Entrepreneur Hady Wehbe explains how to pick the right idea for a startup
If you are thinking of starting a startup, you may want to know if your idea will make money and if it is worth your energy and time. As an entrepreneur, who has started successful businesses, I hope to provide you some tips to help you pick the right startup idea.
Inspiration is gold
As a social entrepreneur, I found that the greatest satisfaction was when you saw the impact when being inspiring to others. All dreams and visions start with inspiration. If you have to choose to give money or inspire, I would choose inspire.
Inspiration lifts an individual up. It gives you hope and faith. If an idea or a startup gives you the feeling that you're inspiring, you're probably on the right track. This is exactly how I felt with the realisation of my business 11 Players sports complex. From the get-go, it was just meant to be. I would love to share how I used visualisation techniques and vision boards, but this is a long story. If you are into mental strength and visualisation I would 100% tell you that all successful entrepreneurs should practice it. You should inspire respect and not desire respect
Waking up to a mission will make you do things with purpose. Follow your intuition. Don't jump into something you don’t have the passion for. At the end of the day, you want to be using your passion and being of service to others. It is where you'll meet with your purpose. You'll feel fulfilled. They call it Dharma. I had one mission when developing the 11 Players sports complex: to transform communities through the power of sports by building facilities. I believe that sports facilities bring people together. In my case, it was football (soccer). The sports complex provided over 10,000 kids from a village a free and safe place to play. That's over 9,000 hours of free time per year to play. Those are hours kids spend on the field having fun instead of being on the streets and exposed to dangers. That's hours of kids being inspired. Now that alone is so fulfilling.
Discover your idea
Most people would love to jump into entrepreneurship. They read all kinds of books, listen to all kinds of podcasts, but they still can’t come across the right idea. You have to work on your values. I recommend documenting your whole day. See what makes you feel good and what doesn't. You want to do more of the things that make you feel good, which most of the time it ends up being your passion/hobby. There are some business advisors offering free online services that can help you organise your ideas and help you answer questions that you may have before starting your business.
I personally have used Dr Demartini. I highly recommend using such an advisor to set your base.
Just do it
Don’t spend too much time planning. A mentor of mine once told me: “100% is failure, 70% is perfect.” Once you have an intuition that this is the right idea and it aligns with your highest values, get yourself into the process and you'll find out many things while on the journey. Spending time just planning is useless. Execution is key!
Don’t be scared to pivot
Once you start your idea there is nothing wrong to pivot Now that you started and are receiving some kind of feedback, pivot. Feedbacks are positive signs, giving you directions to pivot.
Make something difficult easy
People are often busy and have less and less time to spend on their daily activities. Your idea should make your client’s life a lot easier while providing them a product or service that would be otherwise difficult for them to make.
Make something expensive cheap
Technology or a product that makes something more affordable is something customers will be interested in buying.
Make something that entertains
As more people want to relax, products or services that include music, gaming, video, and media for entertainment purposes are good investments.
A small market size
If you are looking at a niche market, look at making a few customers exceptionally happy.
Commerce ideas are very different from social software. Social software will rely on word of mouth and virality, while commerce businesses sell lifetime values and will be best advertised using traditional advertising methods.
Empathise with your users
Providing a product or service that will help your users and yourself in life is a good idea for a startup as you can relate to the product or service offered.
Keep a journal
Old-school journal will always help you jot down your thoughts when you have them. Look at a journal that is small enough for you to carry around anywhere.
About the author
Hady Wehbe grew up in Senegal and is of Lebanese descent. He comes from a family where you were encouraged to become a doctor, lawyer, engineer and if not you were considered a failure. Instead of following the family cultural beliefs, he chose his way and followed his intuition which led him to experience life in five different countries. His choice to head into sports and entrepreneurship led him to devote his life to use sports as a social tool to transform others. Wehbe co-founded Football Senegal in 2013, Sharky's in 2015 and 11 Players City in 2017, all with the power of purpose - using the best of the for-profit and non-profit world. You can reach Wehbe at [[https://www.instagram.com/hady_weber]]