Peter DeCaprio: The 6-Step Guide to Understanding the Startup World and Finding Winning Ideas

Peter DeCaprio

You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.

The startup scene is one that everyone wants to be a part of, but no one knows exactly what to do or where to even begin. In this article I will attempt to explain the landscape and give some examples on how you can get started with your own idea.

In general there are three ways people move from being broke to being rich– sports, entertainment and technology. Since we have already established that most people who want or need money aren’t going to be professional athletes or enter a world of scripted reality shows they must resort to the third way: Technology. The problem knows exactly which direction they should move in order for their ideas to succeed.

Here’s the thing everyone gets wrong: They think people at startups are nerdy programmers with no social skills who know how to code. And then they continue assuming that if you don’t have a specific skill-set your idea is not only useless but have no possibility of ever taking off.

That’s just plain wrong, here’s why: Peter DeCaprio

  1. There are now more than one billion smartphones in the world and even more feature phones which means there is an infinite amount of potential users for you to reach out to with your idea(s).
  2. Smartphone penetration is expected to double by 2020 meaning this number will go up exponentially–perhaps even faster given India’s growth rate.
  3. It is estimated that by 2020, India will have 500 million internet users which means you not only have an infinite amount of potential users but access to even more data than ever before.
  4. The governments of India and other countries are making it easier for you to get online everywhere. Which means data costs are dropping which in turn increases your ability to reach these people?
  5. There are over seven billion people on the planet meaning there is still a lot of room for growth in terms of user acquisition — especially when you consider that many people don’t have smartphones at all, while others might prefer something else operating system or interface etc.
  6. Even if they do have smartphones but aren’t connected to the internet at any given time they represent a huge opportunity for you to reach them when they are.

Everything I said up until now is true regardless of which continent you live on–but there are some things that make it easier for us here in Asia than elsewhere. The infrastructure, the culture and the mindset all play a role in how easy it is for someone to get started with an idea. But at its core there is one thing more important than anything else: Motivation. If you have a reason to do something then everything will fall into place. A lot of people mistake being poor or broke as a reason but that’s not really it. More often than not if someone isn’t motivated enough to take advantage of opportunities there’s no way your words can change that. Some call this lazy, I call it realism.

I often speak to entrepreneurs who are looking for initial validation for their ideas — but the truth is that you need to forget about what everyone else has, is or wants in order to succeed. The problem with this approach is that it leads to designing features based on assumptions instead of real data which means the whole thing will likely fail in the end. Before you even begin thinking about how your product should look and work you have to take things one step at a time starting with coming up with an idea. So let’s get started with that–here are some places I recommend anyone interested in tech should visit when they’re not busy creating their own products:

What this tool does is allow searching any domain name using keywords that are relevant to you. It’s strange looking but if you think about it for a moment, it makes perfect sense. Just enter the domain name you’re interested in and click on “SEO Suggest.” You’ll get a list of suggested keywords along with their popularity, depth and recommendation score. The idea is to find combinations that might be hard to find otherwise based on keyword competition, traffic potential etc. Combine any number of these words together and start thinking about what your product could do.

Conclusion by Peter DeCaprio:

This is the best way to come up with a good idea in my opinion. You can generate hundred of them within minutes by just spending a few dollars on domains and hosting. This way you don’t have to spend months or even years coming up with an idea, building it and then finding out no one needs it. That’s because there are so many places online which allow you to see what people in your target market wants, needs and how they intend to pay for it — all without leaving your desk. And if that sounds like work it should because that’s exactly what entrepreneurship means.

 

Zohaib Khan

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