Page 12 - THE NOTICEBOARD NEWSPAPER EDITION 68 MAY-JUNE 2021
P. 12
Page 12 Mar - April, 2021
Difference Between Startup & Business Idea
think lots of people where people can pre- solution.
confuse startup ideas order. · They can never be
Iwith business ideas. · Ask everyone you validated.
There's a huge difference know if they're interested
between the two. Most and get those who are to For a true startup idea, no one
people have lots of business buy. will ever tell you that “it's a
ideas. Very few people have
true startup ideas. Here's That's it. By getting some
how to deal with both. people to pay you know your
business idea is valid and it
won't fall flat on its face.
Scenario #2: Your idea is a
(true) startup idea.
If you're thinking about
replacing the car as a means
great idea,” because what
of transport, making grocery you're suggesting is unheard
Scenario #1: Your idea is a stores unnecessary or a way
business idea. to use electric power in your of. People will think you're
If you're thinking about house without sockets, those crazy and you'll have to fight
starting a lemonade stand, might be startup ideas. long and hard to convince the
coding a fitness app, creating world. But if you pull it off,
· They change the entire you'll make it a much better
a content management
landscape of the industry place. To find out if it's worth
software, video community they're entering or replace
website or new productivity it with a new industry launching:
tool, those are all business altogether. · Ask yourself if what
ideas. you're creating is a major
· They mark a vertical technological
· They don't redefine leap in progress by
the industry you're replacing or improving breakthrough.
entering. what's already out there to · Think about whether the
· They extend what's the point you wouldn't timing's right.
already out there. even want the old · Answer this: “If I
· They can easily be dedicate all of my time and
validated. money to this and it
completely fails, will it still
have been worth it, because
These are the kinds of ideas
the underlying issue is so
your friends will tell you are
important?”
“great ideas.”
To find out if they're worth
launching: Then, you can put your heart
and soul into it and even if it
· Come up with a
falls flat on its face, you won't
business model (for
regret a single day spent on it.
example a monthly
Two of the key traits of
subscription).
startups are:
· Put up a landing page
· They can afford to
Continue on pg 13
Continue on pg 13
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