The world definitely doesn’t lack good ideas. What the world lacks is a Reality check-strategy, planning, market validation, execution and follow-through that converts ideas to investment worthy businesses.
How do you validate that this idea is “good idea”. Many ideas sound exciting but are knocked out by a couple of factors, usually related to market validation.”Fail Fast” if you have to fail is the principal you follow. It simply means experiment , test, try before you invest too much time or money. Be adaptable, be agile, learn quick and then if it is working execute like crazy or else exit quickly.
Plenty of entrepreneurs-to-be start out assuming everyone will want this idea of the product. The often used phrase is the assumption that you build a mousetrap and the mouse will come, likely nothing comes!
A successful idea usually addresses pain points. If your idea doesn’t provide a solution for a real problem for people or companies, it will be a challenge to attract investment for the consumer or the business, clearly articulate the problem you are solving. To convert an idea into a successful business it takes a passionate entrepreneur. But it also takes a grant team that can follow through and execute powerfully. The ability of the entrepreneur to attract talent will be a huge factor in the probability and scale of success of the business.
The focus should be on the customer serve the customer nor yourself . the entire team should be customer centric . Take feedback, learn , change and follow through. Pivot if necessary , be agile.
These are exciting times to be an entrepreneur. There is a thriving ecosystem that helps support an entrepreneur during the early days-mentoring, incubation , seed finance, networks. An extraordinary enabling environment is there today. Now is the best time to take that first step to be an entrepreneur.