How to identify if your startup is exactly the right idea to bring to LaunchX
By LaunchX Team
March 10, 2021
Before coming to LaunchX, many students ask if they can or should be coming with or may bring their own established idea or company.
Students do not need to have an idea when they apply. Part of the LaunchX process goes through how the identify entreprenerial opportunities and come together as a team around them.
If you already have a startup idea that you are interested in bringing to LaunchX, that’s great! We love that you’re already exercising your entrepreneurial creativity. Keep in mind the following things, though, when weighing whether or not it will be the right opportunity to pursue.
Entrepreneurship Is Not a Solo Sport
If you are the idea originator, it’s important to remember that your teammates at LaunchX are considered your co-founders, which means there should be equal respect amongst everyone. Collaboration across different personalities and communication between distinct skill sets is vital when starting a company.
Implementation is More Important than the Idea
Ideas are a dime a dozen, most having been thought of or worked on previously. Success relies on everyone working together to execute a common goal. To perform well, you need the skill set of every member of your team.
Almost all ideas change from their origination form as they advance, especially in successful companies. Your teammates will be well-positioned to bring a fresh perspective and revitalize your thought process. Humility and openness to feedback are essential skills for success.
A Great Team Is Better Than a Great Idea
It’s also important to remember that ever if you are the originator of an idea or the opportunity that your team might be working on, you are now working with a well-equipped team of brilliant peers with whom you need to find a shared vision of success.
A successful team is much more important than the idea itself. Everyone must work together in harmony and with full drive. This can mean that ensuring you are working on a startup opportunity that aligns well across your team’s skills and interests will better set you up for successful implementation. Collaboration is a vital part of the entrepreneurial mindset you will learn during LaunchX.
Those students at LaunchX who foster a collaborative team dynamic are most primed for success during the time at LaunchX and far beyond.
Opportunity Identification as a Team
The alternative of one member of the team bringing a specific opportunity to their LaunchX team is for the team to work together in identifying potential opportunities to solve. This allows the team to align their skills and interests with potential market opportunities, and since LaunchX puts students together in teams with complementary skills and with similar startup drives and interests, there tend to be productive brainstorming opportunities.
Brainstorming potential problems to solve at LaunchX is the perfect platform to closely follow the Disciplined Entrepreneurship framework taught in class. While you may be accustomed to school-based group projects, the difference is that you are starting a real company with like-minded people who are all passionate about business.
Because the idea was brainstormed at LaunchX, starting from scratch tends to increase the likelihood of a healthy team dynamic. We emphasize shared values with co-founders over just shared interests, and the teaming process at LaunchX provides a robust means of forming well-balanced teams.
No matter if you bring your own idea or generate one once you get here, successful LaunchX businesses rely on the same skillset. There is no singular way to approach LaunchX. The key is keeping an open mind and being ready to work actively with your peers.