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5 Key Factors In Choosing The Right Idea For Your Startup

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You probably have tons of startup ideas floating around in your notebook.

All begging for your attention – hoping for the day you’ll double down, gather the courage, and bring it into the world.

But what stops you ISN’T a lack of courage.

It’s a lack of decisiveness – all caused by an overwhelming anxiety that the idea you chose to pursue TODAY will have lifetime ramifications for both you and your family.

It’s no small thing.

And a single wrong decision can set you back years financially and professionally.

That’s why it pays to have a process for choosing the right idea.

I’ll share that with you in a sec, but first a quick story:

When I moved to San Francisco in 2008 I actually hired a personal CTO.

My goal was to have someone build little tools & utilities that would allow me to explore different ideas and improve my workflows.

In a 9 month period we built about a dozen apps.

Now these were simple little things…

ex: We built a tool that allowed me to get relationship data for twitter accounts (think LinkedIn for Twitter).

What’s crazy is I still use a couple of these tools every week.

It was in doing this work that I came up with the core engine for Flowtown – a web app that would append social and demographic data to an email address.

The reason I share this story is because out of the dozen or so ideas I had built, I had to decide on the right one to pursue as a business.

So in this week’s video I actually go through 5 selection filters and the #1 strategy that makes me different than most entrepreneurs (hint: I assume I’m wrong)

Here’s what you’ll learn in this video:

1. Idea Generator
2. Riskiest Assumptions
3. Pain Killer vs. Vitamin
4. Domain Experience
5. Multiple Ideas / 2 Week Tests

The most important out of the 5 is #2… it’s actually a framework I teach my students called the Riskiest Assumption Validation.

You list out all the key assumptions you have about the business model, then you rank order them by most risky…

… meaning that if this one doesn’t pan out, then the whole business would never work (ex: I can pay someone $10 dollars for something I can bill out at $30).

It’s obviously a more involved process but that’s the general idea.

How have you chosen the right idea to pursue?

Be sure to leave a comment below with your thoughts or feedback.

Can’t wait to hear from you!

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