Eligo featured in Fortune: “This Is When You Should Ditch Your Startup Idea”

The best way for founders to begin a startup’s life is to look for a positive reflection from the market about their ideas.

Startups often fail because the team members neglect to test the market for validation of their idea and don’t look for a measured demand for their solution. Instead, they begin building their product on day one.

If you’re in a position where you’re considering dropping your startup idea, it’s likely you started building your product before you knew there was truly a demand for your solution.

So what now? Firstly, where do you stand? If your burn rate brings you too close to the end of your company life, you may not have many more options. More funding is an option at this point, but you’ll have to explain what you’re going to do differently.

If you do have room to operate, that’s great. Ideally, you need to quickly switch to a model where your progress is measured by what you’re learning about your market. Stop measuring your progress by looking at how much of your product was built today, because you clearly don’t know if there’s a fit just yet.

 

Read the rest at Fortune Insider http://fortune.com/2016/01/12/entrepreneur-successful-startup-idea/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s