Entrepreneurship, Start-up ideas

This is Why Only Strong Ideas Can Survive

First things first, entrepreneurship is all about ideas and ideas need to be strong and futuristic, based on innovation and have the capability to create a change in the life of the people. When I say only strong ideas I mean it. If you read the data figures 97 per cent of the start-ups fail in the long-term of seven years and this is a hard fact to digest. In a book (Trajectory: Start-up to product/market fit) that I am reading currently author says that start-ups need great ideas and it is not good to spend 80 hours a week for years on a dumb-ass idea. So to make sure you have a workable plan make a business plan which gives the awe moment whenever somebody listens to it.

With a 97 per cent of failure rate, start-up ideas are the primary reason for failure. It gives an indication that even those ideas which were praised by great investors and entrepreneurs end like anything are a serious matter of concern.

In this post, I will discuss the characteristics of a strong idea and why only those types of ideas can survive. Ideas which are strong enough to resist any difficulty coming up due to markets, customers and the overall ecosystem. The title of this post is very relevant here. If you know about the concept of ideas.

An idea is thinking which occurs in the mind of a person, again and again, it leads to a change in his or her behavioural inclination towards this and leads him/her to explore the idea and make an attempt to do something about it. Many ideas remain ideas only but many take a shape and become a product or a service in the meantime.

When ideas are explored it helps build a product/service around it and then this product/service is brought to market and validated and feasibility is checked. The final steps are to bring it to market and make money.

An idea is considered strong if it can lead to the creation of a strong business which remains in the market for longer and reaches a higher number of customers day in and day out. A strong idea is one which is not copied, easy to change, old, not innovative, or loved by none. Let’s discuss the major characteristics of a strong start-up idea.

A strong business/start-up idea may have the following characteristics

  1. Replicative ideas can not be strong: Replication is a practice where entrepreneurs attempt to copy certain business models or businesses from one place to another. For example, Amazon’s rise became a reason for the failure or success of many start-ups throughout the world. Idea replication in a new region or country is not possible due to various reasons. But somehow it can be implemented if entrepreneurs can make proper changes and attempt to create a different version of the same idea. Although even if it is completely changed complete replication is not possible.
  2. Just an idea: In the previous post I discussed types of an idea. This situation happens when you have just arrived at an idea and you are in a great hurry to make it to the market. Entrepreneurs feel overly confident and plan to do it fast enough and then in this attempt of doing fast, they fail it and fail it badly. Failure is the most vital component of the entrepreneurial journey but this should not happen because of the knowledge gap and other reasons. Ideas need great work before launching for the market.
  3. An idea without growth prospects: This is also important to see that the idea built has a futuristic vision which does not fade away in the next few months or years. Start-up ideas without growth prospects are nothing. Speculative growth is the most vital component of considering start-up funding and support from the government. Without growth, start-ups become alienated and remain in zombie land. it is not easy to create a strong business without strong growth prospects.
  4. Founders keep on working: Resilience is good but being resilient for too long is dangerous and full of losses. Sometimes if you find your ideas are not strong enough to stay afloat in the market your trial to make it more futuristic and adding features to it can not help it. founders or entrepreneurs should stop when they field like alienated and when their start-ups are not growing enough.
  5. Ideas that are too difficult: Some ideas are way too difficult and making attempts becomes harder and harder every day. While planning a start-up, entrepreneurs must check their financial strength and the type of team they can rely on to make it a successful attempt. Even if the entrepreneurs can try to achieve their goals in pieces will be appreciated instead of going full-fledged with the same.
  6. The idea that is not feasible: Sometimes entrepreneurs are so obsessed with their ideas that even if their ideas fail basic feasibility or idea validity check they will not leave it and keep working on them. This makes it difficult for that idea to survive long enough and finally leads to failure. This again leads to start-up failures and makes way for strong ideas only.
  7. Creating products without looking into the market: Many ideas which entrepreneurs perceive are game changers are brought to market without taking customers into consideration. Such attempts lead to a complete failure. Entrepreneurs attempt to shape and create new products which are not basically demanded in the market. However, while markets are filled with such products this leads to no demand leading them to fail badly. Just making a product is not enough, market surveys, product reviews, product analysis and growth prospects are all etc.
  8. Start-up without a team: It is found that great start-ups emerge in teams. It is difficult to handle a start-up without a team. When things are done in teams it benefits in multiple ways. You get new ideas, new direction and new prospects for your startup as well as products that you are building. Such ideas without a good team can also fail and ideas with a bad team also fail easily or at least split for varied reasons.

So this is the end. I hope you got the points clearly and I just wanted to stress the value of ideas we create for start-ups. Start-ups are nothing without great ideas. It is the hard work, basic idea and entrepreneur vision which make ideas strong and valid. So this is for today and let’s meet in the next post. Thank you for reading and listening.

Spotify: https://open.spotify.com/episode/10Ag66d9YSDwZMX5TFn9Nd?si=-9N52CfqQIS9RnrGcJ1YWw

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