Get Startup Ideas with 9 Frameworks from Paul Graham
Paul Graham wrote 'How to Get Startup Ideas?' This advice from the Y Combinator founder is still useful today. Want to know how he thinks up new business ideas? ...
Lesson#22
Back in November 2012, Paul Graham wrote 'How to Get Startup Ideas?'
This advice from the Y Combinator founder is still useful today.
Want to know how he thinks up new business ideas? Keep reading.
His approach demystifies the process of generating viable business ideas, providing a practical framework for aspiring entrepreneurs.
Paul Graham believes that there are 10 ways to get startup ideas ⤵️
1️⃣ Utility vs. Novelty
→ Aim for highly useful ideas rather than highly novel ones
→ Revolutionary ideas are rare (1% of patents)
→ Incremental & evolutionary ideas have a better chance of success
→ Build for the Few Who Want a Lot
2️⃣ Target a small group with an urgent need
→ Visualize ideas as "wells" on a graph:
→ Width: How many people want it
→ Depth: How much people want it
→ Optimize for depth (urgency) and speed initially
3️⃣ Live in the Future, Build What's Missing
→ Become the type of person who has good ideas
→ Be at the leading edge of a rapidly changing field
→ Run a background process looking for missing things
→ Pay attention to personal irritations
→ Work on interesting side projects
4️⃣ Scratch Your Own Itch
→ Solve personal problems
→ Being both maker and user allows for faster iteration
→ Deeper understanding of the problem and solution
5️⃣ Explore New Domains
→ Combine expertise in one field with interest in another
→ Fresh perspective can challenge the status quo
→ Look for areas where your skills are underrepresented
6️⃣ Don't Fear Competition
→ Good ideas often seem obvious
→ Startups rarely killed by competitors
→ Focus on users and differentiation
→ Crowded markets indicate high demand
7️⃣ Remove Mental Filters
→ Consider unsexy, tedious, unpleasant, or scary problems
→ Less competition in these areas
→ Ask: "What problem do I wish someone else would solve for me?"
8️⃣ The Hedgehog Concept
→ Focus on the intersection of:
a. What you're passionate about
b. What you can be the best at
c. What can make you enough money
9️⃣ Lean Startup Methodology
→ "Just Do It" with scientific rigor
→ Test assumptions and iterate quickly
→ Validate ideas through real-world feedback
Conclusion
That's it.
Whether you're at the forefront of a rapidly changing field or exploring new domains, Graham's strategies encourage a balanced approach to innovation.
By adopting these methods, you'll be well-equipped to navigate the complex journey of entrepreneurship, turning well-considered ideas into successful startups.
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