In my previous post, I shared a list of eight things you can do to objectively evaluate your startup idea, before you go running to build that super cool product that you just know is gonna Rock The World.
I want to simplify that list. Why? you might ask. Well, I had the pleasure of visiting the company of a dear friend yesterday. He shared a problem his company and his industry is experiencing, and his idea that a software tool could address that problem.
As I weighed in with some feedback, I pulled up the blog post, Evaluating Your Startup Idea, and instantly realized that all the text in that list could be overwhelming, especially for anyone who’s new to building tech products. What I wanted to share with my friend could be presented much more concisely.
In light of that, here is a modified list that I asked my friend to reflect upon, clarify, and document for his app idea:
Simplified Version
- Why? This is the specific problem or gap.
- What? This is the specific solution that addresses #1, the Why.
- How? This is a deeper dive to describe and differentiate the specific product that achieves #2, the What.
Extended Version
- Why? This is the specific problem or gap that in some way or the other is hurting him, his employees, his customers, or his company.
- What? This is the specific solution that alleviates or eliminates the problem in #1, the Why.
- How? This is a deeper dive into the specific product that achieves #2, the What. It involves:
- What is the specific product, tool, or platform that provides the solution in #2?
- How will this product be used by people? A simple flow diagram can work here.
- How does this product improve on any existing products in the market?
- Who are the people behind this? This is about the team.
- How will the product generate revenue? (If it is such a product).
* Simon Sinek's "Always Start with Why" was instrumental to how I approached and outlined the steps in this article.
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