Idea Monetization - Launching a Startup (Part 2)

Have an idea and thinking of launching a business or launching a startup? It's very important to establish how to make money from that idea very early. This video explains the importance of Idea Monetization and suggests to think of at least 3 revenue channels while still in idea vetting mode.

This video is part of a multipart series: From Idea to First Sale - Launching a Startup.

The series gives an overview of 3 major pillars to consider while analyzing the viability of an idea. That is, before committing time and/or money to that brand new idea, you should do these to make sure it has a slight fighting chance.

This video is the second of the pillars described below.

The pillars can be summarized as follows:

1. Idea Validation: Identify your ideal target customer and speak/interact with at least 100 (or 200) of them. Explain the product you are offering to them and gather ample feedback. Use the feedback to tweak, pivot, or stay the course. Rinse and repeat.

2. Idea Monetization: Establish multiple ways to make money from the service or product you want to provide. Think of at least of 3 revenue channels. You are in business to make a profit, so this point is very important especially when launching an app or website. It would be ideal if you could incorporate that in the "Idea Validation" while talking to target customers and ask if they would pay a target price.

3. Launching & Beyond: 97% of businesses failed within the first 3 years even if well funded and competently executed. You need to ask yourself: Am I willing to make all the necessary sacrifices to pursue this venture for the next 3-4 years? With a 97% chance of no payout? The odds will forever be against your idea, and you will need to fight tooth and nail to keep it alive. Are you ready for this?

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