What should you do if you have the next billion dollar idea?
At Rocket Lab HQ, we meet with a lot of entrepreneurs who have a startup idea. Often, we notice that they come to us with the idea but have done very little background work. Below you will find a few steps to fast-track the process and really challenge yourself on whether your idea will be the next Uber!
Write a Brief
In this brief, you should have the following questions answered:
- What is the purpose of your app/website?
- What problems are you solving by building this app/website?
- Who is your target market?
- What is the market value of your app/website?
Make Sketches of your screens
You might ask “Why should I do sketches? Isn’t it your job to do this?”. The reason we recommend entrepreneur to make sketches is so that you think about your product with a user-centric approach. By doing so, you will solve 90% of the problems you might have because you will put yourself in the user shoes and start thinking about how it should work. You might have the best idea in the world but if you don’t sit down and actually go through your user journey, it is just an idea amongst others.
Talk to friends/family/mentors (people you trust!)
Talk about your idea to your friends, family or anyone you trust. This is an important step to vet your idea with other people. You might think this idea is great but people might tell you otherwise or raise good points. It is also true that, if you really believe in it, you shouldn’t let people telling you otherwise, however, it is always important to hear the critics and address them one by one.
This is also an excellent way to pitch your idea and improve every time you tell it to someone new.
Think about how much you are willing to invest
If you are serious about your idea, your budget should be serious as well. At some point, you have to take a risk and put money on the table not only to look serious but also to show other possible partners that you are dedicated to it.If your budget is low, I would recommend to either learn some skills yourself (the true entrepreneurship way!) or surround yourself with people who can help you in return for equity percentage.
Outsourcing is another option but this one is a rocky road to take and I would not recommend it unless you know exactly what you are doing.
Feel free to drop us a line at email@example.com if you need help with your idea(s).