Many startups fail because they represent an unsuccessfully copied idea or do not meet the real needs of the market.
There are several ways to help you choose a successful startup solution:
Be on-trend. Read about market innovations and inventions, and try to anticipate in which industry they can be applied;
Become an expert. Being a market insider is always more advantageous than coming in from the outside. At the same time, it is possible to combine knowledge in several industries at once to invent something at the intersection of technologies. For example, Michael Bloomberg, an employee of Salomon Brothers, an investment bank, after he was fired, decided to create his own financial agency, Bloomberg. He ended up becoming one of the richest and most influential people in the world;
Solve his own problem. To come up with a solution that is not on the market, but that will make life easier for you personally. That’s how Flickr was born, because in developing the online multiplayer game “Game Neverending,” you needed somewhere to store images;
Looking for weak points. Being able to understand where other people are losing their money and time sometimes helps invent a useful solution;
Improve what already exists. A particularly successful way is to work with those products and services that now cause negativity due to an unfinished interface or for other reasons. Richard Branson created Virgin Atlantic to overtake British Airways in service, but went much further;
Link the unrelated. This is the principle used by startups that have found a successful combination of cheap goods and services and wealthy customers who need them. For example, the Odesk exchange helps companies find freelancers from the other side of the world;
Copy with improvements. An unsuccessful clone will quickly fail, and a successful one, as practice shows, develops into an independent company and is no longer associated with its predecessor.
Traveling and adopting experience. Cases of successful business from another country can work at home too. Howard Schultz of the United States picked up the idea for a coffee shop in Milan. That’s how Starbucks came about;
Work with new markets. If you keep track of new products from companies, you can quickly suggest additions and improvements for them. Bill Gates started making money by writing a BASIC interpreter for the first Altair 8800 home PC;
Communicating with the smart ones. Using other people’s ideas is possible, and sometimes necessary. Many people can’t bring something worthwhile to life, but would like to delegate the function.