Your good idea isn't necessarily a good business
I've been doing a lot of startup mentoring over the last few years, and i've become a bit obsessed by the sheer scale of a problem that I see within the entrepreneurial community.
I've worked in 5 different countries in the last 3 years, and the problem is apparently universal;
People spend loads of time and money on building something that will never be a success because there's no market need for their "good idea".
i know that all good IH'ers have this as a fundamental understanding, but it's been shown nearly 50% of startups fail because there is no market need. So 50% of entrepreneurs are wrong about their idea, even though you know that nearly 100% of them will be CONVINCED they're right.
Anyway, I wrote a thing about it: https://neilcocker.com/2020/06/03/your-good-idea-isnt-necessarily-a-good-business/
Would love to hear what you think, and how you avoid falling down this trap?
Thanks for sharing @NeilC. Always a good reminder to focus on the problem the end user is actually experiencing!
Yeah, it seems like a simple thing, but SO many don't. They focus on their solution, rather than the problem.
Nice example with spilling drinks.
Came here because yesterday I wrote a blog post and one of the subheading was "Good ideas doesn’t automatically mean good business"
We both speak about confirmation bias and mentioning the mom test. Damn, my publishing date is after yours, not good 😅
Hahaha, great minds think alike!
The thing is, this isn't a new idea. So many people have said it in so many different ways before. But I'm staggered that it seems to be a consistent issue that entrepreneurs don't realise the importance of.
Great blogpost of yours, too!
I agree... but since I'm addressing people who are new into this and want to start thinking about making their ideas into business - it's important to repeat it over and over again
Yep, 100%. I'm always amazed that it's not the first thing people are taught about entrepreneurship.