A bit of a rant, but also seeking some support.
I struggle at coming up with viable ideas to turn them into businesses.
It really frustrates me because I do want to try my hand at entrepreneurship.
When I think a lightbulb comes off and I reflect on the idea, either (1) it has already been done or (2) it just send technically way too difficult.
I’ve tried and am trying my hand at entrepreneurship.
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Pre-COVID I want to start a payment processing business for a small European country. Basically Square for that country. I spent a lot of time researching and learning, did a little market research, joined an incubator to get mentorship, but I was way over my head. Not an original idea, margins are too small, no money, hard to raise, and working all alone (a recurring issue of mine, no cofounder). I recently shelved it.
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I’ve been writing a crypto newsletter and podcasting for about 24 and 15 months respectively. When I was working I didn’t put any money on it, ran it on a shoestring to validate the idea. Since starting it I’ve gone back to school and am still doing it. Not interesting in marketing makes it hard to get subscribers. I don’t have that many. Bright side is that I’m able to use it to meet people by positioning myself as someone from the media. Nevertheless, it makes no money, but a great tool to establish new relationships. Bottom line, the world doesn’t need another newsletter or podcast, but I plan to keep it up for the networking aspect.
My background is in banking, 10 years in the industry, did various jobs, climbed the ranks, didn’t love it, even hated it sometimes, but I have a solid financial services and sales background.
I’m not technical, always needed a technical cofounder.
I have a buddy and we’re trying to come up with ideas, but most stuff we come to with has already been done or just not viable.
Feeling frustrated. Going back to work for ‘the man’ doesn’t feel great.
Anyway, not sure what you can feel me, but love your perspective.
Any suggestions on ideating effectively works be quite helpful!
Thank!
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Just solve a problem better than any existing solutions out there. What’s a problem you have? How painful is it? Do other people have it? Validate that, then solve it.
I have an idea for you both in the financial realm.
One QR code for all crypto accounts seems like a no brainer.
Execution > Idea
Many people gave up because they don’t think their idea is unique enough.You don’t have to worry about competition. In fact, having competition already = your idea is validated.
To give you some context:
- There are tons of website builders out there, but Alexander Isora still manages to build his website builder Saas business to over $16k MRR
- Google created Google Analytics, but this doesn’t stop these 2 guys from creating a privacy-focused analytics tool to take on Google. They are doing $23k MRR after 5 years
Most importantly, don’t give up.
Ah, the elusive quest for the “original” business idea – it’s like searching for a unicorn at a horse farm! Here’s a little secret: most successful businesses aren’t about original ideas, but about executing existing ideas better or differently. Look at your Square-like venture – sure, the idea wasn’t new, but the context (small European country) was. The challenge wasn’t the idea’s novelty, but its feasibility.
Your journey sounds like a classic entrepreneur’s rollercoaster – high hopes, steep learning curves, and the occasional loop-de-loop of disappointment. Don’t sweat about finding a groundbreaking idea; instead, focus on your strengths (like your finance background) and market needs. Maybe there’s a niche in financial services that’s underserved? Or a twist on traditional services that could use your expertise?
You’re also onto something with your crypto newsletter and podcast. No, the world might not need another one, but it’s a foot in the door to the industry, a networking goldmine. Plus, it keeps you in the loop of emerging trends, which could spark an idea.
Remember, entrepreneurship is often about iteration, not invention. Tweak existing ideas, find gaps in the market, and play to your strengths. And don’t underestimate the power of a good co-founder; sometimes two heads are better than one, especially when they bring complementary skills to the table. Keep at it, and who knows, you might just find your entrepreneurial sweet spot!