Sequoia Capital has listed out what they expect from Startups seeking venture funding. This is a nice list to view your Startup/idea from VCs perspective. I particularly liked these ones:
One test we often apply to a new business is the ease with which it can be explained. If someone is able to summarize his company’s plan on the back of a business card, it usually means that he will be able to describe its purpose to employees, customers and shareholders. It suggests they truly understand their business.
Successful entrepreneurs possess the following attributes: Most come from modest backgrounds. Many are immigrants or first generation Americans. All know the value of money and understand the difference between need and want. more
After the financing binge of the last few years, it’s easy to forget that some of the best technology companies started with little money. You don’t need 25 gallons of kerosene to start an inferno. If you are addressing a huge market with customers yearning for your product and you have great engineers, it requires very little firepower.