Millions of Startups are launched per year, some even getting to the $1 Billion unicorn mark just within one year.
Everybody can have that billion-dollar idea, execution at the right time and right speed are essential.
When beginning the Startup journey, an entrepreneur should always evaluate their idea before putting so much effort and resource. This guide helps you to evaluate your idea or ideas and help you to priorities your pursuit.
Some myths to bust before evaluating your Startup Idea.
Myth 1 – My idea must be incredibly unique and extraordinary
When consulting young entrepreneurs, we found a common misconception is that they think the idea must be unique or extraordinary this is not necessarily true. A simple idea can also be a business of potential growth.
YouTube when it started it was a Video-based dating website.
Myth 2 – I probably need lots of resources for this idea!
Many of the entrepreneurs drop their idea at an early stage because they think that their idea will require lots of resources to accomplish. It is always a good practice to evaluate your idea before you drop it.
Myth 3 – I have a tech-related Idea, but I do not know how to code.
For being a co-founder of a tech company, you do not necessarily have to be a tech person, look around your circle to collaborate. A Startup incubator or forum is a great place to collaborate with others. A platform like us does provide additional support to non-tech founders.
Evaluating your Idea –
1. Start with a question and address the problem
To gain the clarity you need to think about what problem does your idea/Startup is going to solve, and how it is related to you?
- Does your Idea solve a specific problem?
- Does your Idea solve a problem that no one addressed yet?
- Does your Idea solve some problems better than existing tools/businessesThe answer to these questions would help to analyze your potential targeting audience.
2. Associate yourself with the problem
Figure out how you are related to the problem,
- Does this problem directly affect you?
It is a good sign if somehow you are linked with the problem, because it gives you a clear understanding of the problem better than anyone else.
If not, try to talk to the person that this problem affects to get a clearer picture of the problem and get their thoughts on how they think would solve it.
3. Estimate size of the problem
The magnitude of the problem your Startup is solving is directly proportional to the speed of growth your Startup will probably see. This is your potential targeting market. Here are some good signs for your Startup Idea.
- Is the problem constantly growing?
- It is an ever-going problem?
4. Check on the resources you have
Keeping a check on the resources you have is a good idea. When you have multiple ideas in line, you might want to prioritize your idea based on resources available to you. Collaboration with other co-founders is a great way to add additional resources.
Here are some key questions you might want to ask.
- How much time I will be dedicating to this Startup?
- Will it be my full time or part-time job?
The final part
When you are ready and confident about your Startup idea. Be sure to pursue it with full dedication. No one knows about your idea better than you, but only your dedication and your agility can turn this idea into something big.
When it comes to evaluating the idea, we sometimes have too many ideas in mind. It is a good practice to prioritize them based on the growing potential of the idea and available resource.
We are a Startup building platform that helps co-founders to gather resource and help them accomplish Get Started Here.