|Original By: bootload. Licensed under Creative Commons.|
Sadly, there already is a Facebook and a Digg and hundreds of other variations. Unless you have big backers and/or a niche market that is in serious need of it's own social network your idea is extremely unlikely to succeed. The sheer number of 'companies' launching as social networking or bookmarking sites is reaching into the tens of thousands. How many will be successful? Maybe none, maybe one. Now I know that your social network is better, faster, cooler and more versatile than Facebook but that doesn't mean people will use it. The trend that I have been noticing lately is that people don't want to login to another site to access yet another network they have to put time into the benefit; people are already spread to thin.
"Working at a startup is a valuable experience, and making mistakes earlier in your career will save you later on. Even if the social media startup fails miserably, you have learned valuable lessons that will make your future ventures more likely to succeed." -Anoop
Anoop is so right on that and don't get me wrong start-ups are a good things especially when planned properly, not just around an idea but around a business model where revenue is a real thing, not something that will come. How are start-up leaders going to pay their employees? That's the problem; often they don't. Young people like the idea of equity but equity in something worth nothing is worth, well, nothing. Whether it's for equity or as an intern these newly minted technology and programmer masterminds are often being used as 'slave' labour.
If you are or know a talented young person drawn in by this new startup model be warned or warn those you know. Any startup without a marketing plan or an inkling of where revenue will come from should be avoided. Below is an image including a number of logos from recent startups in the technology space. The ones crossed with a pink X no longer exist and there are thousands more to come.
What are your feelings on this? Do you have personal experience? Any good experiences? Please share.