How To Launch A Breakthrough Business Idea

Today, one of the most frequently asked questions is: Where to get big breakthrough ideas? It is relevant for both existing companies and startups. There is no simple answer, but you can start by searching, improving your methodology. Here are some ways to do this effectively, such as fintech software development.

Start with yourself. Any businessman considering a new project considers himself the # 1 customer. Netflix came into existence after founder Reed Hastings wanted to rent a movie one Saturday night. The equally famous Uber story spun when two young men unsuccessfully tried to hail a taxi in Paris.

There are dozens, if not hundreds, of examples where personal experience has become the key to finding new ideas. So think for a moment: what annoys you as a customer, what are you spending too much time and effort on? Pixar somehow remarked: “You know, we just wanted to see a great children’s movie with our family, but we couldn’t find one. So we decided to shoot our own. “

So start with yourself, you can find the real diamond in personal experience.

What annoys you as a customer?

Talk to hundreds of clients. When you already have an idea that you want to work with, think about which people you can help. To do this, talk to potential clients, ask: what makes their life unbearable? Do it with your colleagues. Discuss what answers you got, single out one or two of the biggest problems, and build a profitable business around them with software development company.

Someone will say: “Wow, with a hundred people at once – it’s a lot of work!” No problem. But here’s an excellent test for an entrepreneur: if you don’t have the energy and inspiration to communicate with potential customers, will you have the perseverance and determination to go the hard way and take thousands of more steps to build your business?

Draw a map of pain points. Check how well you know and understand your client. Look through every detail of what he has to go through in his experience: where are the delays, where are the unnecessary costs, what frustrations or anxieties he may be experiencing?

A classic example: the book world before Amazon. Previously, you had to spend a lot of time to go to the store, find out that the book you wanted is not there, order it, and then wait a few more days, and so on. But Amazon came along and made it easier.

By the way, like all big startups, the company did not stop there, continuing to look for new opportunities to make life easier for its customers. This secret weapon is microscopic detailing of everything the client goes through.

Netflix has a similar story. Reed Hastings, on paper or mentally (it doesn’t matter), mapped the pain points every step of the way of someone who wanted to rent a movie to watch at home. As in the case of Amazon, he constantly wondered: what else could be simplified, how could it be improved? And he practices this approach every day.

Have an idea for a startup? Do not rush to rejoice

When you know who you want to be most useful to, draw a map like this. This will help you speed up your search for a great business idea.

Let me add that this is not a ready-made recipe that needs to be followed 100%. The current tips and tricks should help you develop your own way of finding ideas. American businessman Thomas George Sttemberg spent about a year looking at retail before focusing on the idea that grew into the Staples office equipment supermarket chain.

Take a look around. And now we come to the fourth dimension, which can help find your idea for a truly great business – this is imitation, following. Look around, consider other good initiatives, and ask yourself which one you can develop and improve. What ready-made ideas in Europe, USA, Israel or China deserve to be reproduced? After all, one of the paradoxes of the modern hyper-competitive world is how little good imitation is.

Think who is # 2 after Amazon, SpaceX, Tesla? Competition always makes a business stronger, the only way you can give your customers more value.

Have an idea – no money

Imitation is a good way, but not the most effective one. If you look closely at companies that use borrowed business models in their start-up positions, you will see that they often radically improve the initial idea. Let’s take a look at Didi Chuxing (the Chinese equivalent of Uber). They studied the Uber experience and then asked themselves: how to improve this business design? What happened in the end? They have developed a comprehensive metropolitan area system that includes private cars, taxis, corporate vehicles, car exchange, public transport, intercity buses, urban transport, and bicycles. Uber is a great idea, but Didi made it so much better!

All four of these points are a great start for your search.