Monday, 29 November 2010

Do we really need an Idea for StartUp?

Now a days I feel funny recollecting my earlier(earlier for me is 2-3 years ago) concepts about prerequisites for being an entrepreneur. You need to have some extraordinary idea, it should be so fabulous that anyone who listens to it should utter wow!  I also used to feel that the idea should be totally different than what is being currently available. 


I revisit those numerous thoughts to check out which one really stands true. Consider the example of social networking sites. There are many existing, some were launched in the market even when rest of them with similar features already existed in the market. It is not true that the ones launched first were only the successful ones. Even the later ones made a mark and have huge fan following. This makes me strike out the points that the idea should be totally different. Also you need not be the first one to launch the solution!


Suppose you decide to work an idea that is really brilliant. You've just started developing it. But in the mean time a similar product is launched in the market which has got tremendous positive response from public. You start feeling that your product, when developed, will stand nowhere in front of this one. Or may be the estimated cost of your product is much more than this released one and hence no one will opt for yours. With all this unexpected in between you may decide to quit working on your really brilliant idea, which might prove to be a good decision from practical perspective. You start thinking of an alternative task to work upon. Then where is your so-called extraordinary idea in the picture?


You may prefer talking to your connections and finding out what do they need in their current working scenario. That accelerates your thought process of what to develop. You may even want to build a solution that is totally as per your customer's requirement. So does your own idea come into play?


At least I've thrown away my concepts about need of an idea for being an entrepreneur. Do you think differently?

5 comments:

  1. You always see people who succeeded but not the failure around them.
    I would love to see the statistics of %age of people who failed with a brilliant idea and of others.
    Its all about reducing risk.....isnt it?
    Btw do you mean those who came late, copied idea and promoted it well didn't had any innovation in their product? And if by social networking site you are hinting "facebook"...think again....

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  2. I think, starting with start up its means we are starting with proper business plan of a business .with out proper business plan certainly it will fail.

    Above we were discussing about business. to have a new business either you have to have innovative idea Or if you want to do similar service of a existing service then better make the complain of existing service into business.


    To start with innovative idea its not sure that
    it will hit the market directly.its need to be good.

    The best way to have a good idea is to have a lot of ideas.


    Research has shown that most original and successful business ideas are developed by people who already have several years of relevant experience. It takes profound understanding of the technology involved, of customer behavior, or simply of the sector concerned to develop a business idea to the necessary level of maturity. Gordon Moore and Robert Royce, for example, already had several years experience at Fairchild Semiconductors before they founded Intel.

    On the other hand I have seen so many ppl which are earning with start up with out doing much innovation and less experience but with dynamic contents in their portal.

    so start up can be started with innovation and also with turning complain into business with experince.

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  3. Only innovation is not enough for starting a startUp ... one needs proper business plan n proper investment also is needed in intial yrs.Sometime the idea with which one has strated
    the start up may not click...so smetimes depending on market requirements one may deviate a bit from the actual plan.. but tat doesnt mean one will deviate completely.. smetimes it is on the same line itself.It actually helps to get hold of the the
    market n then one can start again trung their original idea..
    So, idea is what tat is the foundation for a startup which gives one the motovation.. n rest depends on market n proper implementation of the plan...

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  4. If "eureka" would have been the key to success, there would have been only a few successful Entrepreneur.

    Being Enterprising is about starting a walk where as being successful entrepreneur (which is little different) about:
    >understanding the needs (to make sure you have and "idea" to work on, it need not to be a brand new one),
    >understanding the effort required (to make sure you are successful in delivery)
    >managing all the components as a whole (to make sure you are successful).

    I recall when Edison was asked that it took just one right idea for him to device the bulb, he replied I failed many time before to get this one as success... that's about innovation... which is totally different from being Entrepreneur.
    Take an example of how many companies built Laptops and DELL is selling highest Number. This is because the founder had sight of the impact of this new Business model! So, innovations is not required, but creativity is!

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  5. Thanks Ajay for throwing light on some very important points.
    @neha Sometimes promoting a product very well despite coming late in market has really worked wonders. But of course the late-comers did bring something better or different than existing ones!

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