There are a few different ways to come up with startup ideas:
1. Look at what’s already out there and find a way to improve it
2. Solve a problem that you or someone you know is experiencing
This is the common advice. The problem I find is that this approach gives you too many ideas.
So how can you find ideas that you have passion for?
So one secret to finding ideas that you have a passion for is to focus on things that you do daily.
For example, If you spend a lot of time say in investment just observe, what are the things that you feel like doing and you’re not able to do? What do you spend more time doing?
Let’s say, for example, you’re spending a lot of time or effort in figuring out comparing a stock or reading the transcript report, just observe, figure out what while reading the transcript, what are you trying to get out of it and see if you can fundamentally come up or use a disruptive technology to to eliminate that.
See, there is always a market so you want to look at current market for a product like this would be that somebody would pay for. In this case, let’s say a financial analyst is going through these talks and identifying what exactly is the transcript earning calls transcript is saying, What if you could develop technology that could do the same? What if it is not just technology, what if you could, connect people to other people who can potentially help you accomplish this and make them do things for each other so that it’s gets the same job done.
Summary
To conclude, a quick tip, when the day ends, or maybe the start of the day, just simply write all your observations.
Write what you saw, what you spent more time on, resist the temptation to get ideas or judge your observations. Resist the temptation to come up the solution to the problem, Just take note of the emotion. Notice what is happening. Soon you will discover a theme emerging, an opportunity will emerge.
Good news is that this opportunity will be something you have passion towards. In my next blog I will cover what other things to ensure when you are evaluating this opportunity, so stay tuned.