frustrated

A call to entrepreneurs: for the love of God, do your due diligence

June 23, 2014
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frustrated entrepreneur A call to entrepreneurs: for the love of God, do your due diligence

Dear entrepreneurs,

Your idea is great. It’s wonderful. Yes, we know, it’s going to blow [Facebook, Trello, or existing services] out of the water. There’s always room for more competition, but on behalf of the press and on behalf of consumers everywhere, I beg of you to do a little Googling before you spend any time or money on your idea.

The truth is that your spouse and your parents are going to tell you that your brilliant idea is brilliant, but it’s not their job to check out the competition, it’s yours.

I can’t tell you how many startups pitch me on a daily basis that sound exactly like a competitor, and when you ask how they differ from said competitor, they have no idea that their competitor exists. Are you kidding me? All you had to do was Google the type of startup you’ve invested your life savings, house, and marriage into, and you’d know.

bar A call to entrepreneurs: for the love of God, do your due diligence
I write this in hopes that it will move the chains, but the truth is that tomorrow, another San Francisco ramen eater will email me, begging for coverage of their app, which has the exact same design and functionality as the other 800 task management apps or that you have the same stock logo as another social media dashboard, or that the pitch from another event management site has literally been copied and pasted.



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Entrepreneurs, you may think that investors are designed to be jerks when they ask you about deliverables and competitors, but if you can’t do your basic due diligence, how can you be trusted to manage other simple business basics like a P&L statement or a term sheet? You may brush off your failed pitches to investors and the press, and imagine that they’re just cynical assholes that relish in criticizing you and making you cry, but the truth is that without knowing that your competitors exist before you ever start on your company, you’re an idiot.

Entrepreneurs, go make your dream happen, but before you put that foot on the gas pedal, for the love of God, please use a little common sense – just because Mama said you can be anything you want to be, doesn’t mean your regurgitated, unoriginal startup idea is going to make you the next Mark Zuckerberg.

The world needs more dreamers, it does, but when today’s dreamers can’t use Google, they immediately set themselves up for failure.

AGBeat Chief Operating Officer: Lani, named 100 Most Influential, as well as 12 Most Influential Women in Blogging, Bashh Founder, Out and about in Austin A Lister, is a business and tech writer and startup consultant hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often buried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.



Weigh in...

  • http://seobrien.com/ Paul O’Brien

    For the love of all that is holy, people, there is this thing called Google…

  • http://freetraffictip.com Tinu

    It’s getting to be an epidemic in all areas of life. People read one review and buy a suitcase on Amazon, then get insanely upset when it’s not all it’s cracked up to be.

    Hate to sound like “that adult” but we didn’t have this stuff 20 years ago when I tried to start my first business. I won’t say how old I was LOL. Suffice it to say, I still took my behind over to the SBA and asked what to do after my super idea.

    Turns out my idea was bunk on its own but with a few tweaks, I made enough that summer to cover my costs in college. If you want to succeed, the research has to get done, period.

  • http://amyvernon.net/ AmyVernon

    A-MEN.