Solving a Problem from Your Personal Life
Solving a Problem from Your Personal Life
Previous Note: Finding Your Startup Idea
Some of the most successful startup ideas are born out of our personal life. These can provide long-lasting inspiration to founders. Many of us have the advantage of being in a profession that we care for. In such cases, we can find solutions to seemingly insurmountable obstacles.
Below is a sampling of paths that led to the startup idea for founders in my network:
Solving a Personal Pain
A lot of us pursued "safe" degrees and career paths. One such friend is a founder who studied Computer Science. Graduated from top schools. Founded many startups in the technology infrastructure space. Had a multi-billion dollar exit with the last startup. This founder's next startup will most likely be around a personal health issue.
For another second-time founder, climate change is a cause of deep botheration. The first startup was in mobile software space and had a sizable seven-figure exit. The second startup aims to optimize the energy grid.
Pursuing a Hobby
First love is special. Then why not pursue the first love in our personal life, i.e., childhood hobbies? Boom Supersonic is one such investment of mine. It was born out of the founder's childhood love for aviation.
Analyzing the Daily Routine
Draw out your daily routine:
Calculating the Time Spent
Time spent is a constant. Take a broad look at how much time each activity consumes.
Let us take the example of a gym that is fifteen minutes away. That means at least half-hour in commute, plus five minutes or so for check-in and locker set-up. Thirty-five minutes gone every day. Precious resource block if you've a busy work life, long commute, kids, and aging parents. How about using technology to bring the gym to a person's home or natural environment or even at work?
Looking at the Money Flow
Study the money flow sources. Look for areas that you can drop or replace across these:
Separating Needs vs. Wants
Both these segments, needs and wants, have enough areas where we spend money. While analyzing these, do remember that some wants have become needs. This because of the amazing products created by founders. One such example is smartphones. Most of the smartphone owners use a small subset of features and capability. But they are willing to spend disproportionate money to own one.
Divvy-Up the Personal Life
Divide personal life into few segments and explore these further:
Many of these ideas will lack any published market research. But patterns of similar pain across the personal lives of other people will be obvious. Time to start building upon the idea and create your startup!
Next Note(s):
Some of the most successful startup ideas are born out of our personal life. These can provide long-lasting inspiration to founders. Many of us have the advantage of being in a profession that we care for. In such cases, we can find solutions to seemingly insurmountable obstacles.
Below is a sampling of paths that led to the startup idea for founders in my network:
Solving a Personal Pain
A lot of us pursued "safe" degrees and career paths. One such friend is a founder who studied Computer Science. Graduated from top schools. Founded many startups in the technology infrastructure space. Had a multi-billion dollar exit with the last startup. This founder's next startup will most likely be around a personal health issue.
For another second-time founder, climate change is a cause of deep botheration. The first startup was in mobile software space and had a sizable seven-figure exit. The second startup aims to optimize the energy grid.
Pursuing a Hobby
First love is special. Then why not pursue the first love in our personal life, i.e., childhood hobbies? Boom Supersonic is one such investment of mine. It was born out of the founder's childhood love for aviation.
Analyzing the Daily Routine
Draw out your daily routine:
- Separate this further into your work-week, weekend and vacations.
- Go back in time. Layout the routine from years ago starting from birth.
- Fast-forward to the future. Do a rough sketch of your future routine.
Calculating the Time Spent
Time spent is a constant. Take a broad look at how much time each activity consumes.
Let us take the example of a gym that is fifteen minutes away. That means at least half-hour in commute, plus five minutes or so for check-in and locker set-up. Thirty-five minutes gone every day. Precious resource block if you've a busy work life, long commute, kids, and aging parents. How about using technology to bring the gym to a person's home or natural environment or even at work?
Looking at the Money Flow
Study the money flow sources. Look for areas that you can drop or replace across these:
- Your credit cards.
- Cash.
- Spend from various family members.
- Donations and Gifts.
Separating Needs vs. Wants
Both these segments, needs and wants, have enough areas where we spend money. While analyzing these, do remember that some wants have become needs. This because of the amazing products created by founders. One such example is smartphones. Most of the smartphone owners use a small subset of features and capability. But they are willing to spend disproportionate money to own one.
Divvy-Up the Personal Life
Divide personal life into few segments and explore these further:
- Health: Physical, Financial and Emotional.
- Relationships: Friends, Family, Community.
- Beliefs: Societal, Political, Religious.
Many of these ideas will lack any published market research. But patterns of similar pain across the personal lives of other people will be obvious. Time to start building upon the idea and create your startup!
Next Note(s):
- Solving a Problem from Your Work Life
- Solving a Problem from Your Social Life
Let's Talk: If you have a true experience that resonates, please send me an email.
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