Loading...
Answers
MenuHow to develop an idea to business and knowing whether it will work out or to leave?
This question has no further details.
Answers
I work with a lot of startups as an advisor or thru 500S. Figure out what the biggest value offering for your idea is, create the simplest product that only achieves that big value and nothing else (if this means you don't write code, then great). Get out into the real world and start actually charging people for that service.
Example is Instacart (3 hours or less grocery delivery on demand) when they were starting out (I imagine in a similar stage as you right now), went around shopping groceries and delivering it and charging customers via Square.
Most importantly, the reason you want to do this is to find out or realize that either there are a meaningful amount of people who will definitely pay for your service at which point you develop on custdev and product dev further or there aren't enough and you drop and move on.
Assuming you have several ideas, and you are trying to figure out which one among them to work on, I'd suggest:
1.Try to sketch the business model for the startup idea (referring to Business Model Generation - Canvas)
2.Get good at doing quick and dirty market sizing of opportunities
3.Check if you are passionate enough about the idea to potentially spend the next 5-8 years of your life in making it successful
Based on a collective evaluation of the above three, you might be able to zero in on an idea to investigate further (e.g. building a prototype, customer development, etc.)
Whether or not a business works comes down to two things: (1) are there customers who want the value you provide and (2) is the amount they are willing to pay for that value more than the cost of you providing it?
This hasn't changed in the history of business. What has changed is how easy it is for you to test these two things.
Fear of "failure" often restricts us to judging whether an opportunity will work out in our heads. This is silly. The world is our laboratory.
So, the answer: find a way to develop the idea into the cheapest, easiest possible test to determine whether this is the case. Then go out there and do it. If it fails, great. If it succeeds, even greater. The goal is to use the market to determine whether you have a real business idea on your hands, or just some fantasy you've made up.
Related Questions
-
How can we generate good B2B sales leads?
As your targets are SME companies with 3 or more developers you can use LinkedIn premium search for finding the list of top executives of the companies and send them in-mails for partnership! Another great source for you could be outsourcing websites where US development companies are represented and do testing for their clients periodically for various projects! Please call for more detailed information of the best B2B sources for you! I have got also some availability to the actual lead generation job for you with a reasonable hourly rate. I have been working as a sales manager in this industry for over 4 years and have got large databases of B2B clients that you will be interested in!AA
-
May I apply the term "lean" if I adapt lean startup concepts & apply them outside entrepreneurship w/o infringing on any legal protections of "lean"?
Ries owns 'Lean Startup' trademark. I doubt 'lean' by itself is trademark-able, and isn't claimed by Eric. Someone else may claim 'lean career development,' so might be worth a trademark search.BE
-
What is the best exit option for angel/seed investor?
Not exactly sure what you mean. Typically you get an exit either because the company in which you invested is acquired or it goes public (there are other options, but those are the normal ones). Angel investors usually consider the acquisition potential when making an investment. If there are a lot of potential acquirers, that is better than if there are very few options. What is your specific situation and what do you want to know?CL
-
Launching a startup with no job and no savings. Should I get a job or find investors?
Wow, lots of questions here. Let me try to hit them in order: "Should I get a job or find investors?" IF you have access to enough investor capital (not debt and not your savings) and you can get to MVP and still maintain ownership of a sizable majority of the business then do it. IF that means debt financing then only use the debt lines the cost of which can be carried by returns generated by the use of funds. I would prefer to offer a convertible note to prospective investors that can be easily extended throughout both friends and family and seed rounds (up to $2M to $3M) to get to proof in the market. If you can get to revenue and earnings fast enough then you can avoid equity dilution all together. IF you cannot secure that find of funding AND you cannot produce enough revenue from your business to deliver sufficient earnings for you to live on, then by all means, you should find a way to make the money you need and not burn all your savings or mortgage your home If that means short term contract work that's great. Particularly if you can find log term work that is relevant to the business you're building. If that means taking a job then do that. IF you do that, then yes, be transparent with your employer and let them know you're working on your own business also. Hope this helps....SL
-
The schools are dispatching school buses to pick up students in AM and drop off in PM. Some students will be absent in AM, in PM parents not home?
My answer will be short: Definitely an app. I'll be more than happy to discuss details further.GS
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.