I have a handful of promising ideas for my next venture, but a bit of analysis paralysis in picking between them. I also am wary of overcommitting by starting several projects at once and then abandoning them, because that can be demoralizing.
Depending upon the week, I am drawn to the attributes of different ideas. There isn't one clear frontrunner idea that I keep coming back to.
- A really fun cutting edge idea in combining music and AI. Most of my musician friends think it's a great idea, but this is an industry that makes no money. If the idea is successful, it would involve glory but I don't see much of a path to good money. Plays to my strengths.
- An idea in the legal market. It's high TAM, the main competitor was acquired for a lot of money but by a monolith that is not innovating, which is great. The downsides are that it's hard to get adoption by lawyers who are notoriously tech-averse, and it's a dry business. I might start having fun if it's successful, of course, but only because I like the challenge of company building, not because I love the problem or the space. Doesn't play to my strengths. Very defensible and has a great moat. It's a lifestyle business that could also be a $1B business, which isn't the case for most of these ideas.
- A not-so-well-defined chatbot idea with very promising distribution + growth model. Fun, and possibly capitalizes on the trend of remote work. Plays to my strengths. Potentially a healthy market, decent exit opportunities, decent pivot opportunities. The easiest idea to picture myself just rolling up my sleeves and getting to work developing.
- An interesting new take on note-taking and writing software. A product I've wanted to exist for many years. I could definitely get 100 rabid users. I don't know if they would pay more than $1.5/mo. Competitors might just copy my ideas.
- A turn-key solution for testing new startup ideas. For $500 with just 30 minutes of time, you can quickly get a landing page, copy, creative, ads, and measure the conversion. It's a cool meta idea, and it's very neatly defined and scoped as an MVP. I would use it myself even if I couldn't sell it. However, I don't think it is a long-term financially sustaining product, and I am not sure what it pivots into.
I'd love some guidance or feedback.