Startup is a phenomenon that keeps every entrepreneur mind occupied all the time. Whatever may be the source of motivation behind your entrepreneur nature, “startup” the word itself gives you inspiration to achieve something, plus the scope of learning to think from sustainable business point of view.
If you have an idea for your startup, it’s always important to get the success probability and acceptability limits prior to execution. Evaluation of startup idea gives you the right direction for improvement in the decided concept.
Startup Idea Evaluation – Requirements
- The first basic requirement for startup idea evaluation is the idea itself. A well-documented startup concept is always beneficial for entrepreneurs to get the clear picture of the final target. So first of all draw a skeleton of your startup concept.
- Another requirement for startup idea evaluation is the list of all the players working in same domain. The list of other players of same domain aka Competitors gives entrepreneurs a clear picture of the validity and acceptability limits of the concept.
Startup Idea Evaluation – Steps
Here is the list of startup idea evaluation-
- Existing Platforms Analysis – The first step is to collect all the information about the existing platforms that are working in the same domain. Find all those features of the existing platform that are being appreciated by the users. Also, figure out the scope of improvement in the same. This information will help you do compare your idea against each of the existing solution.
- New Solution Analysis – List down all the features of your startup idea that you have decide to incorporate in the solution. Based on the above analysis of limitations of other platform, also figure out the limitation of your solution.
- Comparative Analysis – Once you have done a separate analysis on both of the solutions, existing vs new one, the next step is to compare both the solutions. Ideally, your solution must capture all the features of the existing platforms as customer is already accustom to those features. So, your solution must incorporate all those features. Check the limitations of existing solutions that are being addressed by your concept.
- Future Risk – Since you are not prepared to launch your startup right now, so you need time to do the background work required for proper running of your startup. This time gap introduces a scope of development in the existing platform. So consider a factor for the revealed and unrevealed plans of the existing platform while doing the comparative study.
- Feedback – Prepare a prototype of your startup concept and get the feedback of as many people as possible. This gives the clear picture of acceptability limits of the new concept.
- Finalize the concept – Once all of the above activities have been done, decide the scope of changes in your idea based on the results of comparative study, future considerations and prototype feedback.
Startup Idea Evaluation – Outcome
The outcome of above process is that your concept is refined as per the actual need. Now based on the above evaluation you can decide if you want to go with the same concept or you think of something different.
During the evaluation process, the most important outcome is the understanding of the targeted market base need. So even if you doubt on the success of your startup concept, you can think from the consumer point of view.
Wish you luck for your startup. Stay connected to know more.