I’ve been keenly thinking about how we validate startup concepts recently, the methods and simple ways to work out if an idea is worth pursuing. While there are many ways, one of startup lands best hackers Tim Ferris teamed up with Noah Kagan (of Appsumo) and did a pretty good interview session on the topic recently. It goes for a bit over an hour, but shows with a number of examples how easy it is to know if something will get traction. If you’re in the launch phase of anything – then I’d recommend getting your head around this one.
As we embark on new projects we hope will be the one, a lot of money gets invested. Hard earned money we’ve saved from busting out a living on week days. The left over money after we’ve paid the mortgage and paid the bills. Sadly, much of it never returns. It’s easy to feel cheated when our projects don’t pay off.
But let’s for a few moments consider the alternatives:
A flat screen TV
Dinner at fancy restaurants
A better car
A new gadget for the kitchen
Other stuff which will eventually gather dust
Turns out the money we lost in startup projects was never really wasted. In fact, it wasn’t lost at all. It’s the investment we have to make to get that elusive win. The alternatives are very poor substitutes with zero chance of a return. Which means we should never be afraid of investing in our projects. What we should really be afraid of is succumbing to pointless consumption.