Great start-ups get huge when they focus on a huge problem. I've got an example for you to think about today as you look for ideas to form a great start-up.
At first tiny or even non-existent, the next great market grows quickly to imense size. Then it splits into segments which in turn start the same growth, becoming individual huge segments. That leaves the original competing start-ups plenty of room to thrive.
Founders who spot such opportunities have an opening that lasts for a short while but can be the door to launch a great start-up.
One example of such a huge problem is "What happens to your digital assets (e.g. Facebook page) after you die?" This marks the birth of the "digital legacy" business category.
The problem is getting a lot of press lately. A long New York Times article discusses the issues, exposing unknowns and a lot of opportunities for entrepreneurs. Other reporters and bloggers have published a lot about related problems: legal, ownership, access, rights to edit and alter or delete someone else's Facebook page and all the rest. Just think undertaker, lawyer, trust administrator, judge, plus all the rest of the on-line social network businesses. Yes, the problem has huge, global potential.
That amazement triggered several entrepreneurs to start new enterprises that focus on the huge problem: What happens to your Facebook and other digital assets after you die?
Take a glance at this quick story about Legacylocker.com and then examine the following points to your thinking about your idea:
7 START-UP IDEA TIPS
- Personal need triggered the idea.
- Size of the idea is world-wide and growing quickly.
- No competitor dominates this new category yet.
- Value was quickly added to the original idea (to make it more attractive to end users and more difficult to copy by other entrepreneurs).
- The business model could make money quickly.
- Technology required was not complex.
- The management was capable of launching the business.
To me this is an example of one of those "Why didn't I think about that?" ideas. And it's a lesson on how to quickly move from a simple start to a robust business model.
BOTTOM LINE: Good ideas for start-ups often come from a personal need. Great ideas focus on solving huge problems. Entrepreneurs grow their idea rapidly, increasing the value to the end user and appeal to customers. Digital legacy issues are one example. There are many others popping up daily. The more you think up a few, the more will come to you. Apply the 7 Start-up Idea Tips to each of your ideas to help you form an unfair competitive advantage.
I wish you The Best on your Adventure!