Which is best? We've asked scores of successful entrepreneurs and noted experts this very same question. And far and away, they agree: It's that first one, the problem or "pain point" that you personally experience on a regular basis, that is the ideal motivation for starting a company.
While you can (and should) pull from any of the sources on the above list for your startup idea, it's wise to draw primarily from your own need or frustration. Why, exactly? Starting a company will require long hours and seemingly endless focus. Both are much easier when you feel a personal connection to the purpose behind the company.
– Aaron Patzer, founder of web-based personal finance service Mint.com, which he ultimately sold to Intuit for $170 million.
If you don't have that burning, personal desire to see your concept come to fruition, we don't recommend pursuing your startup idea.
But beyond that, there's another reason why it makes sense to let your personal challenge lead the way. Chances are, others are experiencing the same problem as well — even if they're not entirely aware of it. They're called your customers.
– Sarah Blakeley, inventor of Spanx underwear, whose net worth is now valued at more than $1 billion.
Guess what: You're exactly right. In some form or another, nearly every idea is already out there. But how you implement your idea, position your new concept, and execute can be the defining factor of success.
Countless billion-dollar companies are based on ideas that were just tweaks of what was there before. Facebook, for example, is far from an original idea. Social networks had been around for nearly a decade, in companies such as SixDegrees, Friendster, and Myspace. Facebook's success didn't come from the idea itself but instead from countless iterations around how the product could reach customers and achieve a competitive advantage.
As founders dig deeply into that original hypothesis, they will learn, adapt, hit walls, adapt again, and build critical expertise that they never considered when starting out. "In fact, in many cases the original idea later seems humorous or at least incredibly naive compared with the lengths to which the start-up needs to go to become successful," Paley says.
When the going gets rough (and it will), you need to be motivated beyond just the lure of dollar signs. If you're only in it for the money, you'll either give up or be quickly pushed out of the market by people who genuinely care about what they're doing and the people they're helping — they'll be more motivated than you.
If you're not sure what your interests are, or which of them may potentially lead to a profitable business opportunity, ask yourself the following questions. The answers may help your find your way.
What are some topics you could enjoy writing a 1,000 thousand-word article about?
What is an achievement that'd make you feel particularly proud of yourself?
Once you've pinpointed a business idea and settled on a vision, it's time to run with it.
*Adapted from Start a Successful Business: Expert Advice to Take Your Startup from Idea to Empire, published by Inc. Media and Amacom.
Colleen DeBaise is a business journalist and author who has devoted the bulk of her career to covering entrepreneurship and small business issues. Currently a contributing editor at Inc., she has served as the small business editor of The Wall Street Journal and as an editor at Entrepreneur, BusinessWeek, and SmartMoney. She is also founder of the Hampton Bee, and is podcast host of The Story Exchange.