What’s the best way to know if your idea is a good one?

Seth Godin (Founder at Yoyodyne Entertainment)
Seth’s Blog: Listening to smart vs. I’m with stupid

Challenging the status quo and going against all the the traditional rules of thumb is a great way to take a leap. But that sort of leap needs to be a portfolio play, part of a larger arc, not a matter of life and death, not the last spin of the wheel you’re going to get if you’re wrong. [Worth noting that plenty of smart people shunned Semmelweis, Lovelace and Alan Kay. But not all of the smart people.] By all means, take these intellectual ris… (read more)

What’s the best way to know if your idea is a good one?

Bill Gross (CEO Idealab)
Why Startups Like Uber, Airbnb, and SpaceX Succeed, While Others Fail – Singularity HUB

Bill investigated how 5 key factors affected the success of the 125 companies in his portfolio at Idealab and 125 companies outside of his portfolio. The 5 factors were: (i) idea, (ii) team and execution, (iii) business model, (iv) funding and (v) timing. The no. 1 thing that mattered was timing. Timing accounted for 42 percent of the successes relative to failures.

What’s the best way to know if your idea is a good one?

Boris Wertz (Founder of version one ventures)
The only 2 ways to build a $100 million business – Version One

There are only two ways to scale a business to hit that $100 million threshold: 1. Your business has a high Life Time Value (LTV) per user. 2. Your business has a high viral co-efficient (or perhaps even a network effect) that lets you amass users cheaply.

What’s the best way to know if your idea your good one?

Paul Graham (Co-Founder & Partner at Y Combinator)
Absolute Must Watch: Office Hours With Paul Graham At TC Disrupt | TechCrunch

What is your idea? Who would use it? How would they use it? Again with more detail. So they show up and specifically what do they do? Of all the people in the world who needs this the most? What problem does it solve? How do they do that now? What do you do better than that? Who specifically has this problem now (company name or customer name)? Has anybody said yes? Who says they want to use this now? (People who aren’t your friends.) How did the… (read more)

What’s the best way to know if your idea your good one?

Aaron Patzer (Founder & CEO of Fountain, Mint)
How Mint Found Startup Success By Solving Real Problems

Solve a real problem. You don’t start a company because you want to be an entrepreneur or the fame and glory that comes along with it. You become an entrepreneur and you create a company to solve a real problem.

What’s the best way to know if your idea is a good one?

Tacklebox (Smart and Simple Shipping)
Customer Interviews: So you’ve decided to take your startup seriously. — Medium

Are you building a pain killer or a vitamin? Do people need a solution to this problem, or is it a “nice to have”? How do customers solve this problem now? What’s the exact process? How do they feel during this process? What are the biggest pain points? Specific products, workarounds, “hacks,” etc. How much money/time does this problem cost people now? If you can, get a sense of how much they’d pay to have it solved properly. Who has this problem… (read more)

What’s the best way to know if your idea is a good one?

Sam Altman (President at Y Combinator)
Electrons and Atoms – Sam Altman

The key thing is enabling users to do things they do in real life much more easily yes, you could have called a cab company, but it took a long time, the cab didn’t always come, you didn’t know when it was near, you had to have cash or get a nasty look from the cabbie, etc.

What’s the best way to know if your idea is a good one?

Ben Erez (Product at Breeze)
22 Mistakes I Made as a First Time Founder — Viabilify

Only once you pass the threshold of knowing “enough” about an industry, can you really get the insights to have intelligent conversations with the people you need to know. In other words, knowing Fred Wilson is one thing but knowing Fred Wilson and being able to impress him with your knowledge of a space he’s interested in? Those are two very different outcomes for you. As a founder, you absofuckinglutely need to know your shit! There are no sh… (read more)