Ask yourself three simple questions:
- What do you want to change? (Idea)
- Why can you do this 10x better than others? (Execution)
- Why now is moment to your idea to succeed? (Timing)
You should find something (product, service, experience) that is enabled to change thanks to technology or changing society habits that you can (or you can hire people/companies) do 10 times better (high productivity, fast decision making, continually improving strategy).
If you don’t have the idea well, that sucks. Look for markets that weren’t disrupted (Uber) or groups of people around you that change their behavior (Snapchat). Another problem is, are you passionate about the problem that are you solving with your idea? There are too many startups focused only on their technological solution not on their (potential) customers problems.
Now it is the trickiest part – execution. People naturally overestimate their abilities especially when they don’t know too much about it, can’t predict when they will end their work (it is very easy to discover working with developers) and are more optimistic that they should be. So if you don’t have history working with products either bad or good you probably should work with somebody who have this know-how and is passionate about it.
If you don’t see the optimal timing now but see possibility shortly you might consider bootstrapping this project hoping that market will change. Examples: YouTube. However, if you want to be next thing on the so-called red market be prepared to have amazing execution and idea backed with some great insights and great people see Facebook „secrets”.
But to end more optimistic the thing is that all of this issues are solvable when you have smart people around you. If you are looking for people who know how to market, communicate and grow new products don’t look any further – my team is always looking forward to new challenge :)
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