I keep hearing startup entrepreneurs tell me “We need funding. If we just had $XXXk of investment, we’d be killing it right now.” I press them with one question: what would you do with the money if you had it? Inevitably the question is met with a blank stare. Most of the time people haven’t thought about it. The answers that do come feel a little half-baked:
“Buy a bunch of ad words to get people to our site – that’s all we need”
“Build the product”
“Finish the product”
“Hire a bunch of sales guys”
Sure you have an idea and investment is flowing right now. Unfortunately, your idea is totally worthless. I repeat: your idea is totally worthless. If you can turn your idea into a product that people want to pay for, that’s a different story.
- Are you clear about your Business Idea? (smallbizbee.com)