#Asia How to decide if your startup idea is worth pursuing


If someone thinks the idea is terrible, engage them


So, you have come up with an awesome  idea, which may be a game-changer and probably the next big thing.

But before you jump inside the startup bandwagon, you should answer these questions to make sure it will be a good choice to continue (it is a long-term commitment).

Analyze the competition

The first step to take to determine whether or not you should consider a startup is to analyze your competitors in the market.

Healthy competition is always good for the industry.  Having deep knowledge of the ecosystem becomes necessary when the rivals are already popular.

Question yourself: Can you make a difference?

As it is said, “Don’t be afraid of being outnumbered. Pigeons fly together, eagles fly alone.”

So, let’s say you have a roughly drawn picture of what you would be offering to society. Now ask yourself a question: How can you make your service or product (whatever you are offering) stand out from the crowd?

Also Read: Tencent leads US$54M in music app startup Smule to help it expand footprint in Southeast Asia

Would your product or service be remarkable? Remarkable, meaning worthy of attention. If you cannot make a remarkable version of what you are offering, I suggest ditching this startup idea, because if you can’t make it stand out, nobody will prefer it.

Are you really obsessed with your work?

Starting a start-up is easy. However, starting a successful startup, and sticking with it until it is a scalable business, is quite the opposite.

While it can eventually be worth everything, the early days may be painful and frustrating. You will not get results or a massive influx of customers in just a couple of days. You will face difficulties and feel like the walls are closing in.

Also Read: Former Citi Chairman and Asia Pacific CEO Shirish Apte invests in fintech startup Invoice Bazaar

So, to stick with it, you must absolutely love your industry and enjoy the work you do and the problem you’re trying to solve. You’ve got to be obsessed with your mistakes and improve, day by day, until your product or service speaks for itself – until the time you have to speak for it. So, the foremost thing is your obsession towards your start-up. If you are not obsessed, leave it at this very moment.

Take Feedback From the People Who Think Your Idea Sucks

As you introduce your startup idea to friends and family, it is common to hear all the positive comments. Even some strangers might not want to hurt your feelings and give their honest opinions.

And this is the point where a few naysayers are important. Seek out people who don’t like your idea and get them to poke holes in it. Why do they think it is going to fail? What weak points do they see? This is what my cousin did when he was thinking of launching his site BestAdvisor.

Also Read: Seed funding takes centerstage at Echelon Thailand 2017; KK Fund, SeedPlus, 500 Startups, and Creative Ventures as panelists in Venturecon

Even though there were many similar sites, he still went forward with his idea simply because while he was taking feedback, he learned about subtle queries which others sites were not addressing. So, sometimes the best advice comes from the pessimists.

Remember, not everyone is going to be your customer, but it is better to head into a startup with open eyes. Are there potential pitfalls that you have not considered?

Copyright: artisticco / 123RF Stock Photo

The post How to decide if your startup idea is worth pursuing appeared first on e27.

from e27 http://ift.tt/2pygd0T

This entry was posted in #Asia by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !