When you start a company, it all starts with identifying a compelling unmet need.  The word "compelling" is important.  You have a lot working against you when you start a company - you need to offer a product or service that customers are strongly motivated to buy. That means it must be compelling!

And in terms of strategy, some types of opportunities are a better fit for start-ups than others.  Research by Thomas Thurston has shown that disruptive innovation strategies are much more likely to lead to start-up success than sustaining innovation strategies.  And according to Thomas' research, most start-ups make the mistake of choosing a sustaining innovation strategy.

Thomas research is summarized below.  This is well worth reading and understanding before you push ahead with your start-up!