How to know if your startup idea is good?
Hey indiehackers! I just wanted to ask some of your indications when validating a startup idea that tells you if it is good(people will use your product), or if it will not work
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I wrote about this earlier as well in Zero To Founder. This is not the only way but some pointers especially if you have don't have any audience.
By the end of this process, you will get a vibe of how your progress is.
I fear ideas being stolen in the process. What are your thoughts on this?
Everyones execution is different. Don't worry too much about people stealing your idea. This is the biggest mistake people do.
Friend! You saved my day. Shall we chit-chat ? Reply to me to contact you of any medium.
The site won't let me post links yet, but I created a tool to help explore the potential of startup ideas: startupscore dot app -- not a shameless plug, I don't make any money from this.
Problem-Solution Fit: Your idea addresses a real problem or pain point experienced by a significant number of people.
Target Market Interest: Potential customers show genuine interest and enthusiasm for your product or solution.
Market Size: The market for your idea is large enough to support sustainable growth and profitability.
Competitive Advantage: Your product offers unique features, benefits, or a superior value proposition compared to existing alternatives.
Early Adopter Traction: You attract early adopters who are actively using and benefiting from your product.
On the other hand, here are some indications that your startup idea may not work:
Lack of Interest: People show disinterest or indifference towards your idea when you discuss it with them.
Limited Market Size: The potential market for your product is too small or niche, making it difficult to achieve significant growth.
Strong Competition: Existing competitors dominate the market, making it challenging for your idea to gain traction or differentiate itself.
Infeasible Execution: The idea requires significant technical, financial, or logistical resources that are currently unavailable or unrealistic to obtain.
Negative Feedback: People consistently provide negative feedback or express concerns that cannot be easily addressed.
This may help: https://www.indiehackers.com/post/how-to-brainstorm-great-business-ideas-ab51c3d51c
Hey W!
It's very simple, honestly answer the following questions:
Also, extremely important: Do you believe in your idea? Are you passionate about it?
You can have the best idea ever, if working on it doesn't make you feel happy, your idea will die.
I tend to do this even before working out the details, gaining SEO traction from the get go (if you want a tree today, plant a seed last year)..
Don't:
DO:
As someone indicated: read the book The mom test by Rob Fitzpatrick to get the right mindset and ask the right questions
Get money for the value: create the simplest MVP/test version that will get you to confirm people have value from your solution. If they pay for it, you have a validated (viable) idea.
Try to tweak and steer your solution and try to convert more people from trying to paying. If possible: real user feedback is golden, and try to get testimonials and user feedback asap.
I highly recommend the book : The mom test, it has helped me validate ideas
Hi Wantrepeneur! Validating a startup idea is a crucial step in determining its potential success. Here are some indications to consider when assessing whether your idea is good and if people will use your product:
Problem-solving: Does your idea address a real problem or pain point that potential customers face? Understanding the needs and frustrations of your target audience is essential for developing a solution that resonates with them.
Market demand: Research the market to assess the demand for similar products or services. Are there existing competitors or complementary solutions? If there is a proven market for similar offerings, it indicates potential demand for your idea as well.
Customer feedback: Engage with your target audience and gather feedback through surveys, interviews, or prototype testing. The feedback from potential customers can provide valuable insights into their willingness to use your product and whether it solves their problems effectively.
Early adopter interest: Look for early adopters who are enthusiastic about your idea. Their interest and willingness to try your product can be a positive sign. Early adopters often serve as brand advocates and help drive initial traction.
Market fit: Assess how well your idea aligns with the current market trends and consumer behavior. Consider if your product fits into the existing ecosystem or if it introduces a unique and compelling proposition that differentiates it from competitors.
Scalability and monetization: Evaluate the scalability potential of your idea and the viability of generating revenue. A good startup idea should have the potential to grow and attract a sustainable customer base while offering a monetization strategy that aligns with your target market.
Hi,
I recently pivoted to Indie hacking and found a lot of founders with the exact same problem (including myself). Therefore,I have decided to solve this problem and currently building 👉🏻 validatemyproduct(dot)io. The waitlist is now open and you can join it to list and validate your idea!
I would discern who your target audience is and ask them directly via twitter or reddit, play with ideas and just get something out there. Build a rough site on webflow and go from there.
Main thing I'd say is whether people will pay money for it or not. I know that's not always possible but if people are willing to part with cold hard cash (even at a low starting price) you're onto something.
I'd also add that when gathering feedback from people lots of people will tell you it's a great idea as they want you to succeed, but ask them how much they'd be willing to pay and you'll get some real insights.