Paul Graham - Best Startups Have These 3 Qualities
"The way to get startup ideas is not to try to think of startup ideas. It's to look for problems, preferably problems you have yourself.
The very best startup ideas tend to have three things in common: they're something the founders themselves want, that they themselves can build, and that few others realize are worth doing. Microsoft, Apple, Yahoo, Google, and Facebook all began this way.
When a startup launches, there have to be at least some users who really need what they're making — not just people who could see themselves using it one day, but who want it urgently. Usually this initial group of users is small, for the simple reason that if there were something that large numbers of people urgently needed and that could be built with the amount of effort a startup usually puts into a version one, it would probably already exist. Which means you have to compromise on one dimension: you can either build something a large number of people want a small amount, or something a small number of people want a large amount. Choose the latter. Not all ideas of that type are good startup ideas, but nearly all good startup ideas are of that type."
-Paul Graham <Startup Ideas>
Something I have been coming back at over and over again.
Niche market with fanatics > Broad market with tepid interest.
This is great advice. Although I'll point out that Paul Graham is coming at this from the angle of startups that are willing to take VC and swing for the fences. Most folks around here are doing neither. That means if you're not trying to be the next Facebook, then maybe you can get away with: 1. Build something you want yourself, 2. Specifically, something that you can build yourself, and 3. It's okay if many others realize it's worth doing. It doesn't have to be novel to make you a nice living.
I don't think anything in his advice above was specific to VC-funded startups.
My assertion is that this advice can be disregarded for non-VC-funded startups: "they're something ... that few others realize are worth doing". I think if you're not riding a VC rocket to the moon, you can get away with doing stuff everyone and their mother realizes is worth doing.
I completely agree with ignoring the line you mention.
You can easily make something that has been made before, and then just tailor it for a specific target market, psychographic or demographic.
Currently, for example, I'm looking for a CRM for independent consultants without employees. There are loads of CRM solutions for "small" companies that I could use, but I'd pick the one tailored to my needs in a heartbeat.
Still, a lot of those featured on IH have this feature. Did anybody think training people to use Twitter was a great business to get into back when Laura Browser did it a dozen years ago? Maybe, but I sure never imagined that could be a big deal.
Ditto for store mapper widgets, yet more email services long after Mail Chimp was dominant, more forums for entrepreneurs, etc... A bingo creator??! That one is just crazy 🤣
I understand what you meant by non-VC funded startups. Early stage VCs look for cookie cutter recipes for massive returns. As a business owner of a couple of small business myself, I didn't start these companies/side projects looking to be the next facebook. I launched them because I had the right resources (time + capital + network) and noticed the problem/opportunity. And I find pleasure in not stressing about having to accelerate growth or prove myself to anyone. AND they have been a pleasant source of my passive income, too. Not everyone's going to find what im doing worthy of doing, but i know i have my fans who are excited about what i do and what i build. If you turn your head a little bit, opportunities abound. In fact, the bigger problem is there are so many problems you can work on and you have to choose your battle.
I hear you about the not having to prove yourself to anyone. I think that's part of why a lot of folks are here.
You should make a post with some of your observed problems. Many folks have trouble finding ideas, if you can believe it.
I love his advice. When you look at a broad range of founders, I think what he shares is true. Sure, some makers may not fit into his categories. But I think he was addressing a much larger group. With the world as your audience, I'd say he did a great job at giving sound advice.