584 karma · joined November 25, 2010
Some other ideas are to get a mindmap of the possiblities of where you can take this idea.
Use the business model canvas to sketch out your initial business models and the possibilities of your idea (http://www.businessmodelgeneration.com/).
Start an action plan - I use Tony Robbins "OPA Method". Ask yourself, What's your desired Outcome (O), What's your "Purpose" (P) - why you're doing the idea and write doing all the reasons, and finally what are the concrete Actions (A) you specifically need to do to turn your idea into reality.
I was doing something I deeply enjoyed and forged a new friendships, partnerships, and learned about price arbitrage and the timing of the comic book markets.
I didn't realize at the time, but I had incredibly low startup costs and did it for about a year. Paid for my hobby of comic books at the time and made a hefty $10,000 profit.
I didn't really "choose" tech entrepreneurship, I just fell into it after applying for Extreme University and got in (think Y-Combinator in Toronto, Canada)
I had to fire my technical co-founder because it turned out that he wasn't all that "technical" after all and lost my faith in him.
It took me months to do it, even with my mentors/advisors telling me to do it. I gave him the benefit of the doubt, and let it drag on for too long, when in fact it should have been an easy decision to part ways.
Long story short, trust your gut.. if you're not feeling it, pull out the axe, don't waste your time and hustle to find a suitable replacement. I know it's easier said than done, but it CAN be done...
My main allure is simplicity and speed to set up, so I went with Posterous.
I'm experiencing the excruciating pain of not being able to get your hands dirty... having great devs is great.. but the whole process of turning your vision to reality through code is something I'm embarking on as well.
It really depends on what side of the fence you're on. While you "can" start an awesome company outside of the Valley, it can be challenging (not impossible) to raise money for a pre-revenue company that has a sole founder. Starting something in a major metropolitan hub be it NYC, Boston, Seattle, (insert major US city flush with VC money) can afford you advantages such as connecting with a supportive and entrepreneurial community. It'll allow you maybe even find a co-founder as well.
And don't forget to signup for the www.startupdigest.com to be in the know of all things startup in whatever city you may decide to settle in.
AppSumo can definitely move into this space as it's related.
There should be plenty of room in this niche as they seem to be the only player.
Would love to see what you can do in terms of defensibility and innovation.