Science gives birth to technology, but idea is the mother of all. Everything is born from idea, so does startup. Hence, startup will work well if it is based on your competence in accessing and controlling every single required infrastructure, in order to reach the right traction and monetize.
Once you master all those required resources, working on a startup idea won’t be that difficult.
How do we know whether we’re ready to launch our startup or not? Answer these 15 questions and you’ll know.
The first five would test your idea’s compatibility to the market condition:
1. Is the market in a good condition? Why does your startup need to be unveiled now?
2. Is there any significant shift in social, politic, economics, or technology? How do you adapt to such event?
3. Is the niche market related to your product currently in bloom? Any trusted relevant information on that?
4. Do I have specific information about the market?
5. Is there any pattern that convinces me about the growth of my idea-related market? How can I convert this pattern into cosumers’ demand?
Next, answer these questions to check whether your idea fits the resources you have or not:
6. Do you have a big flaw that your competitors don’t have? (lacking of access to strategic parties or resources for example)
7. Do you have unique resources that your competitors don’t possess or they can imitate? (say, strong capital, valuable information, original idea, or exceptional talents)
8. Do you have “something” that enables you to stand out from your competitors?
Then, these questions are there to check your capability in running startup:
9. Do you have sufficient experience of working at companies? How long? In what capacity? Will those experience benefit you when you run your own startup?
10. Do you have the technical knowledge of the sector you’re about to enter, or do you partner with someone who possesses it?
11. Do you have enough capability to establish a company or has a mentor who would teach you about how to do it? Do you have any failure from which you can learn? What do you know about organizing and executing business model, consumer development and company management?
Then, find out whether your idea suits you or not:
12. Do you have the passion towards this idea and does the idea provide benefits for the users? What would be your motivation when hard times come?
13. Do the tasks and assignments for the project suit my personality? Are you ready to work hard and fully commit yourself to the startup?
14. Is the idea compatible with your purpose of life?
15. Do you achieve the long-term planning of your life by launching the startup? (In term of responsibility, personal social life, leisure time, and others)
If you respond most of those questions above with “yes” or “absolutely”, then you’re on the right track to successfully materialize your startup idea. On the other hand, if you answer them with “no” or “I’m not sure”, then you need to prepare yourself much much more before really entering the jungle.
