The Secret Formula: measuring success in SaaS / Startups

Have you ever considered how you can measure your success with a simple formula even before building your idea's MVP?

Well, I should say there is a straightforward and basic technique that you can use to validate your idea and find the weakest parts of your future business!

Using the below formula, you can measure the relative chance of your success:
Idea * Product * Team * Execution * Luck

Some notes before start explaining each part:

• Even though you had a great idea, created your product with the best team, and passed the execution phase, you may still fail because Luck is the last factor that can be any number from 0 to 100!
  * So, always consider a disaster recovery plan so you can survive in challenging situations!
• Excellent execution is at least ten times more critical and a hundred times more complex than the idea!
• Still, excellent execution of a typical idea gets you nowhere :)

Idea:

Usually, the first-time founder would think that they have the most fantastic idea and their idea have lots of potential behind it.
But actually, there is no way that we can exactly rate an idea, but there are some questions that you should ask yourself before starting your idea!

• Scale: Think about the scale! Think about the maximum scale you can get with your idea! Consider the market scale when pricing your product.
• Mission-oriented: I know it might be cliche, but the idea should be mission-oriented; there is no way to pass through the pain of building a Startup without a mission or a meaningful goal.
• Problem: is the problem you are solving worth enough for users that convince them to pay you?
• Competition: What is your plan to compete with competitors? Why should clients choose you over them?

Product:

At first, you might think, what is the difference between product and idea?

Well, the product has an expansive definition, from customer support to the engineering behind it, how you expose it to customers, quality, speed, etc.

So now you can rate your product and then put it in the formula you've read above.

Great idea, towards a great product, equals excellent company.

Team:

If you are a solo founder, you can skip this part, but if you are thinking about building a team, then consider having a great team could even make a silly idea toward a great success!

Execution:

Like I've said before:

Excellent execution is at least ten times more critical and a hundred times more complex than the idea!

So what is execution, by the way?
After finding the right idea, the process of building a good product and all the other stuff like marketing, etc., is called execution.

Luck:

And finally, the last parameter, Luck!
It would be best if you considered this factor anything between 0 to 100 and, based on this range, set different plans and marketing strategies.

Knowing you might get unlucky in certain situations is a reminder not to burn all your money on one Marketing strategy or burn all of it on the engineering team.
In a short term: Do not put all your eggs in one basket

I hope this was helpful enough for you; giving a clap could help me a lot and assure me to write more in these categories.
Also, if you had any thoughts, comment; I would gladly read that.