Fri, 23 September 2022
Signs of a Bad Startup Idea
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In reviewing startup ideas for your business here is a list of signs pointing to bad ideas:
You know absolutely nothing about the market, product, or community.
While great startups come out of new domains, it’s helpful to have some experience with the space.
You spread yourself across too many ideas and don’t gain depth on any one of them.
It’s important to prioritize and go in-depth on one idea at a time.
You choose an idea for which you are not a good fit.
Look for ideas that match your skills and interests.
There’s no business to be had but only work to be done.
There are many socially conscious ideas but in the end, it must be run as a business with revenues and profits.
The idea is hard to explain.
You must be able to craft a story around it to sell it.
Your idea requires customers to change their behavior.
Changing behavior is hard. Your idea must generate a very high return to achieve behavior change as it will take substantial time.
You are mostly guessing about the market and customers and have not actually engaged with either.
It’s important to talk to customers and spend time in the market to understand how it really works.
Ask yourself how many of these apply to your startup idea and eliminate those from your list.
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Category:general -- posted at: 5:00am CST