1. How do people get ideas to make their business big? 2. How to get a high valuation and huge funding? 3. How to think about the problem and killer business ideas? # **5 Tips for Killer Business Ideas –** ## **1. Network** Do aggressive networking for killer business ideas. Networking here does not mean Multilevel Marketing, but it means: - Networking by going to events - Meeting people on social media Do not waste time on Facebook and Instagram instead go on Linkedin.com and connect with professionals to get a mutual benefit. Send requests to the CEOs, Directors, and founders of different companies. If you do networking with good people like CEO, Directors, etc. then you will definitely get killer business ideas as you will get some advice from them and they all will have similar kind of network. So, good networking is a guarantee of success. ## **2. Weekend Internship** **Let’s understand this with example.** Mr X, was in Silicon Valley, the United States 3 years back, where the world’s biggest companies like Google, Facebook, YouTube, Twitter, Linkedln, Instagram, and WhatsApp were founded. At that time, Intel and the University of Berkley had a startup accelerator program and many companies have applied in it. They took only 14 companies ahead, and Mr X’s startup was one of them. Now, if Mr X is working with some big company at the senior level, then he will give his weekends (Saturday and Sunday) to the startup free of cost without taking any charges. He will do an internship with startups because: - They are doing innovations. - They are creating breakthroughs. - The valuation of startups is increasing. You never knew that a company like Apple could be founded in a small garage or company like Facebook is founded in a Dom Broom. All senior executives in Silicon Valley spent the weekend with startups. If you are a business owner, entrepreneur, or student, then spend time with startups. As a business owner, if you spent time with startups on the weekend, you will be able to know about: - Next innovations - New culture Moreover, you never know you may invest in the same startup. The valuation of that startup increases and your money also increases creating a big wealth for you. ## **3. AB Testing** Suppose you are at a stage where you do not know whether your idea is a killer business idea or a useless idea. Using AB testing, you can find out this. AB testing means A is one used case and B is another used case. Example: I am going to launch a new product on the market, say “Multani Mitti”. I made a package of Multani Mitti, which is: - Packed in a small bottle with basic packaging around it. The price tagged on that bottle is INR100 in the market. - I also made a very fancy packaging of Multani Mitti with a golden covering on it and tagged a price of INR400 in the market. Now, I have 2 product whose base foundation is Multani Mitti. Which customer can be found using A sting. Out of A or B, whichever product is selling more, more profitable, and earning more revenue will be taken and sell further. So, this is AB testing that will help you to know which of your idea is a killer business idea and which is not. This can be used for any product. Suppose before launching and investing your money in a mobile app; you can do AB testing. Gather 5-6 customers in a room and show them the screens. Ask them which screen is looking better, and their opinion on websites visuality. Nowadays, after writing the book, many authors do AB Testing for the title of the book. They ask people whether they should keep the title A or B. So, in AB testing, the customer will give you feedback, and you will become confident about your ideas. ## **4. MVP(Minimum Viable Product)** It means making a tremendous product which solves customers’ burning problems with the minimum features. Example: On the TV remote, there are around 30-40 buttons. Have you ever used all 30-40 button of the Remote? The answer will be NO. Amazon Fire TV Stick also has a remote which has only 5 buttons on it. This is the difference between a normal product and an MVP.  MVP is also more valuable to the customer as compared to the products with so many features but of no use and adding no value. Facebook says, “Fail Fast, Fail cheaply.” It means suppose you have launched a minimum viable product in the market and because it is MVP; so, you have not invested much money in it. Thus if this product does not work well, then only some of your money and time is lost because you have not invested your whole money into it. However, time and money are not wasted because you got feedback from the client that will help you in making a better product now. So, it is better to make a product like Amazon Fire TV Stick which can be used by older people and kids rather than a remote with many buttons but of no use. ## **5. Read More** Read biogs, books, and autobiographies to get future signals. This will helps you to know: - What is going in different industries? - What are the founders saying? Decode it. Tracxn.com is a website and a platform where you can decode upcoming startups and industry signals. This is the platform where you get many research reports. **#6 Assess Your Killer Business ideas Using Business Models Canvas** In this, there is a lean business model canvas with eight different sections. This a guarantee that if you write all your business ideas here and implement the 5 frameworks told above, you will definitely reach one single killer business idea out of 5-10 ideas, which would surely work. Many of you must be established business owners who might be thinking about how can I implement these killer business ideas. Ask all your senior employees to write on this business model canvas about - What are they doing? - On what ideas are they working. When your senior management will self-assess their killer ideas, their time will not go on ten other things and will come only on “The one thing.”