Quantum Ventures Studio

Now before we begin it's important for you to have an idea.

Most people think having a unique idea is the most important thing, but they are wrong, the most important part of an idea is how it connects with you and your team

So if you think you have a great idea well ask yourself the following, and remember to be honest with yourself.

Are you passionate about it? If yes, why would you build this company even if you had no money?

Is the idea simple enough to understand? Remember if an idea is too complicated it's usually too complicated to execute.

Do you have one easily obtainable source of revenue? Entrepreneurs sometimes make the mistake of trying to prove the value of their idea with multiple revenue streams.

Do you know your customer? I often hear people say, well we're targeting people aged 35 to 50 in america.

Well this is too vague my friends and difficult to action in a startup. You need to have a deep understanding of your customer problems and how effectively to solve them in order to make money.

Do you know your market? You need to have the experience of understanding the market, be it in the geographical location or industry to give your startup a chance to survive.

(Now if you think you know the market.)

Is it big enough to succeed? Having five percent of a 10 million dollar market is probably not worth your time.

As my father-in-law once told me, “If you pick the wrong market it could be like fishing in the toilet bowl.” He was a colorful character.

Do you have an unfair advantage? Or something special that will help you win? This does not have to be a patent, but rather just something that will help you to compete. 

Ask yourself “how can this idea fail?” and then try to replace or eliminate the negative aspects of the idea until you find something that can stand on its own.

Now you can take a moment and watch this video again and feel free to pause it anytime to assess your idea.