In this CurrencyFair blog series, we are going to look at various new businesses that could vie for the title of Best Startup Business 2014.
But first, a fascinating business startup article circulated the CurrencyFair office recently.
It could help you develop a $1 billion startup business in 2014.
The article was on the Harvard Business Review blog and shared a simple but profound way for people and businesses to come up with ideas for powerful new products and services.
How To Generate Ideas For Your Startup Business
The article (‘What’s Your $1 Billion Idea?’) by Doug Sundheim began with the story of how one person came up with a simple idea that turned into the global success, GoPro, which sells cameras and video cameras you wear as you surf, ski, dance, or whatever else takes your fancy.
The link to the original article is here but, in short, the founder of GoPro found a simple problem and came up with a simple solution. The solution was so simple and so popular that he is now sitting a beautiful beach somewhere – for as long and as comfortably as he likes.
This is Sundheim’s take on what happened:
I love [GoPro’s] story. Beyond its obvious compelling arc, it reminds me of how important it is to live the questions right in front of us—and not waste time looking for big ideas “out there” somewhere else. The questions that annoy, frustrate, or bother us are our greatest opportunities. They poke us and get under our skin. We’re naturally motivated to solve them.
After learning about GoPro’s story, Sundheim decide to try coming up with questions for himself.
Here’s some of the random list he produced after a few minutes’ thinking time:
- Why are children’s car seats so tough to install?
- Why do so many consulting firms underwhelm their clients?
- Why has that beautiful building on such a desirable corner been abandoned for so long?
- What’s really going on with the massive vacant waterfront in my town?
- Why can’t I find a stylish, warm, winter coat without a hood?
- How can I find more time to read?
As Sundheim himself points out, the list is not particularly profound but it did open up a realm of possibilities to consider. Even better, by putting pen to paper, Sundheim naturally turned problems into opportunities – a far more positive approach.
Beyond the benefit of converting your thinking process, the list approach has a numeric benefit – by producing eight questions per day you could get nearly 3,000 questions (or opportunities) per year.
As Sundheim points out, 3,000 questions will give you the chance to sift through to find patterns and themes. If there are recurring themes in your problems, you could be on a winner.
Problems Are The Key To A Successful Startup Businesses In 2014
At CurrencyFair, we work hard every day to solve a particular problem (getting rid of the exorbitant costs associated with sending money abroad).
Therefore, we have a natural leaning to support companies that are being innovative and proactive towards solving problems faced by people and businesses around the world.
Keep an eye on the CurrencyFair blog because we are going to be revealing details of innovative new companies that will save you money, make your life easier, help grow your business, or just make your life more fun.
We’ll be looking at exciting companies like:
- Sense of Skin
- Send My Bag
Perhaps we’ll see your new startup company on the list in 2014?
CurrencyFair helps save people when they send money abroad. In fact, we can save you up to 90% on your international transfer fees. Our peer-to-peer marketplace you to get the best rates, and our pricing is open and transparent.
Oh, and we’ve exchanged nearly $1 billion so far and we’re just getting started.
Follow CurrencyFair.com on Google+