Prospective founders: Ask yourself these 12 questions before you startup
Only 50% of startups survive beyond 5 years. Here's 12 questions to ask yourself before you startup.
During a world where more startups are being invented more than ever but only half surviving beyond 5 years, it is important to make sure that your startup idea stands out from the crowd.
I'll be going through 12 questions that you should ask yourself before you found a startup.
- What is my idea in one sentence?
- What makes my idea different than the thousands of other startups in my same industry? (2 sentences or less)
- How is my idea relevant to the current generation? (2 sentences or less)
- Will my idea still be feasible in five years? (Yes/No)
- Am I genuinely passionate about this idea?
- Could I explain my idea to a five year old?
- How will I fund my business?
- What will my profit margins be?
- How will I market my startup?
- What are my goals for the first year of business?
- How much will I pay myself?
- Do I want my startup to eventually get acquired, or do I want my startup to be independent?
- How much equity do I want to retain?
