The best idea in the world has no value without execution. Even so, perfect execution does not make up for a start up idea which is flawed.
In the past, one of the favorite rules is "You have tried to kill your idea." The best ideas from brilliant people often come have a one sided view. The idea is amazing but without an understanding of either the market or the competitors... it is doomed to fail. Being first to market can be critical.
The ten rules for a great startup idea:
- You are passionate about it
- It’s simple
- One Revenue Stream
- Few Steps to Revenue
- You know the customer
- You know the market
- Sufficiently large market
- Original secret sauce
- You have tried to kill your idea
- You are sharing your idea!
The Founder Institute provides more details in this infographic: