It is far more easier to create problems for whatever you are trying to solve.
To start a billion dollar startup, start looking for problems
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Re: To start a billion dollar startup, start looking for problems
#22What you really want to find are the 25 million dollar problems that you can turn into a monopoly. Sure you won't ever be famous, but you will have a great lifestyle that is 99% of what a billionaire has on the upside with none of the downside.
I like this point - going for an arbitrary number like 1 billion is ridiculous. But I'd like to add if you have a $25 million company, you probably have the resources and the smarts to grow into other related spaces. You might be worth 1 billion in 30 years assuming a 15% growth rate. Not entirely unachieveable, but you will be kind of old.
Re: To start a billion dollar startup, start looking for problems
#23What I this misses (in it's rather click-baity title) is that most problems are not going to be companies that are worth $1b. There is a very small slice of problems that end up at $1b. Most, I would imagine, end up being one time problems that are worth very little.
Or that a large portion of the solutions to said problems require R & D spend in the hundreds of millions, if not billions.
Re: To start a billion dollar startup, start looking for problems
#24It is far more easier to create problems for whatever you are trying to solve.
Now this is funny, 5 stars.
Re: To start a billion dollar startup, start looking for problems
#25What you really want to find are the 25 million dollar problems that you can turn into a monopoly. Sure you won't ever be famous, but you will have a great lifestyle that is 99% of what a billionaire has on the upside with none of the downside.
> turn into a monopoly
Sure, but how do you do that? There's lots of textbook stuff (patents/copyright/trademark, consumer habit etc), but in practice, you must continuously improve it, promote it etc, to keep that "monopoly".
There's no monopoly; only temporary monopoly. [But I'm interested to hear your thoughts]
Re: To start a billion dollar startup, start looking for problems
#26Re: To start a billion dollar startup, start looking for problems
#27That's the problem, haha :P We all got a big bunch of ideas and probably not 1% of them make any money. I mean just look at Twitter ;) The problem are finding people who... ...think I can help them, so they talk to me in the first place ...have problems I can solve ...can formulate their problem ...don't want to own the solution and sell it on their own
Focus on yourself.
What are your problems that you would pay someone to solve?
Ask around and see if anyone agrees with you.
If so, maybe you have something.
Re: To start a billion dollar startup, start looking for problems
#28What you really want to find are the 25 million dollar problems that you can turn into a monopoly. Sure you won't ever be famous, but you will have a great lifestyle that is 99% of what a billionaire has on the upside with none of the downside.
This is my kind of strategy. If you could get one you'd be just fine. If you get two you've now developed a skill out of it. Sky is the limit from there. And you can walk down the street freely.
Re: To start a billion dollar startup, start looking for problems
#29Re: To start a billion dollar startup, start looking for problems
#30For examples of ideas in search of a problem (rather than addressing a problem), see the vast majority of projects that have done an ICO this year.