7. Decide what is your primary motivation or
personal goal
• Fun or hobby based business (e.g., Dating App, Endomondo, etc)
• Full-time startup hoping for acquisition exit in 3-5 years (e.g., It’s like
Airbnb for fish, get it?
• Large, cash-flow positive business (e.g., B2B furniture import and delivery
business)
• Help Others / Social Problems
8. Frame the Problems
Start with some that relate to your
personal interests, hobbies, experience or professional network,
but don't limit yourself to them.
9. Choosing Business Model
• Subscription
• Risk management/insurance
• Peer-to-peer exchanges
• Freemium
• Advertising-supported
content
• daily deals (discounted pre-
sale)
• collaborative consumption
• Rapid
evaluation/matching(e.g.,
Tinder)
• Lead generation and
referrals
• Marketplace
• BI/CI solutions
• Community
11. Find out 15-20 customer types
How could it fit?
What are their priorities?
What gets in their way?
Where are they wasting time or money?
What do they depend upon?
15. What to do?
Do lots of online research
Call up or email savvy friends and family to get their thoughts
Determine external dependencies (bureaucracy, etc)
Then….
Talk to potential customers, competitors, and industry
partners you don’t know personally
Write abbreviated business plans
20. References
• Iterate from Plan A to a Plan That Works - http://www.amazon.com/Running-Lean-Iterate-Works-
Series/dp/1449305172
• Business Ideas: What are the best ways to think of ideas for a startup?
https://www.quora.com/Business-Ideas/What-are-the-best-ways-to-think-of-ideas-for-a-startup
• The Right Way to Monetize Your Free App - http://www.entrepreneur.com/article/243928
• 4 app monetization strategies for free apps - http://venturebeat.com/2014/10/24/4-app-monetization-
strategies-for-free-apps/
Sample : Application Characteristics
• http://www.androidauthority.com/49-percent-app-users-willing-pay-monthly-subscription-534602/
• http://www.techradar.com/news/mobile-computing/tablets/top-230-best-ipad-apps-2013-681998
• http://www.pcmag.com/article2/0,2817,2393845,00.asp