Three Types Of Startup Ideas

Published on Author Vivek Krishnan5 Comments

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.

Types of Startup Ideas
Types of Startup Ideas

There are three main types of startup ideas:

  1. Trophy idea
  2. Borrowed Ideas
  3. Renovation

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.

Trophy Ideas:

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.

Borrowed Ideas:

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.

Renovation:

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.

Hope you liked the post and as always do share your views about this with me below. Thanks!

5 Responses to Three Types Of Startup Ideas

  1. Nice post dude. I would like to share some info I learned recently. Most people fail even getting started because they keep looking for that golden IDEA. People think to get success in business they need to come up with most unique idea ever. I believe new Idea are good but what most important is how we implement it and make profit with adding value to our customers.

    I remember the dialog from Pirates of Silicon Valley that Picasso said “Good artists copy great artists steal”

    • @Azad- Yes, I think it is particularly true. Many people end up wasting too much of time and never really do anything waiting for that Golden Idea – which rarely comes.

  2. […] For many aspiring entrpreneurs, there is big road block that stops them from actually realizing their dreams. This road block is called the “Golden Idea”. Many people wait for that golden idea that will take them to the level of next Microsoft or Google. Unfortunately, most people fail to realize that the Golden Idea is actually a mirage. You feel that you will get to it, but hardly ever do you “get” a golden idea. […]

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