If I had one bit of advice to someone thinking of a startup—including myself, at times—it would be this. Solve a genuine problem, even a trivial one, that you actually have, and that isn’t being adequately solved by an existing solution. Then think about how you can get money for solving that problem. Be wary of scenarios in which your revenue base and your customer base have no overlap.
If I had a second bit of advice, it would be this. Is the elevator pitch for your new startup—no matter how sincerely you believe in its fantastic future—at its heart a variant of, “Think [well-known service name] but with [added feature or new twist]”? If it is, you’d better know somebody willing to call bullshit.
[Seems like right fine advice…]
Source: Coyote Tracks