Founders struggling to come up with a “good business idea”: Instead of trying to develop an entirely new idea, try focusing on delivering a 10x better experience for an existing user behavior.
Advantages include:
- If it’s already a common behavior, there’s likely a large market opportunity
- Users are familiar with the behavior, so you won’t need to educate them on something new
- In this world, there’s no shortage of things that could be improved
Stripe, Shopify, Brex, Carta – these are all examples of companies that didn’t invent new ideas, but instead made existing processes significantly easier and better, and built unicorns in the process.