The best idea in the world is worthless if it isn’t put into action. Even said, flawless execution cannot compensate for a faulty business idea.
“An idea is resilient and highly contagious. Once an idea has taken hold of the brain, it’s almost impossible to eradicate.”
– Leonardo Di Caprio (Dominick Cobb in Inception)
The best ideas from brilliant people are frequently one-sided. The concept is brilliant, but without a thorough understanding of the market and competition, it is doomed to fail. It’s critical to be the first to market.
Please contact us at TheCodeWork if you’re a business owner looking to recruit a tech team. We would love to have a more in-depth discussion about this.
Stop right now if you’re pursuing an idea solely to make money! Money is a powerful incentive, but it won’t get you through the tough times that come with being an entrepreneur. Are you so committed to this issue that you picture yourself working on it in ten years?
Big ideas are cultivated rather than born. Mark Zuckerberg didn’t just wake up one day and declare, “I’m going to build the social graph.”
All of our time’s great businesses began with something modest and grew from there. Begin by fixing a single problem for a single consumer with a single product.
A startup would be lucky if it could execute on even one revenue source, much less three or four. So, start with one, and if you can’t come up with one revenue stream that can sustain the business, it’s a dodgy business.
How many events must occur before you earn a dollar? You can determine the number of stakeholders involved by going through this activity, which equals complexity. It’s best if there are no more than three steps to revenue.
You must first become well acquainted with one very unique archetype who desperately requires your service. And not a single person knows you better than you yourself. As a result, many amazing enterprises have sprung out as a result of personal necessity.
How can you have a meaningful vision for a market’s future if you aren’t a domain specialist in that market? If you are not a professional, get to work!
Any market with < 10 million people or multiple billions in annual sales will be extremely difficult to penetrate and is not worth your attention. For example, even if you won a $500 million market, your company would only be worth S50 million. You will perish trying to win a little market, so don’t start in a cemetery.
Is what you’re doing unique or superior to what others are doing? Do you have a creative side that no one else is aware of? Be brave, since the best ideas are revolutionary, not iterative.
Positive reinforcements are simple to come by, but your task at the idea stage is to identify the flaws in your concept. Then, one by one, eliminate those flaws by iterating on your concept.
It’s unlikely that someone will drop everything and devote their entire life to putting your vision into action. You’ll do much better if you get as much human feedback as possible.
“Don’t worry about people stealing an idea. If it’s original, you will have to ram it down their throats”
You’re not guaranteed success if you can check off these items (and you’re not guaranteed failure if you can’t), but you’ll have a considerably better chance of succeeding if you can.
Contact us at TheCodeWork if you’re a business owner in need of a tech team. We’ll be delighted to help you in any way we can.