Entrepreneurial Success Checklist – While it is fashionable in startups to say that ideas mean nothing and execution means everything, the reality is much less binary and much more nuanced. For example, even the best entrepreneur in the world with incredible execution will fail if his idea is fundamentally flawed or if his 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 previously published on Business Insider in an article by Megan Rose Dickey. This list provides a good starting point for people who want to evaluate their early stage startup ideas.
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What we’ve found is that if an early-stage founder can tick off the following ten items, they have a solid foundation to build a startup on. You’re definitely not guaranteed success if you can tick these items off (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 must begin with passion. In fact, any aspiring founder who enters the Founder Institute with the goal of “turning around” their business is encouraged to leave the first week for a full refund.
“Think big” is a common mantra for entrepreneurs. And it’s true: every entrepreneur should think big, because in most cases, starting a business with small ambitions can be as much work as one with big ambitions. But most people confuse the “think big” mentality with what it means to “boil the ocean” from scratch.
Great ideas emerge, they are not born, and more often than not they raise simple pain points. For example, Mark Zuckerberg didn’t wake up one morning and say, “I’m going to make the social graph.” Instead, he set out to build a simple tool for Harvard students to see who was in their classes.
All the great companies of our time started with an incredibly simple idea and then expanded on it. If you can start by solving a problem, with a product, for a customer, you will be focused enough and you can have a good foundation for success.
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For some reason, most early-stage entrepreneurs believe that the more revenue streams their idea can support, the better. In the early stage, you need to be laser-focused on one revenue stream, and your idea needs to have a clear, singular revenue stream that can be big enough to support the entire business. If not, it’s time to go back to the drawing board.
It’s also a common mistake that companies that focused on initial user growth (eg Google) didn’t have a revenue model in mind when they started. In reality, these companies experienced incredible early traction and then the founders made a tactical decision to shift their focus to growth.
Can anyone build a great business with a zero income mindset from the start? Of course. 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 there are to billing, the more complex the idea is to develop 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 make a dollar? If you have to offer a service to collect data that will, for example, be sold to advertisers, you have a very complex business. It would be more than 5 steps to get income. Try to limit the number of steps to checkout to about three from the start.
You need 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 their money on, what goals they have in life… in other words. , you have to have a very special archetype.
A common mistake we run into is that people don’t go deep enough into client testing or client development. For example, many people will stop at “I help big companies recruit.” Actually, they should be able to say something like that; “I assist senior hiring managers for US enterprise software companies with 400-800 employees. They are typically women aged 29-34, earning an average of $58,000 per year. They report to the company’s head of HR and their KPIs are X, Y, and Z, measured quarterly. They spend most of their day doing A, B, and C, and the biggest obstacles to achieving their KPIs include X, Y, and Z. They currently use products from company A, B, and C, but these products don’t allow you to do these three critical things…”
Besides, there is no one you know more intimately than you. This is why so many great companies were formed out of personal needs.
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In almost every case, there are several people who are already devoting their lives to your idea. To win, you must immerse yourself in your market to have the insight and vision to win. Chris Dixon (Andreessen Horowitz) said that you need to spend at least 10,000 hours in your market to get this insight, regardless of whether you work in the market, the problem persists (for example, being addicted to social media, which then starts a social activity) . network). media company), and/or spend that time on research.
If you’re not an expert in your market, it’s time to start. There are no shortcuts here.
Large, fast-growing markets have the power to drag mediocre companies to greatness, and conversely, dying markets can drag solid companies into the ground. If you want to devote your life to an idea, the market you operate in is large enough (or growing fast enough) to support a meaningful and lasting business.
Any market with less than 10 million people or several billion in annual revenue that is not growing at a very fast rate will be very difficult to address and probably not worth it. For example, even if you were lucky enough to be moderately successful in a $500 million market, you would probably only have a $50 million business.
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You will die winning a small market, so be smart and don’t start your business in a graveyard.
Every great company has a secret sauce. Of course, not every business starts out with the secret sauce, but building a business without a plan for how you will differentiate and win from the start is simply foolish.
Your secret sauce should 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 vision and a 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 is your baby and almost no one will tell you that your baby is ugly. Positive reinforcements are 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 iterate and eliminate the negative aspects of the idea one by one. The result will be a much stronger foundation to start from.
No one is going to steal your idea. Think about it: do you really think your idea is so great, so original, that someone who hears it will go home, quit their job, and devote their life to it? And succeed? The chances are close to zero.
You have to pitch your idea all day long 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, on any given night you can have 20 different events in Silicon Valley where people share their ideas openly and it’s this collaborative, teamwork-oriented culture that leads to innovation.
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If you’re ready to take the next step to launch a startup, join the Founder Institute today.
Copyright © 2022, Founder Institute, Inc. | All rights reserved | Terms of use | Privacy Policy | Code of Conduct Being an entrepreneur is hard work. You have a mindset that gives you the best opportunities for success. Here are some characteristics that many entrepreneurs share…
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