Your initial ides is just the starting point.
Like a lump of clay in the hands of a sculptor, you will shape it into what becomes a plan to execute.
After I get an initial idea from a founder, I send the following comments. Try testing them on your initial idea.
- The technology must be practical, ready for prime time, beyond a hope in the mind of a scientist.
- To go IPO, you need at least $50M of Sales in Year 5.
- Estimate $ sales, even if you feel like you are guessing at the moment.
All shoes sold
All sandals sold
Your sandals sold
- Focus - on the profile of your Ideal Customer. Lots of specific details about the person. It's not "all people using a refrigerator." it's about a specific portion of them: e,g, male geeks in their 20s frustrated (emotions!) about wasting leftover food. And so on.
- WOW! You gott'a have it! What gets the emotions of your Ideal Customers excited? What is so compelling about your product/service that your Ideal Customer races to buy it and Tweet about it?
- Competition - it's always out there. One company is the market leader, often "how the problem is being solved today". And it's rare that some startup or dozen or so are not already out there trying to sell things that solve the big problem.
- FINALLY THE BIG ONE: Please do a few Google searches before locking on to an idea. Too often I ideas that are already on the market being sold by startups or giants.
That's my tips for the day.
I wish you The Best on your Adventure!