Here’s How to Make Sure Your Startup Idea Is Actually Relevant

July 2, 2016

7:00 pm

There’s an overwhelming number of startups that exist in the business sphere, too many to count. While some are more successful than others, it seems today that the concept of entrepreneurship and innovation appeals to larger audiences more than ever before. But more often than not, people who believe they have come up with the greatest idea since sliced bread will get ahead of themselves and start building their startup only to realize the very base of their business is useless, either because someone else beat them to it, or because there isn’t an actual need for their product.

Let’s face it, even though they’re usually built on a technological product or service that hasn’t existed before,most startups aren’t going to change the world. They may ease people’s daily routines but very few startups will leave their mark and change the lives of future generations.

If you’re an entrepreneur who knows a few things about running a business, you have big aspirations, and you’re ready to work hard to achieve them, there are some things you should consider before you set on this great adventure. You need to make sure your idea will serve an important purpose and know how to act on that idea.

So how can you know you’re in the right direction? Here are some considerations:

Operate in Fields with a Tide

Your greatest innovation opportunities lay in those areas of an increasing global need. If you can solve a pressing problem or satisfy a popular necessity, then you have a better chance to stand out and draw more attention from investors. These issues can be rooted in humanitarian efforts – water, energy, healthcare and food are all popular concerns. Find a cause that’s important to you, and use it to fuel your business why.

Understand Your Abilities

Know your strengths and weaknesses. Once you’ve decided on a course of action and before you launch your new business, you’ll need to define exactly what your startup will and won’t do. Create a strong connection between your passion your ability to execute ideas and projects. Realistically think about what impact you can bring the world.

Plan Ahead

Make sure you build a stable foundation that allows you enough room for error. This means you need to find ways to achieve your goals, even if you don’t have as many resources as you would like. You also want to be weary of taking on too many commitments, as they can put you under pressure and immobilize you from achieving your goals.

Do What You Love

You know how the saying goes, but it’s actually more than a cliché. Building a successful startup from the ground up isn’t easy, so you should really pursue an area you enjoy and care about. Passion is a key factor to success that enables you to push yourself forward, try harder and reach your goals. Taking on a cause that has no interest for you can leave you feeling burnt out early on from the tedious processes of establishing your knowledge and the business end of your startup.

Choose Your Dream Team

Take great care in choosing who you will work with, hire, and do business with. Make sure you know who you bring on board, get an idea of who they are as people and how they conduct their businesses.

You should share the same beliefs and values regarding your business, its success, and the long road ahead it’ll take to get there. This is true for investors, partners and employees alike, each to the degree of their own involvement in the company. After all, your team is the force that can bring your vision to life and make it flourish, or it could also turn out to be your weak spot that leads to the demise of your dream.

It’s important you conduct extensive research so you can identify areas where you can make your impact. Know your market, know yourself and what you bring to the table and differentiate yourself from the competition so your startup will make all the difference.

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The former CEO and current Vice Chairman of Powermat Technologies, the leader in the wireless power industry. A serial entrepreneur and recognized visionary, Mr. Poliakine has founded several successful companies bringing new technologies to market that fundamentally improve people’s lives. Among his portfolio of companies are NanoX Imaging, Years of Water, Illumigyn and QinFlow among several others. Mr. Poliakine resides in Israel, with his wife and five children.

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