We are getting closer to VietChallenge 2018 screening round deadline on November 1st, 2017! As the windows are closing in, VietChallenge encouraging Vietnamese entrepreneurs from all over the world to continue applying for VietChallenge 2018 by submitting your startup ideas to us as soon as possible!
For people having some thoughts in mind but not quite able to grasp the concrete winning idea just yet, take a look at these 3 tips on choosing your startup ideas. This will not only help you drafting up an impressive proposal but also save you a lot of time on unrealistic or bad ideas.
Do what you are good at, not what is trendy
I’ve been so many entrepreneurs coming up with startups that quickly fails miserably over the years. They weren’t able to make any sale, sign any partnership or even create an actual product. The reason? They were trying to follow the hot trends: Artificial Intelligence, Internet of Things, Food, etc. The trendy idea is not necessarily a bad idea. It’s just not a right idea for you. If you start focusing your ideas on what you know and what you are good at, you have a better chance of discovering new angles and perspective. That might just be the ideas for your next successful business.
Good startups solve immediate problems
A good startup idea should be based on a current problem that people need to solve. If your startup idea is trying to solve a not very immediate problem, there is no demand for solutions. For example, you might have invented an engine system that could transform regular cars into flying cars. It’s a great product, but it’s too futuristic. Our infrastructure is not advanced enough to handle even one lane of flying cards. Instead, you could spend the money and effort on improving the infrastructure systems. That’s the immediate issue societies are facing.
When there is no demand for solutions, people won’t go buy your products. It’s just that simple.
Startups are built to change
I know and hear stories about many startups that fail the past few years. Do you know what they all have in common? They failed to change. Lots of entrepreneurs think that once they come up with a killer idea, they bound to stick with it. That’s strategically wrong.
The only thing worse than coming up with bad ideas are sticking to bad ideas. Six months from when you launched your projects, things could have totally changed. The landscape might be different. The labor market might be different. The technology might be different. Stubbornly refusing to change and adapt new strategies will result in roadblocks, decline in sales and eventually, total failure. Set objectives and quantifiable goals, then review them periodically. You will find your business have a better chance of staying relevant.