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Solve a problemWhat is one thing that successful startup ideas all have in common? They solve a problem. The key growth indicator of every successful startup is that they are addressing a particular problem in the market. Don’t just execute your startup idea so that you can bear the title “CEO” or “Founder”. Ensure your startup idea can address people’s pain points. Don’t forget the thumbnail of this rule: Find a big problem affecting a large population of people who are willing to pay you to fix it.
- Don’t Be Engrossed On Being ‘The First And Only
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Rather than chickening out, existing competitors validate your idea. Moreover, improving on an existing idea is all that makes the difference.
Don’t Do Something Generic
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The only way to survive with that type of ‘me too’ business is to undercut competitors’ pricing, leading to very slim margins.
Pay Attention To Timing
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