10 Rules for a Great Start Up Idea: Part 1

I found this great start-up idea checklist on Founder Institute.com. I want to share some of this information with you.

startup1

Are you passionate about your idea? Money is no substitute for passion, so every entrepreneurial journey should start with a passion.

startup2

Keep it simple. All the great businesses of our time have started with an incredibly simple idea, and then expanded upon that. If you can start by solving one problem, with one product, for one customer, you will be sufficiently focused and can have a great foundation for success.

startup3

One revenue stream. 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 conceivably be large enough to support the entire business.

startup4

Few steps to revenue. The more steps there are to revenue, the more complex an idea is to build out and execute.  Try to limit the number of steps to revenue to around three from the beginning.

startup5

Do you know your customer? 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 need to have a very specific archetype.

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