Most investors are looking for that great idea that can disrupt the market or industry to support or fund. But the truth of the matter is that, you don’t need a great idea to start. The idea could change and the business model will evolve. Most successful entrepreneurs don’t start with a great idea but with a very simple idea that solve a real problem. While they are working on their simple ideas, they begin to understand the market and notice clues that can make the idea or product better. They then adopt and change along the way to accommodate the dynamics of the industry.
The most important thing at the beginning is to have a workable business plan(it does not necessary need to be a 40-page document) that will drive customer adoption, profitability, and a high enough barrier to entry to separate you from a would-be follower or competitor.
If you are starting a company that will require funding from VCs, it becomes a different story. You’ll need an idea, plan and a model that shows a demand for your product and how you intend to solve that problem. And of course the numbers to prove that it will be profitable.
Most entrepreneurs who believe in their ideas waste no time when they have validated the idea and believe it has potential. The best part of this is that you can take the idea, make a product out of it, register customers(or even paying clients) and then approach investors if you have to.
For Most investors “management” is a priority when considering to invest in a startup. If an investor believes in the ability of the management team to actually implement/execute against a well-prepared and thought out business plan, they are more likely to commit funds to the company.
The bottom line is that with or without funding, passion and personal commitment to the idea are crucial to the success of every startup.
