In our first step we learnt how to get started when idea hits you. Now that you are pretty clear about the idea and have confidence that it works, get to the next step. Make a team. You don’t need 10 people to begin with, 2 is good number, but remember its not about number but about passion. Involve only those who are 1) passionate about doing great stuff, 2) Not lazy 3) have positive attitude 4) have relevant expertise. Don’t take non-believers.
Remember – just because you spoke about your idea with someone does not mean she/he must be your partner. Choose your people wisely, you have a long way to go.
Get your team on board, its too early to think about revenue sharing but if you are clear about it, well and good. Clearly communicate the idea, so everyone is on same page. Discuss, brainstorm and improvise until you can put it in a sentence or two. Break tasks into separate groups and assign to each one according to their roles and responsibilities. There must be clarity on who is handling what. (roles and responsibilities may change over time but there must be clarity always)
Now answer the following questions with respect to your idea. (this is going to make it easy to pitch and communicate with people and prospects)
- What is the problem being solved. Define it clearly.
- How are people solving the problem at present?
- What is your solution. Define it clearly in a sentence or two.
- How is your solution going to benefit the end user (saves time?, cost? etc)
- Who are the present players, are they making good money?
- Who is your target customer? ( Validate your answer)
- What makes you capable of delivering the solution. What advantage have you got that the competitor doesn’t?
- Why would user choose you instead of the present solutions in market? What is your USP?
- What is the expected profit margin?
- How many people can you reach out? How would you scale it? How easy is it to scale?
If you answer these questions – right or wrong – you have made an effort to answer and have been thru the thought process, alright, you are prepared to take it to next step.
In my next post we will take a step further towards making the idea into reality, naming your startup and I will share few stories of how the big ones have done. Remember, each thing you do from now will be written in the pages of history, make it count. Welcome to the startup-world.