Startup Classroom: Is Your Idea What People Need? Why keep startups focused

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Business Startup Classroom: Do people need your idea? Yes, you have to ask this question to yourself, does your idea come in the daily need of the people, you look at any successful startup, they are fulfilling some of your special needs somewhere, making your life easier. , like Ola and Uber, make your daily commute easy. Food apps Zomato, Swiggy fulfill your food needs, not only this, its use forces you to get used to them because they make your life easier.

So whenever you think of a startup idea, ask this question that what need is your idea fulfilling, and whether it is in the daily need of the people, the more the need, the better the idea. Your idea is Good To Have or Must Have.

Now you have to understand one thing very carefully that many ideas are such that the need of the people is visible but it is not their compulsion, like whether your idea is so important or it comes under any government rule that people have to keep. There is compulsion. Like insurance, medical services, education, job-oriented skills, food, travel, we have to use all these things sooner or later, now if your idea comes in these categories, then the chances of its success are high. Are. Because people pay money for the ideas that come in the Must Have category, for those that come in the Good To Have, people spend only when their basic needs are fulfilled.

how big is the market for your idea

There are many such startups whose ideas are very good but their market size is very small, now in such a situation that startup runs but does not get rapid growth because its customer base is small. That is, you must keep in mind about your idea that how big its market size is, the bigger the market size, the bigger the profit. Today, digital payment system is a necessity as well as compulsion for the people, as well as the size of the market, what to ask, you will see scanner codes of many companies like Paytm, Google Pay, PhonePe in front of even the smallest shopkeeper. The village where I come from, work is now done without cash, even I pay my house help staff through this mode, that is, it has become a part of people’s daily routine and has made people’s life easier. Used to be.

What is technology driven idea?

You must have read somewhere that Ola Uber does not have any car of its own but they have the largest fleet of cars, food apps do not have any restaurant or dhaba of their own but today every restaurant and dhaba have to join them. Has happened, companies like Practo, TATA 1MG do not have their own doctors or medical stores, but you can get advice from best doctors sitting at home and get medicine immediately from medical stores. In online education, Byju, Unacademy, Udemy, SkillingYou can teach you all kinds of skills sitting at home, so the thing to understand is that what is special about these startups, these companies use technology to make their market anywhere and People are solving their big problems sitting at home. Running a tech driven startup is easier and less expensive than a physical presence startup. As the use of smart phones increases, the market size of these companies will increase.

So what about idea, once you start thinking of your startup then every day something or the other starts coming in your mind but every idea is not a startup idea, so now, whenever you think of startup then above Do keep the points in mind, because you have to come in those people who come in 5 percent and not in 95 percent.