Page 52 - The 7 Day Startup: You Don’t Learn Until You Launch - PDFDrive.com

customer data as you go.

Choose an idea that you can launch and modify quickly. Then when you start
getting real data from paying customers, you can innovate and get the product
just right.

I’d love it if you chose something that you can launch in seven days. If you
can’t, you should still pick an idea you can launch in two months as opposed to
two years.

Is Your Idea a Good Idea?

Consider most small businesses. It’s clear that they don’t meet many of the
above elements.

They don’t generate enough profit to pay a replacement founder, and when
they do, it’s not consistent.
They are difficult to sell for a reasonable amount of money. If you are able
to sell them, they might fall apart without the founder.
They die because one piece fails or they often hit ceilings where they can’t
grow anymore.
Their revenue plateaus year after year because they operate in small
markets.

Think about your own idea and whether it’s going to fall into the same traps.
Choose a business idea that meets the nine elements well and you are ready to
move on.

You can tweak the idea later, but some of these fundamentals will be hard issues
to solve later on. It’s important that the potential is there from the start. You
should also consider these things:

Don’t Pick Low-Hanging Fruit

Creating a startup means creating something valuable for your customers that is