Finding the best idea for your software startup can be tricky. Founders put a lot on the line, so it is crucial their idea is worth the risk and investment.
There is a wide range of various outsourcing companies like Emphasoft that are ready to optimize this process. In today’s article, we are sharing recommendations and frameworks for identifying the best startup idea to be the foundation for a successful enterprise.
Put Lots Of Effort Into The Problem Selection Process. Then Put Some More.
Before you invest all your time and money into solving the problem, you should triple-check that the problem is actually worth focusing on.
It needs to be big enough to make your startup sustainable in the long run.
We understand the excitement and eagerness to move on to real action, such as building the solution, talking to investors, and coming up with marketing campaigns.
But the core job of any founder is to take it slow and really think about the problem that the new venture will be focused on solving.
If you neglect to think through why your idea should become a business, anything else you do is likely in vain.
Share Your Idea And Prepare For Criticism
We don’t really want to have our ideas challenged, do we? Yet, it’s the best thing that can happen to someone starting a software company.
Other people are not as invested and excited about the idea as founders are, so they’ll be able to share invaluable feedback in the form of criticism, additional questions, and, if you’re lucky, even a word of praise.
Very often, startup founders create products they really like, but the users don’t actually want.
Don’t be demotivated by any concerns thrown your way. The sooner you hear them, the better you can prepare and fail-proof your idea.
After all, we need the idea to work, and the most efficient way to get there is through a constant feedback loop.
As you engage in conversations about your idea:
- Ask many questions.
- Listen carefully.
Potential users will likely share their pain points but won’t be able to explain what kind of solution they’d like to see.
It is the founders’ job to interpret their feedback and implement changes to address their concerns.
Also, don’t be shy about pitching your idea to investors or people you know and trust who have industry experience.
At the very least, you can leverage their insight to polish your idea quickly, but you might also find some great partners or investors.
Try The JTBD Model
JTBD is a framework for product development that stands for “job to be done”. The term “job” in this case stands for the customers’ goal, for which we need to come up with a product they want to “hire”.
The framework focuses on the end-user rather than the product, helping us figure out their true motivation.
And the “job” is not a product that the startup will build but a reason why the customer wants to buy the product.
For example, with the food delivery services the JTBD model would look like this:
Job: eat delicious food without having to cook or clean.
Problem: the customer is hungry.
Our solution that the customer will hire: is a food delivery app that connects local restaurants and delivers prepared meals to your doorstep within 40 minutes.
Consider Non-Obvious Markets
There are business opportunities everywhere, but sometimes we overlook them because they are not a part of our lifestyle or environment. Broaden your horizons and stay curious about what’s going on around you.
Look for institutions and processes that can be challenged. For example, Robinhood simplified and opened the investment world to countless retail traders who didn’t have easy access to buying and selling stocks.
Also, pay attention to markets and niches that aren’t “sexy”. Just because an opportunity is boring in a pop culture sense, doesn’t mean it lacks potential.
Create More MVPs As You Are Working On The Idea
An MVP software development process doesn’t have to be complex. Sometimes, it doesn’t even require you to build a product!
As Eric Ries writes in his “Lean Startup” bestseller, an MVP can be something as simple as a landing page where users can leave their contacts if they’re interested.
MVPs are very powerful tools for startups that are choosing between many ideas or trying to polish their main one.
Spend the absolute minimum time you can on building an MVP and release it to the client asap.
Then get the feedback, incorporate it into the next MVP, and repeat the process.
Ries calls it the feedback loop and praises this method as the best and easiest way to test your ideas before launching the full-on software development project.
And throughout this process, if you discover the initial idea doesn’t work, Ries recommends pivoting immediately and focusing on the idea from a different perspective.
For example, changing the feature you consider key, or the way the product will be distributed.
Ask Yourself Three Questions
As you are brainstorming ideas and thinking of which route to take, ask yourself the following three questions:
1. Is there a functional need for this product?
2. Is there an emotional need for this product?
3. Is there a large market (or a potential for such)?
Having a product that sounds exciting but isn’t really functional will not get you far.
And building a solution that users don’t have an emotional need to own or use will make your promotion and selling much more difficult.
Final Thoughts
Coming up with an idea for the startup is the most exciting yet frightening activity. A lot goes on the line, so the final decision on what to go ahead with needs to be well thought through.
As you go through the frameworks and tips we shared today, we hope that you stay open-minded and look for opportunities anywhere and everywhere.
But more importantly, we hope that you will keep the customer in mind whenever you are thinking about a potential product or a service for them.
As long as you don’t start a vanity startup but honestly work on fixing a bugging issue, your startup will have a higher chance to succeed than the rest of the competition.
And if at some point you realize that your resources are far too limited to support proper and thorough product development, then you can always outsource parts or all of it to the Emphasoft team.
