"There is nothing investors like more than a start up that seems like it is going to succeed even without them."
Paul Graham
Venture Capitalist
Venture Capitalist
No great revelation that; but it does suggest a test you can apply to whatever great business idea you are thinking about doing, or to the new product/service your company is about to launch.
How many besides you think it's a good idea?
How many besides you think it's a good idea?
You had better do more than just ask your friends and family. The "spin" you put to the idea will likely bias their answer.
ReplyDeleteThere are a number of sites you can go to and post a fairly simple description of the idea, asking people what they think. Not scientific but more so than asking a few people you know.
You know a thing or two about that don't you Bill?
Asking "what do you think?" is fine but I recommend asking "would you be willing to invest in this?" followed by why not? when they say no.
ReplyDeleteAnd I'll add to Jen and Carl's comments, be prepared to walk away presuming you don't get the answer you want.
ReplyDeletei would also argue that perhaps equally important as the idea itself is how the idea is executed and turned into a viable, commercially successful product/service.
ReplyDeletei think this is where a lot of entrepreneurs fall short. i don't really think that the world is short of good ideas - it's short of people who can take a good/great idea, run with it and make something of it.
Actually anonymous, if I'm considering an investment, in order of importance:
ReplyDelete1. Management
2. A Plan
and a very distant third
3. The Idea