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Create an abundance of startup concepts and avoid sunk cost...

Why get stuck in a bad idea when there is an abundance of problems-ideas-solutions out there?

Sunk cost is one of the leading reasons for burning cash.

Many heavily-funded startups go down the drain because founders and investors keep pouring money into something despite lack of traction.

In a startup studio where you are responsible for more than one venture, you don’t have this luxury.

Burn your resources on one and you will kill all the others too.

Learn to let go early on and move to the next idea:

  • Keep an emotional distance from ideas before seeing traction;
  • Set exact boundaries on how much you spend on an idea;
  • Learn to be lean and cost-efficient with validation and build;
  • If an idea needs to fail, let it be a quick and low-cost failure;-
  • Have plenty of new problems-ideas on the shelf.

This last one is easier than you think. We do 60-minute workshops...

  1. We start with nothing, an empty mind;
  2. On the spot we identify actual problems;
  3. Select the biggest one;
  4. Generate possible solutions;
  5. Prioritize and select the one that looks most promising;
  6. We even do a crude product concept and business model canvas.

... in 60 minutes. Do this once a day and you'll have 300+ viable startup concepts in a year to chose from.

It's easier to avoid sunk cost mistakes when you have plenty of new directions available to you.

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