I have an amazing idea for a web based start up which is yet untapped. How should I get started?
The challenge you face is that there are other amazing ideas out there. Actually, there are many, many, brilliant, wonderful, amazing ideas out there. So faced with all these amazing ideas, investors invariably choose the ones that have been reduced to practice, developed traction of some kind and proved that they are amazing businesses, not just ideas.
So you will need to do quite a bit of work before you are ready to even think about approaching investors. Remember that only 1 out of every 400 startup companies, not ideas, get funded. For a more in-depth discussion of this (and a great post by Derek Sivers, please read my answer to Venture Capital: Is it possible for an idea to be funded by a VC?
*original post can be found on Quora @ http://www.quora.com/David-S-Rose/answers *
Written by David S. Rose
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