If you're trying to figure out your next idea or why your startup/product is not scaling, this list may clarify that you are on the right track. This list helped me to decide on building both Yieldify and Reachdesk. I would answer the Magic 8 and score each attribute out of 10.
1. Am I passionate about the idea? I need to be willing to dedicate 10 years of my life to this project. So if you're 30, at the end you will be 40. Does the idea create goosebumps or create warmth in your heart?
2. Am I an expert or can clearly become one of the most knowledgeable in this sector? Every idea will have a lot of competition, make sure to be all in.
3. Is there a clear need for this idea? Find 10 people that would buy this product (for B2B) and 100+ (for B2C). It's a super hot idea if you can get the money before it's built.
4. Is the timing right? Research deeply and see if the shift you believe is going to happen and the market is growing over the next 10 years.
5. Does this idea match my ambition? A lot of businesses may not scale and become lifestyle ideas, or some people want huge $1bn businesses and realise this is a $20m business and give up. Set goals and be honest about the opportunity size.
6. Is my product clearly better than the competition? Have a path for it to be 10x better, more valuable, and potentially cheaper.
7. Go to market edge - You need to have a secret advantage or strategy to get this product in the hands of everyone, and you’re confident in executing this.
8. Repeat purchases - Businesses that have repeat purchases and good size order values are always more successful. Be honest about an idea’s potential for repeat purchases.
Wishing you lots of luck if you decide to start or are in the process!! 🙏
