Ideas, how to get them?
TLDR; I don’t know — these are a few tips I wrote from lectures, investors, and friends. This helps me but I wanted to share. So no answers here but a system that works for me.
We have been working on our roadmap for some time and it is hard. Forget about the integration of finance, product, tech, HR, and or desires and assumptions. Forget about the human factor, kids, sick days, and CLIENTS’ NEEDS. We have to come up with new ideas every time.
That is harder
Coming up with a great idea can be challenging, but with the right mindset and approach, it’s possible to find inspiration and turn it into a successful venture.
(Just if you are reading this and got this far — most of the ideas are bad… many are simple garbage. There are a few that are terrible… this set of questions and tips helps me sometimes)
Tips for myself
Create an asset. Think about how you can create something that generates value over time, such as a recurring revenue stream or a valuable brand. If it does not create revenue directly, can it be part of what the brand is around? or is the asset builds the onboarding or costumes acquisition funnel?
Validate Validate Validate. Test your idea with potential customers and gather feedback to determine its potential for success. Some “Rules of thumb”
a. Find clients that might wanna use the solution
b. The most important rule (that is why it is the second) is:
Find the need in others
15 min interview about the need is a great way to start
Get over 10 interviews face to faceTry not to follow fast-moving trends or move very fast with them. While it’s important to stay on top of what’s happening in your industry, it’s also important to think about the long-term potential of your idea.
When you’re looking at problems, find “hard problems” and try to go for 10x solutions. These are the types of problems that require a lot of effort and creativity to solve but can also generate a lot of value.
Market size — big markets are not only the market for entrepreneurs. There are opportunities to create niche products and services that target smaller, but still profitable markets.
Wiggle room. Don’t think about true/false ideas. Sometimes the most successful ideas come from thinking about something in a new and different way.
Unit economics — valid business models. Make sure your idea is economically viable by understanding the costs and revenues associated with it.
But we should start with a few simple questions I wrote through the years that help me focus. The idea is to review this and not follow a certain order and circulate the questions once you are done… (try to do this for about 1 hour just to get a sense of the market. Come back to this after you learn more. It's weird no?)
Open Questions
This is as I wrote, for iteration (the list of questions is easy but I hide the solutions for me to review if I forget… Ideas are hard as we said.
Where is your passion? What is most appealing to you that can build?
Consider what you’re passionate about and what skills you have, then think about how you can take those to the next level.
The first step in identifying your passion is to take some time to reflect on what you truly enjoy doing. Sometimes, it is just something that you are good at or that you can sell.
Once you have identified your passion, you should also consider what skills and resources you have at your disposal. Think about what you’re good at and what you enjoy doing, and consider how those skills and resources can be used to build your idea.
Is there a trend in the world you might want to follow?
Keep an eye on global trends and see if there’s an opportunity to create a product or service that aligns with them.
Keeping an eye on global trends can help identify opportunities for new products or services. For example, Regulation changes about security or the trend towards sustainable and eco-friendly products have led to a rise in businesses focused on reducing waste and using natural materials. Another example is the trend towards remote work has led to a growth in businesses focused on providing remote work solutions.
But be aware that sometimes trends like everything AI (Jan 2023) or Crypto-Coins in 2021 can be a major, I am too late to the market.
What is the Market like? and what should be your strategy for customer acquisition? Is your strategy tailored to your specific target customer base?
Growing Markets? Nich? Customer acquisition costs etc. After we have the basic ideas we should think about our GTM strategy. Sometimes, the GTM strategy is more important than the product itself.
One key element of a customer acquisition strategy is identifying the channels through which you will reach your target customers. This could include online advertising, social media, content marketing, or even offline channels such as events and trade shows. It’s important to consider the preferences and habits of your target customer base when choosing channels, as they will vary depending on the industry and demographics.
In addition to these, a good GTM strategy is also essential. A good GTM strategy will help you understand how to reach your target customers and what channels are most effective. This strategy should be tailored to your specific target customer base and should take into account the unique characteristics of the market.
Try to put it in boxes: Should I be sales-driven, community-driven, or product-driven? (You could be marketing-driven but I don’t like these because it usually costs a lot and you still don’t have product market fit)
Note to reader: the fact that I don’t like this strategy does not mean it is not a valid one. If you know how to do it, it’s your idea do it!
Commodity or monopoly?
Consider whether you’re creating a product or service. Then, think about whether it will be easily replaceable. Might it be unique and/or will it offers a competitive advantage?
Usually, we want to be a monopoly idea. In the sense that the customers are sticky, they like the idea and will find it hard to leave the solution, service, or product.
Are there competitions in the market?
If the answer is no, look for more — spend 1 more hour. If you have an answer to this question, skip 🙂
Finding a competitor will be important to know what is the market, pricing, GTM strategy, and much more.
What are the risks?
Identifying these risks can help you make informed decisions and take steps to mitigate them. Some of the main risks to consider include market risk, operational risk, and financial risk.
Market risk is the risk that there may not be a large enough market for your product or service. Operational risk is the risk that your business may not be able to operate effectively or efficiently. Financial risk is the risk that your business may not generate enough revenue or may not be able to secure funding.
Another risk factor is the team. Are you missing experts? can you build it? see other questions and be ready for honest answers.
Can you create unit economics for the solution?
It’s important to have a clear understanding of unit economics, as this will help you identify the costs and revenues associated with your product or service. By understanding unit economics, you can determine whether or not your business is economically viable and make adjustments as needed.
What works for me is when I tell this to my 8 years old daughter can understand it? if she will, great. if she starts singing or talking about other stuff — you lost the crowd, think about the finance model.
Why anybody? Why you? Why now?
This is for VCs and other investors — but add the following question to the set above: “Is this your personal problem?”
Answering the “Why anybody?” will help you with understanding if there is a need for your clients
Answering the “Why you?” is can you build it, am I an expert, or can I build it — it will help investors understand if this is the team to build or did you just happen to stumble upon a good need that is looking for a solution
Answering the “Why now?” (see the confusing market trends) but if the tech is available, is the market expecting this, or best of all, do I have a client that might want to buy this service/product?
This might not work for you, this is probably missing a few important items. But this article was an idea of mine. Hope it helped and was not a terrible one.