the startups.com platform about startups.comCheck out the new Startups.com - A Comprehensive Startup University
Education
Planning
Mentors
Funding
Customers
Assistants
Clarity
Categories
Business
Sales & Marketing
Funding
Product & Design
Technology
Skills & Management
Industries
Other
Business
Career Advice
Branding
Financial Consulting
Customer Engagement
Strategy
Sectors
Getting Started
Human Resources
Business Development
Legal
Other
Sales & Marketing
Social Media Marketing
Search Engine Optimization
Public Relations
Branding
Publishing
Inbound Marketing
Email Marketing
Copywriting
Growth Strategy
Search Engine Marketing
Sales & Lead Generation
Advertising
Other
Funding
Crowdfunding
Kickstarter
Venture Capital
Finance
Bootstrapping
Nonprofit
Other
Product & Design
Identity
User Experience
Lean Startup
Product Management
Metrics & Analytics
Other
Technology
WordPress
Software Development
Mobile
Ruby
CRM
Innovation
Cloud
Other
Skills & Management
Productivity
Entrepreneurship
Public Speaking
Leadership
Coaching
Other
Industries
SaaS
E-commerce
Education
Real Estate
Restaurant & Retail
Marketplaces
Nonprofit
Other
Dashboard
Browse Search
Answers
Calls
Inbox
Sign Up Log In

Loading...

Share Answer

Menu
Entrepreneurship: I finally found my billion-dollar startup idea. Now what?
SH
SH
Stephanie Hayes, Startup and Small Business Mentor, Entrepreneur answered:

As Rami mentioned, the key thing many new entrepreneurs forget (or refuse) to do is prove that someone (in numbers) will pay for you to solve their problem, make them happy or entertained, or increase their capabilities.

Many ideas are appealing to your target market but they may not see enough value in them to actually lay out cash and pay for that value. Part of building your business model is connecting value propositions to customer segments, and communicating these to your "sample" customer segments. And LISTEN HARD. If you hear a bunch of "yeah, maybe..." or "no", chances are you may have identified something with value but you are communicating the wrong value proposition. Or to the wrong customer segment.

Do not skimp on this step. Before you invest any more time in your product development or skills development, PROVE that you have customers that will pay. AND THEN, you still have work to do. You need to prove you have a business model that will work - channels for finding these customer segments, revenue streams that have the potential (realistically) to cover more than your costs (which you obviously need to have thought through as well).

Start with the Business Model Canvas and force yourself to be disciplined and honest. You may need to pivot until you have the results you want but that's WAY cheaper than trying to pivot after you have invest thousands of hours and dollars in building your "best best" product. A sketch on a napkin is enough to demonstrate the concept to potential market segments.

My final thought is don't forget about your operations. Eventually you will have to learn how to run a company. Get on top of your foundational stuff sooner than later because if you do have the billion dollar idea it's going to take off quickly and if you haven't put the building blocks in place to help you grow quickly, you may find yourself in hardship. Get a mentor who can carry you through those steps and help you plan for growth.

Let me know if I can help you further. Good luck!

Talk to Stephanie Upvote • Share
•••
Share Report

Answer URL

Share Question

  • Share on Twitter
  • Share on LinkedIn
  • Share on Facebook
  • Share on Google+
  • Share by email
About
  • How it Works
  • Success Stories
Experts
  • Become an Expert
  • Find an Expert
Answers
  • Ask a Question
  • Recent Answers
Support
  • Help
  • Terms of Service
Follow

the startups.com platform

Startups Education
Startup Planning
Access Mentors
Secure Funding
Reach Customers
Virtual Assistants

Copyright © 2025 Startups.com. All rights reserved.