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I have an Idea. What next?
I have an idea for building a content development company. I have prepared the business plan for it, but don’t know how to proceed any further. I can start the company with self-funding but after a while I would need external resources to help it grow. Any advice or suggestions would be appreciated.
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9 Replies
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Hi @Apurva !
First of all, I am also a co-founder of a 1-year-old startup.
I would like to suggest some points to answer your question.
It’s ok not to be perfect right at the start
• Follow the basics first. Research a little bit, build your team, choose your target audience and who your co-founder would be if only you are planning for it. Don’t rush yourself too much into technicalities. You will find many people once you start telling people what your plans are and what you aim to do with your startup.
Develop your vision as per your capabilities
• Don’t expect much at the beginning, like of a dream launch and getting 1000 followers in a few days. Instead, think of a small start. Find your initial users among your friends, colleagues, family and cousins.
Don’t invest too much
• Keep your initial investment low.
• Take feedbacks from your initial users. Believe me! Some of the feedbacks help you with improving your ideas.
So, the main reason for telling you this is that things will eventually work out somehow.
When you are new and young in a business, you need some people to say that you are doing it the wrong way. Find some well-wishers and people to guide you and mentor you
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Thanks for you suggestion @Bharat. Can you also brief me about how do I present my idea to an investor?
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Sure @Apurva . Speaking of presenting your startup to investors, I considered some of these points while preparing my startup pitch.
1) You should always focus on the key points rather than explaining other irrelevant topics. I personally feel the need for keeping your startup pitch short because no one likes hearing a long speech.
2) Try including your startup story in the pitch, make sure your story is attractive for the investors.
3) Convey the unique value which your product or service can generate. Demonstrate your product or service to the investors first-hand.
4) Get ready with your startup valuation and other necessary stats as numbers play a crucial role in startup pitches.
5) Rehearse your pitch so that you can support your claims and stand your ground.
Last but not least, be confident about what you say. Confidence plays a vital role in a winning startup pitch.
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Hi @Apurva !
Well! According to me, validating your startup idea is the first thing you should consider doing.
Once you validate your idea, you can build a proof of concept, which will lead you to prototype, MVP, and eventually to a fully featured product.
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Where do I pitch my startup ideas?
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Hi @Kanib !
There are several online platforms where you can pitch your startup ideas and raise funding from investors. Some of which are: easytopitch.com, Indianangelnetwork.com, leadangels.in, investmentnetwork.in and many more.
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Hi @Kanib!
There is this recent startup summit to be held in India. You can also register yourself if you think your idea can raise fundings.If not, you can register anyway, just to network yourself.
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A good idea is only good if it is feasible for you to implement. So I have developed a series of questions, which can help you check the feasibility of your idea by your own. Let’s find out then!
Can you recognize 20% of your idea’s features that represent 80% of your idea value?
- No, back to the drawing board.
- Yes, next question.
Can you perform those 20% features on your own or with the help of your partners?
- No, back to the drawing board.
- Yes, next question.
Can you execute without a debt to start testing your idea in the market?
- No, back to the drawing board.
- Yes, next question.
Can you tell who would want to buy your product or service?
- No, back to the drawing board.
- Yes, next question.
Can 10% of potential customers buying your product/services can cover your costs and return profits?
- No, back to the drawing board.
- Yes, next question.
Do you have the money to advertise to those customers?
- No, back to the drawing board.
- Yes, next question.
Do you see yourself working on this for a year or three without any profits?
- No, back to the drawing board.
- Yes, next question.
Do you have to compete with monstrous, gigantic companies offering the same or similar ideas?
- Yes, back to the drawing board.
- No.
Hence, you have answered your questions and got a rough sketch of what your idea has and what else needs to be implemented.
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That’s a fantastic questionnaire to answer. Thanks for sharing @Ansh !????
In fact! I had to move back to my drawing board in the fifth question itself.????
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