Great Startup Business Ideas – While it’s fashionable in startups to say that ideas mean nothing and execution means everything, the reality is far less binary and much more nuanced. For example, even the best entrepreneur in the world with incredible execution will fail if their idea is fundamentally flawed or their market is too small.
Adeo Ressi, co-founder and CEO of the Founder Institute, preaches a list of “10 Rules for a Great Startup Idea,” an infographic of which was previously featured on Business Insider in an article by Megan Rose Dickey. This list provides an excellent starting point for people who want to evaluate their initial ideas in the first stage.
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What we’ve found is that if a budding founder can tick off the ten items below, they have a solid foundation on which to build their startup. You are absolutely not guaranteed success if you can control these items (nor are you guaranteed failure if you can’t), but your chances of success are much, much higher if you can.
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Money is no substitute for passion, so every entrepreneurial journey should start with passion. In fact, any aspiring founder who comes to Founder Institute with the goal of “turning around” their company is advised to leave within the first week for a full refund.
“Think big” is a common mantra for entrepreneurs. And it’s true – every entrepreneur needs to think big, because in most cases starting a company with small ambitions can be just as much work as one with big ambitions. However, most people confuse the “think big” mindset that they should try to “boil the ocean” from the start.
Great ideas are born, not born, and most often arise through simple pain points. For example, Mark Zuckerberg didn’t wake up one morning and say, “I’m going to make a social graph.” Instead, he set out to build a simple utility for Harvard students to see who was in their classes.
All the great businesses of our time started with an incredibly simple idea and then expanded on it. If you can start by solving one problem, with one product, for one customer, you’ll be pretty focused and can have a great foundation for success.
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For some reason, most startup entrepreneurs believe that the more revenue streams their idea can support, the better. At an early stage, you need to be laser-focused on a single revenue stream, and your idea should have a clear, unique revenue stream that can potentially be large enough to support an entire business. If not, then it’s time to go back to the drawing board.
Also, it’s a common misconception that companies that focused on early user growth (eg Google) didn’t have a revenue model in mind when they started. In reality, these businesses saw incredible early traction and then the founders made a tactical decision to shift their focus to growth.
Can anyone build a great company with a zero-revenue mindset from the ground up? For sure. But building a business with no revenue stream in hopes of becoming the next Instagram is like buying a lottery ticket — except the lottery ticket costs a lot more time and effort than $3.
The more steps to revenue, the more complex the idea to build and execute.
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This is a very important step during the ideation process: what are the things that need to happen before you raise a dollar? If you have to provide a service to collect data that will then be sold to advertisers, for example, you have a very complex job. That would be 5+ steps to income. Try to limit the number of steps to income to about three from the start.
You have to understand very clearly who you are helping, what exactly they need, why they need it, how they would be willing to solve their problem, what they spend money on, what goals they have in life… in other words. , you have to have a very specific archetype.
A common mistake we run into is that people don’t go deep enough into their customers or customer development. For example, many people will stop at “I help big companies hire”. In reality, they must be able to say something like; “I help senior hiring managers at US enterprise software companies with 400-800 employees. Typically women, ages 29-34, earn an average of $58,000 per year. They report to the HR leader of the company, and their KPIs are Ks, I and Z, measured quarterly. They spend most of their day doing A, B, and C, and the biggest obstacles to achieving KPIs are Xs, I, and Zs. They are currently using the products of companies A, B and C, but these products are not being used. don’t let them do these three critical things…”
Besides, there is no one you know more intimately than yourself. That’s why so many big companies were formed out of personal needs.
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In almost all cases, there are several people who have already committed their lives to your idea. To win, you must immerse yourself in your market to have the necessary insights and vision necessary to win. Chris Deacon (Andreessen Horovitz) said you need to spend at least 10,000 hours in your market to gain this understanding – either work in the market or live the problem (eg being a social media person who then starts hanging out). media company) and/or devote that time to research.
If you’re not an expert in your market, then it’s time to get down to business. There are no shortcuts here.
Large and fast-growing markets have the power to drag mediocre companies to greatness, and conversely, fading markets can drag otherwise solid companies into the ground. If you’re going to dedicate your life to an idea, the market you work in better needs to be big enough (or growing fast) to support a meaningful and lasting company.
Any market with less than 10 million people or a few billion in annual revenue that isn’t growing fast is going to be very hard to track and probably not worth your time. For example, even if you were lucky enough to be moderately successful in a $500 million market, you would probably still only have a $50 million business.
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You will die conquering a small market, so be smart and don’t start your company in a graveyard.
Every great business has a secret sauce. Mind you, not every company starts out with that secret sauce, but building a company without a plan on how you’re going to differentiate yourself and win from the start is just plain stupid.
Your secret sauce must also be original. If it’s obvious, it’s almost always a bad sign. The best ideas have a secret sauce that is transformative, not incremental.
What secret do you know that will help you win? For example, Tony Hsieh started Zappos with a very clear understanding and secret sauce – customer service. His transformative insight was that buying shoes online was really a customer service problem, not a retail problem.
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It’s very easy to fall in love with your idea – after all, it’s your baby, and almost no one will tell you that your baby is ugly. Positive reinforcement is very easy to find.
Your job in the idea stage is to find the things that make your idea bad. Try to kill your idea and then, one by one, iterate and eliminate the negative aspects of the idea. The result will be a much more defensible foundation to begin with.
No one will steal your idea. Think about it – do you really think that your idea is so great, so original that someone who hears it will go home, quit their job and devote their whole life to it? And succeed? The chances are close to zero.
You have to pitch your idea throughout the day to anyone who will listen and incorporate all the feedback you get to improve the idea. Feedback is an entrepreneur’s best friend, and Silicon Valley entrepreneurs understand this better than anyone. For example, every night you can find 20 different events in Silicon Valley where people openly share their ideas, and this collaborative, teamwork-oriented culture leads to innovation.
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Copyright © 2023, Founder Institute, Inc. | All rights reserved | Terms of Use | Privacy Policy | Code of Conduct If we continue to follow the core of our lives in modern times, we must always eventually discover the finances. The Cambridge Dictionary defines finance as (the management of) the money supply.
We all must have heard about finance since ancient times, but many of us are often confused about what the term entails. To demystify, finance is a term used to define things related to creation, management and study
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