Here's another interesting article by Paras Chopra, proposing that building a cool application and then trying to make some money from it is not the best approach to making money. Instead:
If making money is the objective, I suggest going with the market-first approach (as opposed to idea-first approach).
Paras then provides some steps for this market-first approach:
- Pick and industry where people are making money
- Find a differentiator which will allow you to wedge in
- Make a web app, market, refine, monetise
- Slowly build up to being a market leader
As I proposed in this earlier article about how to evaluate startup ideas, if you're honest about your areas of uncertainty, as a builder/developer, market uncertainty will be at the top of your "hypotheses to resolve".
Another point, though: even better than starting with a market is starting with the set of markets which you have some access to. If you have some delivery channels already, building a startup around those is the path of least resistance.
