How To Make Sure The Start Up Idea Is Different – We suggest a few ways you may check if your concept could be a hit in the industry.
Entrepreneurship is not easy.
There are a number of ideas that pass through your mind, before you decide to create a business out of one of them.
After all most breakthroughs, like computer in every home, seemed like a crazy idea before Steve Jobs and Bill Gates made their own businesses.
That, however does not mean that entrepreneurs ignore business and market realities thinking that success comes randomly. The skills and qualities are necessary but not sufficient to ensure a successful enterprise.
We suggest a few ways you may check if your concept could be a hit in the industry.
Area with fewer competitors
The idea could be unique to you. However, it could be a booster if you use relevant keywords to check what shows up when you talk about your start-up concept. If you find more than a dozen solutions that loosely match your idea, maybe you should skip that idea and look for another one.
Intellectual property rights
Existing patents and trademarks are easy to find these days. Check whether the domain or the name you wish to use for your company has been used by somebody else. You could always choose a different domain without letting your idea get affected.
Industry on the verge of expanding immensely
Industries such as e-commerce has been expanding for the past ten years. Analyse the industry you wish to launch your start-up in, the location, size of the team and only then invest in it. After all it’s no use investing in something that does not give you returns in a long time.
Filter ideas from painful problems
Your peers may find your idea and concept really interesting. They might also encourage you to follow your passion and do something of your own. But how many of them are willing to support you, financially or emotionally? You can rely on domain experts to sought a value for your company.
Maybe your idea is unique. Maybe you have a great team to handle your company. But there are times when you need a large support system and government legislation. Generally, entrepreneurs do not invest much in office spaces or other logistics involved. However, analysing the importance of a particular need, is important at times.