Today, we stand in time where there is a tendency for disruption in, if not all, most of the industries. Disruption in Technology has opened new frontiers for founders and innovative minds. We are no more in 90s where focus was to utilize the Internet to reach out to new world. New challenge for the existing companies is to consolidate their market position by accepting the new technologies. We have seen the rise of:

· IoT

· Digital Currencies/Blockchain

· AI

These have created an environment with more business risk then ever before. Today, there are plenty of startups, but the reality is that not everyone is on the right track toward success. What makes a startup successful! This could be a long discussion, but we will focus on some general rules. These are reference point for any startup founder to consider at pre-assessment stage. There are plenty of articles of biz-website and magazines which highlight these factors, but this is only solving half of the equation, we get to know the factors but how do we analyze them and corelate them!

Let’s start with a simple factor “how unique is your idea”. We believe our idea is unique “since this is our idea” but in real world how do we measure the uniqueness of an idea, i.e.

1. Idea already exists

2. Idea partially exists

3. Idea does not exist

This is reference point for us to consider sub-factors in deciding the “uniqueness” of our idea. As startup founders, we can narrow down the answers to one of the above options. Let’s pick option 2 and think of a partial existence. We have realized the fact that our idea exists partially, how do we take it further! Now we can associate some internal risk with our idea that there exists a competitor…………, Now take it to next stage. “Success” of already existing idea and how does this affect our idea.

Existing Idea

Successful Failed

There can only be two options above to pick from and both shall have two more consequences.

Successful

High degrees of competition high risk of failure

Failed

Low Competition high risk of failure

 

Now we somewhat have a clear picture of where our idea is heading to and this is just a beginning for the assessment. There are many other factors to consider which are listed below to consider before we launch the actual operation/ work on our business plan:

· Funds

· Marketing Analysis

· Resources

· Competition

· Benefits

· Features

· And so on….

It’s the same story for every founder………we worked to create unique set of Multiple-Choice Questions to get an initial assessment and consider a whole new range of factors before founders can work extensively on developing a business plan. We invite you to get an assessment of your business idea at

http://startup-assessment.stairwayconsultancy.ae/

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