Don’t wait for a big break, work with what you have
Most people spend hours trying to think up brilliant new business concepts, but end up instead with things that sound good on paper. FILE PHOTO | NATION MEDIA GROUP
What you need to know:
- Winners tend to be the opposite. A few customers, but they want the product a lot. Like Facebook. Their first site was only for Harvard students. Just a few thousand people. But they really loved it.
- Google succeeded because there was something about it that customers really preferred. Microsoft succeeded because it aimed at a very small market that grew into something huge.
- Whether you succeed or not depends far more on you than on the opposition. So it’s far better to work on a good idea with competitors, than a bad idea with none.
Everyone dreams of starting the next Facebook. So where do you get ideas like that?
Most people spend hours trying to think up brilliant new business concepts, but end up instead with things that sound good on paper.
The best ideas are usually something you want for yourself. Badly. Because when you start, you need customers who really want what you’re offering. Probably there won’t be too many of them to begin with, or the product would already exist.
But that’s a whole lot better than trying to sell something to hordes and hordes of people who sound interested but who won’t put their money down. Most people’s ideas are like that. Lots of interest, but hardly any sales.
Winners tend to be the opposite. A few customers, but they want the product a lot. Like Facebook. Their first site was only for Harvard students. Just a few thousand people. But they really loved it.
WILL IT GROW?
So when you have an idea, ask yourself if anyone really wants it right now. And will their numbers grow? Facebook succeeded because something that works at Harvard will work at any college. And then with all young people. And so it grew…
So rather than trying to think up ideas, it’s better to watch out for opportunities. Things you want but can’t get. And the best way to notice them? Work on stuff you find interesting.
That way you’ll, inevitably, tend to think about things that aren’t available. Because it’s no fun trying to make something that already exists.
Once you’ve spotted a good idea, it will instantly seem obvious. And then you’ll worry that other people will be working on the same idea.
You’re right, they probably are. But don’t let that put you off, unless you find someone who’s way way ahead of you with something totally brilliant.
STRATEGY
Because startups are rarely crushed by a competitor. Whether you succeed or not depends far more on you than on the opposition. So it’s far better to work on a good idea with competitors, than a bad idea with none.
Google succeeded because there was something about it that customers really preferred. Microsoft succeeded because it aimed at a very small market that grew into something huge.
Thinking up winning ideas like that is so hard that most people fail. So don’t waste time trying to dream up something new — because even bad ideas can sound wonderfully plausible.
It’s far better just to start doing the sort of things that you’re passionate about. That will focus your mind on things that are needed.
Get the idea? The best ideas for a business that might make you super rich will come to you once you’ve got going — doing things just because they’re cool, fun and interesting.
That helps you spot the best opportunities. So just do it, and you could be the next winner!
