How do I know if I'm on the right track with my startup idea?

Startups
·
October 16, 2024
·
5 MIN READ
Majd Alaily
·
Founder, Ruya Advisory

Have you been nursing your startup idea for a while? Are you launching and wondering if your idea is good enough?

I may be able to help you here.

Enter IKIGAI

A Japanese concept meaning "reason for being".

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It’s a holistic way of finding purpose and meaning in life, which can be incredibly powerful when applied to entrepreneurship.

The idea is to find a balance between four key elements:

  • What You Love (Passion)
  • What You Are Good At (Profession)
  • What the World Needs (Mission)
  • What You Can Be Paid For (Vocation)

It's also a GREAT way to help founders assess if they are hitting the right notes with their startup.

A great way to help you evaluate a startup idea that aligns together passion, skills, market demand, and financial viability.

I've built this simple framework for you to assess where you stand today.

Let's begin.

Step 1: Do you LOVE your startup?

This is all about your PASSIONS.

What excites you and keeps you motivated.

For entrepreneurs, it means finding an idea that you’re GENUINELY enthusiastic about.

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Step 2: Are you GOOD at what your startup does?

This all about your SKILLS and STRENGTHS.

Choose a startup idea that leverages your expertise.

Your unique skills can set you apart from competitors and help you excel in your chosen field.

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Step 3: Does the world NEED what your startup offers?

This is all about DEMAND and RELEVANCE.

Your should aim to solve a REAL problem in the market.

It’s about making an impact and providing value to others.

Step 4: Are people willing to PAY you for your service?

This is all about the financial VIABILITY.

Can you build a sustainable business model?

It’s CRUCIAL to ensure there’s a market willing to pay for your solution.

With this, you've hit the IKIGAI bullseye.

A balanced idea where you as a founder can grow

Where passion, skills, market demand, and financial viability align to create a great space for you to thrive in.

What a sweet spot to be in.

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