An entrepreneur starts a new business from a promising idea. Take the woman who started a double-insulated water bottle. She got the idea while out hiking with her mother. She’s sold 4,000,000 units to date. This business gets a lot of media coverage but is it wise to start something based on an idea?
From the outside it may seem that you can also start a business with a promising idea. But there is a fatal flaw. That flaw is that the idea may appeal to you but will it appeal to a market? It won’t unless others find the resulting product or service attractive and useful in their lives. Too many people come up with products or services based on an idea but experience failure. It’s bank draining and heartbreaking.
What is the #1 reason you shouldn’t start a business from an idea?
It’s not knowing whether there will be a demand for the product or service. It seems that the common myth is that an idea will lead to fame and fortune. But it rarely happens. To stand out in a crowded market you need to develop something that will be better, cheaper or faster. If you look at the market with open eyes, you’ll find that a lot of products and services out there are better than what you have thought of. To break into the market against competitors means you will need to it attract those existing buyers to switch products, break perhaps long-established buying habits and convince them that you have a better solution.
To succeed you will need a superior product, be able to market far more effectively and be able to run a business that is hungry to gobble up your hard-earned and saved cash. Unless you have these qualities and resources to back you up, it’s better to look elsewhere for income-producing assets.
I would rather tell you about the hard truth upfront then let you be blinded by false beliefs. They could prove fatal.
If you still believe you have a winning idea on your hands and are prepared for the sacrifice it takes to implement an idea, then you will need a copy of “Breakthrough Ideas”.