Knowledge is (a) power(ful Business Idea)
July 30, 2019
Wanna come up with the next great business idea? Better know the industry and know it well.
Haven’t we all at one point been in the shower or brushing our teeth and BOOM! We think we’ve come up with this amazing business idea. We’re sure it’s so good it’ll make millions and we can buy our own island and start working on our delightfully eccentric hairdo…
Fact of the matter is “the key to finding a really good idea as an entrepreneur, is to get yourself into a particular market or particular domain and really understand it”.
Yes, you’ll hear stories about that one person who had this great idea out of nowhere and now they have an island (and a super weird hairdo!), but that’s the exception rather than the norm. Too many times people jump into an industry they have little to no experience with, spend a whole bunch of money on product and just have it sit there because they missed a small but crucial fact about that industry. To really know the industry your in, is to spot where the weaknesses are that you can fill with your great idea or, if we were to work backwards; you could have what you think is a great idea and start researching the industry that idea could help. Learn all you can about it ie: talk to people in that industry; business owners, etc. Maybe even take a job or a few gigs in that domain to really get a sense of it and how it works. Yes, it’ll take awhile but if you’re serious about getting island(and crazy hairdo) money, it’s worth the time.
And lastly (not a real word.), Don’t get ‘married’ to your idea, be prepared to change it to match what the industry needs. ANY entrepreneur worth their salt will tell you that flexibility is the key to success, so be prepared to change elements of your idea for maximum efficacy.
Check out the VLOG for not just more details into getting a great business idea, but also for “the bird food incident” story…you’re welcome. And if you’re curious about becoming an entrepreneur, links are at the bottom to a course that we offer which no doubt is built on research and knowing the market your in …and some real world experiences(like ‘the bird food incident’) too. Keep on having great ideas and who knows, maybe an eccentric hairdo is in your cards?
Well, for those of us that still have hair, at any rate…