5 Steps to Finding the Right Startup Idea for You

Are you looking to start a business but don’t know where to start?

I’m the VP of Business Operations at Intro, a marketplace connecting people to entrepreneurs. I chatted with some of the world’s most successful founders (like Alexis Ohanian at Reddit and Spencer Rascoff at Zillow), and distilled my top 5 tips for generating the right business idea.

If you want personalized help and advice, you can book one-on-one video calls with these founders and many more on Intro.

1. Start with a problem

“The way to get startup ideas isn’t to try to think of startup ideas. It’s to look for problems, preferably problems that you have yourself.” – Paul Graham, Founder of Y Combinator

Nick Huzar founded OfferUp because he was going to have a child and he had no room in his house. He needed to sell stuff.

David Greenfeld founded DreamPops because he loved sweets and became lactose intolerant.

Starting a business isn’t easy, and the most successful entrepreneurs are those who really invest in the problems they’re trying to solve. So before you start brainstorming ideas, ask yourself:

• What are the issues that concern me deeply?
• What problems have I encountered in the past that I know how to solve?

If you want to seek venture capital funding, you need:

1. A problem that affects a lot of people
2. A market growing by +20% per year
3. Something that needs to be resolved immediately
4. A problem that regularly impacts people

2. Develop a solution

(Note: don’t start here! Trying to find a solution is an exercise in frustration.)

Once you’ve identified a problem you’re passionate about solving, it’s time to start thinking about how you can solve it. And one of the best places to start is to look at what’s already out there.

• What products or services are currently available in your industry?
• Is there a gap in the market that you could fill?
• Is there a way to improve existing solutions?

3. Consider your experience and expertise

Why you against someone else?

Your experience and skills are valuable assets when it comes to starting a business.

Think about what you are uniquely qualified to do and how you can use your experience and expertise to solve the problem you have identified. You should have some advantage over any Joe Shmo on the street.

4. Get feedback from potential customers

Sarah Leary, co-founder of Nextdoor, knows the power of getting actionable feedback from your users.

Talk to potential customers, but avoid asking leading or evaluative questions. Instead, focus on gathering information about the customer’s past and current actions, behaviors, and needs:

• Focus on customer actions and behaviors: Rather than asking someone’s opinion, try to understand what they are actually doing and why. For example, “How are you currently solving this problem?” or “What made you decide to use our product?”
• Ask open-ended, non-leading questions: Instead of asking “Do you like our idea?” try asking “Tell me about the last time you used [insert name of a similar product in your industry].” or “What do you use [product name] to?”
• Avoid yes/no questions: These types of questions can be limiting and do not provide much useful information. Instead, try asking questions that encourage the potential customer to explain their thoughts and experiences in more detail.
• Listen actively and take detailed notes: Pay close attention to what the customer is saying and try to capture as many details as possible. This will help you better understand their needs and pain points.

The more you can learn from potential customers, the better.

5. Don’t be afraid to pivot

Don’t be afraid to kill your baby.

Intro started as an in-person networking tool and evolved into a virtual counseling platform.

Even the best startup ideas may need to be refined or completely changed as you learn more about your market. So don’t be afraid to pivot if you realize your original idea isn’t working.

I hope this guide helps you navigate the waters of finding the right startup concept. Choose an idea where you care deeply about the problem and the customers. Something that you are passionate about and that you believe has the potential to succeed. With these tips in mind, you’ll be well on your way to coming up with a startup idea.

If you need help along the way, don’t hesitate to ask.