Mind the Gap Between a Good Idea and Good Business

Posted by martinzwilling under Startups
From http://blog.startupprofessionals.com 4550 days ago

Based on my own experience and feedback from friends, every investor is approached by at least ten entrepreneurs with a “hot idea” for a new business, for every one who has a real “plan” for a new business. That’s why I often say that ideas are worth nothing, until they are put in the context of a business plan and real people committed to executing the plan.

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Comments

Written by HeatherStone
4550 days ago

Hi Martin,

I think there are some great points here. One thing I'd add. I'd suggest there are some ideas that you may want to test on a very simple scale to determine whether a business model is workable. I think financial projections are fine, but they should be based on something real. Is there a way you can very simply test a product or service to determine whether there is actually a market for it? Offer a very limited group a stripped down version of the service to see whether any customers will actually pay for it. Or create a simple version of a Website or other product to see if there is any customer interest.

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