Checklist — Before Starting Work on a Startup Idea

  1. Sleep over the idea — before presenting the idea to someone, sleep over it for at least one day. Don’t even mention it to anyone before that.
  2. Market Research — what similar products are in the market. What are their strengths and benefits. Actually try and use the products. Spend some time on this even if it is boring. DO IT!
  3. More Market Research — list down the competitive advantages and disadvantages of your product vis-a-vis your competition. Understand why your product is better. Is it really that much better?
  4. Talk to Users — who is the user of this product. Go talk to him. Find more like him and talk to them. DO IT!
  5. Answer the question — why doesn’t this exist already?
  6. What are people doing to solve the problem right now? — how much better is your solution? Find out the delta. It can’t be incremental. Could overlap with 2&3.
  7. What is the problem?
  8. Solution — Does your product / service actually solve the problem?

i. Independent Thought — think about all points above independently
ii. If you arrive to the conclusion, think what made you arrive to that conclusion?

I will keep adding to this list.