Tough question to answer in a few words … any business you create has to solve some compelling need … e.g. something someone wants badly enough to be willing to pay for … could be a product or service. Great businesses are the ones that find unexploited niches … either a brand new ideas or existing ideas that are executed in a compellingly differentiated manner (price, performance, service, etc.) … if you have specific insights into a space/product … that’s a good place to start. If you have connections/contacts in specific industries, and can leverage that insight to understand gaps in the market/needs … that’s also a good place to start. Just find a sustainable hook that on one else has … validate/test your ideas … examine the market opportunity/competition/hurdles … perhaps find a way to test your ideas with limited investment. Motherhood and Apple Pie stuff I know … sorry :–)
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If I could add something to this, wouldn't is also be important to choose something that the startup can feel passionate about? You wouldn't want to sell something - for example - that ethically you weren't on board with, despite it being a great opportunity, would you?
