Nowadays, a lot of people want to do startup. Some of them came with a great startup idea, and some other came with a not-so-great startup idea. So what differs between a great idea, not-so-great idea, and crappy not-great idea? As we’ve heard that idea only contribute at most 10% of startup’s success while the other 90% relies on execution, so an idea can be categorized as great if:
1. You are the best person to execute that idea
That’s the importance to be the best on what you are doing right now. And that’s why great startup idea often (almost always) came from founder’s problem at work. That’s also why according to Founder Institute research, good founders are usually around 27 years old and more. In that age, people have more knowledge and because they have been working for around 10 or more years hopefully in the same field, they also generate specialization. In a broad knowledge and in specialization lies great potential that leads into great startup idea.
2. You are targeting a big market
Indonesia still have a big opportunity and big market for startup, so why are you targetting small market? The inability to see and targeting big market can be a sign that you somehow have lack of business sensitivity or lack of knowledge. A small market is different with a niche market, a market can be categorized as a niche market but still have a big volume. If you want to start your startup in Indonesia for the next 2-3 years, don’t bother to target a small market. It’s not that it not gonna work, but it might be not in the right timing right now. Indonesian startup ecosystem is relatively new and the market of Indonesia still has a big opportunity for a lot of digital innovation. Here is some tip: try to targeting a big market or medium market that growing instead of a big market that slowing down or even worse small market that doesn’t show any growth.
3. There are a success story out there about startup that do your startup idea
Because most of us aren’t that genius to come up with an original startup idea (sorry) and the reality is that Indonesian startup ecosystem is relatively new compared to US, Europe, China, etc. The reason behind why people still insist that their startup idea is somewhat original usually comes into two reasons. Either he doesn’t do his homework about research good enough (so he doesn’t know that there are startups out there doing this), or the idea is not-great idea so every startup out there that doing this is already gone for good or even worse, no one wants to do that (it’s a strong warning that the startup idea is not-great).
Here in Kejora, we have various of programs to support you with your startup. If you are still unsure about your startup idea, Founder Institute is a program that we support to help you start your startup life. If you read this blog then you have missed your early admission deadline of Founder Institute Jakarta batch 2017 but you still can apply since the admission will officially end on Nov, 5th.