For an entrepreneur, coming up with a startup idea is rather personal process. I have done some research and here are the three types of startup ideas that exist.
There are three main types of startup ideas:
- Trophy idea
- Borrowed Ideas
Each of these ideas can lower or increase your risk level. We will go ahead and discuss each of these types of startup in detail.
These are the ideas for a startup which you have come up by yourself. It is generally a pretty new concept and requires a high amount of work initially. This is because, since these kinds of ideas are a novelty – the entrepreneur has to create the demand.
At the same time, startups that are based on trophy ideas are generally that generate the most popularity and success. So if you have an idea that has not been introduced into the market as a business then you have a Trophy idea in your hand.
Neil Patel from Quicksprout.com, stated on his blog – “There is nothing wrong in copying the same business as someone else.”
Borrowing ideas for a startup is one of the most usual ways an entrepreneur begins a business. If you are a better alternative to the existing the business running about the idea then surely you can be successful. However, it is as such difficult for a startup to make a mark on an established market.
This essentially means taking over another business that is failing. This is perhaps one of the riskiest type of startup because when you take over the business, you must be able to quickly figure out what is wrong with the business. In fact, it is possible that the business model is altogether not feasible or a market simply does not exist for it. So an entrepreneur must be very careful while going for a renovation of an existing startup.
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