So I have an idea for an online service that got me excited. However, I feel the idea is kind of dumb when I think about because it's so basic/simple (but new). Should I spend more time enhancing the idea or go ahead and execute?
Is there a critical mass of value that someone will care about the problem you are solving for them?
The size of the problem you are solving and well you solve it generates the value. That then dictates what (if anything) you can charge. The number of people who have that problem defines your market size. That might give you an indication of the type of business/startup you have - is it a high growth startup, or in the case of a problem being solved where the market is not very large, maybe it's a life style business. Pete Thiels excellent book from last year talks about this and is certainly worth a read http://ajs.io/bookzerotoone.
Wikipedia says: A business model describes the rationale of how an organisation creates, delivers and captures value.
Or in my words: your business model is the way you profit from the value you create for others.
The good news is, starting simple has lots of benefits to usability, UI, message to market and capturing your first 100, 100, 10,000 users or customers. Go-to-market is where many startups fail most, not the technology, so that is something you should focus on and simplicity -provided your idea is part of a bigger vision- is a great place to start.
Think about it this way - Over-complicated ideas can be too difficult to bring to fruition. Never dismiss an idea because you believe it's too simple. Believe in yourself and go for the gold!
Impossible to say. Doesn't really matter if the idea is elaborate or simple, new or old.
You should be asking these questions:
(1) Should people use this?
(2) Will they if I reach them?
(3) What will it take for me to reach them?
(4) Will they value my service enough to repay my efforts?
Things can be simple, just not simpler. Good to know that you think your idea is just simple enough. It's so easy to make simple complicated, make sure you don't fall in that trap. What's complex is establishing business model around your simple idea, enhancing the perceived value, and brainstorming over monetizing the same.
Go ahead, not with the execution but, with thinking twice and planning. Cut once, think twice!!
Do you think it's dumb? If not, why do you present it like this? Have some faith in yourself!
Does this service give value to people? Is it needed? Maybe it's so simple it's genius, not dumb, and it is amazing how you are the first person to think of/ execute it...
My advice to you is: a. have faith in yourself! You are amazing (we all are!) and you can do everything (it's true, you can!)! b. if you still have doubts, ask your friends and family if they see value in it. Don't forget that it is very easy to think why not but what you really need to think is "hay, why not...?"
Sorry for the Zen like answer, but I truly believe in this attitude.
Let customers decide if it's dumb. Only people voting with their dollars are experts. There is a great booked called the "7 Day Start Up" by Dan Norris in which he talks about having some minimally viable product that people can buy as quickly as possible. Only then can you get honest feedback and begin building the service that people really want. All the best, Tom