One of the most favored exercises of entrepreneurs is brainstorming startup ideas with other entrepreneurs. It helps one to gain a lot of value from a fresh perspective. Brainstorming basically triggers strong discussion, new ideas and new opportunities.
So here are 7 key points for brainstorming startup ideas that offer a great deal of help:
Use Cases
To simplify the complexities of a startup, it is important to ask yourself certain questions pertaining to the product or service you wish to offer. For instance, questions like “How will the product be used by the customer?” Or “Which are the different categories of people involved in the process of distribution & consumption (e.g. customers, vendors, advertisers, etc.)?” This question- raising session gets you thinking in a clear & specified manner and thus, eases the rough patches with regard to the usability of the product/ service.
Risk and Failure Points
Assumption is generally the ‘silent culprit’ that is responsible for many illogical decisions & thus, failed ventures. To clear the air of assumptions, you need to assess the risk & failure points which enable you to get to the underlying assumptions being made. Normally, it so happens that an entrepreneur doesn’t even realize when he makes assumptions. However, he generally is vigilant about the failure points. This makes it easy once you have asked yourself those critical questions (as explained in point 1) because you now have clearer, step-by-step processes in relation to the product use. So, if an entrepreneur responds, “Well, if no one puts any content into the system, it won’t work”, it becomes vivid that the entrepreneur, here, is making an illogical assumption that people will put content into the system. The next logical question is “Why??”
Incentives and Motivation
Incentives & motivation are a significant component of every activity. Humans are driven by rewards which give them a purpose to put their best foot forward. This basic need has to be acknowledged in order that everything else falls in place. Always remember, the clearer the incentives, the better! It is now time that we give a thought to the question “Why would someone do something that you want them to do?” So, the sooner you realize this, the better. Besides, brainstorming around incentives and motivations is fun.
The One Feature
One important to-do is to look out for the one feature inside the ‘use cases’ and driving the incentives and motivation. It is a general practice to throw features into the products that would make the product stand out. Although the drawback, here, is entrepreneurs tend to assume that one more feature will seal the deal for them, which by the way, is false. It’s just not about a bulk of features, rather it is more about one feature- the one that is the driving force. Brainstorming around this can be very fascinating as it enables the division of a big chunk into manageable pieces. When you go by one piece at a time, it allows you to direct a lot of focus on one small piece of the master plan and test it methodically with the customers before the ‘go-ahead’. Brainstorming, taking one feature at a time really gets to the core of ideas quickly and ensures better concentration.
Target Market
Most of the time, entrepreneurs know what market they’re going after. But, it might not be the right one always. When you look at something from the outside in, it’s much easier to think of other applications and target markets for a startup idea. Brainstorming around this often leads to interesting ideas on product features, but more importantly on go-to-market strategy and whether the customer (that’s in the entrepreneur’s head) is really the right one. For example, there are fairly simple and interesting ways of taking a B2C web application and targeting it at businesses. The reverse is true as well; take a B2B application and steer it towards a B2C adoption model.
Monetization
It’s interesting to brainstorm ideas on monetization, as well as acknowledge its importance at an early stage for startups. However, it depends on the nature of the idea as in some cases; it makes sense to monetize right away while at other times, it’s better to wait. There are no set rules for every startup. Monetization definitely carries weight, but there are other aspects related to the idea which are as important and help to evaluate the overall idea thoroughly. The point is, a single idea cannot be the focal point, however, all startups start with the idea.
References and Referrals
Last, but not the least, looking out for references & referrals for help do make a difference. A reference might be as simple as an article that you can share. A referral might be a potential customer, business partner, or a fellow entrepreneur with familiarity on the turf. If the idea is promising and the entrepreneur is capable, and well, the timing is right, then extending support is a good thought. It is generally advisable to help provided the associations you’re making are meaningful and it doesn’t waste anyone’s time.
