whenever I think about something I do full research to see if it already exists but I always find the idea executed even better than what I thought of.
Sometimes it took off and I'm like: "there is no way I can compete here", or it doesn't take off even if it's brilliantly done and I'm like: "there is really nothing I can do better than the competition to make it scale"
Market research always take a lot of time and effort and then I just have to cancel the idea even before starting it :(
How do I escape this loop please?
Hi,
I have helped many startups and it is true that you should research an idea - well done for this - not everyone does it or does it well enough.
Do you start with the problem you are trying to solve (or pain or need or desire)? It depends of course if you are looking at B2C or B2B solutions but if B2B, have you tried finding one or people with the need? If you can get them to commit to purchasing your solution early then this is a good sign and can fund development. Development of product is then a large undertaking itself but totally doable with the right help.
This is a very big area for discussion and I certainly cannot cover everything here!
Check out my video on how to turn your idea into a startup at https://softwarestartupcoach.com/
Happy to have a call to discuss further.
Regards
Stuart
what is your biggest problem?
what are your strengths?
there is rarely a new idea made from scratch, but improvements to existing models (Amazon selling online, Uber instead of a cab, a social media for a different generation etc)
Let me know if you'd like to explore further!
Best,
Sinan
Great question.
A few tips that might be helpful:
1. Stop looking for new ideas. Instead, try look for problems/pains that people or companies have. Once you've found the pain point, then work on the solution.
2. Market research shouldn't be taking you a lot of time. At least not the initial research. It should be lean (fast) just to get a quick understanding of the market. Maybe you're spending too much time researching and not validating your assumptions? Read a bit about the Lean startup. You can also read my short article about validating your idea: https://startuplawyer.co.il/everything-you-need-to-know-about-a-privacy-policy-for-your-website-or-mobile-app/ (article will be up in a day. I'm busy updating and backing up the website).
And remember: Facebook wasn't the first social platform. Google wasn't the first search engine and Tinder wasn't the first dating app. Meaning that even if someone is doing it, doesn't mean that it still isn't something you could/should do.
Good luck!
I am a mentor on Startups.com, an international lecturer on entrepreneurship and negotiation, and a commercial startup lawyer. I've successfully helped over 400 entrepreneurs, startups and businesses and I would be happy to help you. When scheduling a call, please send me some background information and the 2 main questions you want answered so that I can prepare in advance (to give you maximum value for your money). My reviews: https://clarity.fm/assafben-david
