplace. If you believe your company should take on a new project or your suppliers are not meeting your expectations, there is maybe room for a startup that will provide better execution

 

• Plug solutions to the problem just identified following the sentence “What if…?”

  • For each solution, you should identify what would need to be created/happen for the solution to be viable

  • Find a 100 different ways to solve this problem to the point where ridiculous ideas start to become potential solutions. This will allow you to look at the entire scope of solutions for this given problem. It will also give you hints on what already exists

 

Our brains are however not designed to find problems, and we tend to jump right to the most obvious solution given our habits, education, background, and experiences. However, this remains a powerful tool for startup ideas. Doodling can also be a powerful way to generate ideas:

• alone in moments where our minds can wander (shower, driving…)

• with people (a diner with friends where a debate about a potential startup idea could be brought)

 

Another way to generate idea could either be to:

• take a luxury good/service and make it into a commodity (Henry Ford with the Model T)

• take products/services people use now that are performing poorly and make them work (Windows)

 

To bridge the gap between generating ideas and sharing ideas, you will find 2 videos by Steven Johnson on how to generate innovative ideas and where do creative ideas come from.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                 The short version: 4 minutes video by Steven Johnson

                                                                                    Where good ideas come from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                           The long version: 18 minutes video by Steven Johnson on Ted

                                                                                       Where good ideas come from

 

 

Once a valuable idea has been found, it should be shared       

 

Ideas like opinions should be shared. Keeping a startup idea a secret to avoid having someone else use it is a mistake. Ideas by themselves are worthless and it is their right execution that will generate cash. Moreover, most chances are that someone else had the same. Finally, most startups do not come with new ideas addressing new market with no competition, but rather to address existing markets with better execution. Then, as execution is important, entrepreneurs should not share the technical plans or secret recipes of their startups, but rather give a feel for the idea, the process, the gap the product/service is trying to fulfil, that is to say, the startup's unique value proposition.

 

Ideas should then be shared in order for tentative entrepreneurs to:

• get feedback,

• get asked questions that will challenge the idea and its underlying assumptions

• network and potentially have people join the startup (investors, mentors, partners)

 

However, ideas should be shared with people who will have a relevant answers:

• potential users

• potential investors

• potential partners

• industry technicians

• mentors

• relatives…

 

Good ideas versus Valuable ideas

 

Another important aspect of a good idea is whether it is valuable. If there is no existing market demand for an idea, most chances are that the idea is worthless since there should be no demand. Moreover, an idea must generate revenues. Monetization is crucial as well as sufficient demand to have the idea lead to a profitable company. Valuable ideas are close to good ideas and this is mostly the case in the Tech industry:

• I have a great idea for an app

• Looks great… how do you generate cash with it?