Entrepreneurship · POS

How do you decide whether to compete or pass on an idea?

Svetlana Gluschuk QA Analyst

Last updated on May 31st, 2017

It’s hard today to truly think of an idea that is both unique and easy to execute. There are easy to execute ideas that aren’t unique, and unique ideas that are nearly impossible to execute. That doesn’t deter some. We’re in world where most startups are just iterative. I, too, have iterative ideas a lot but I’m never quite sure how you approach and idea and decide whether you can compete with the incumbents. I’m wondering what are the top factors to consider.

Mohib Hassan Founder at Stealth Insuretech Startup

June 1st, 2017

- Well first forget about the idea, find a problem.

- Once you truly understand the problem than come up with an idea to solve the problem.

- Find out if enough people are facing the same problem (talk to potential users/customers)

- Test the your concept solution and iterate to gain traction.


Its fairly cheap and easy to do the above. Once you're gaining traction find investors.


In my first startup I made the critical mistake of thinking of an idea first before finding the problem. Lets just say it wasn't very successful.

George Michalelis A mechanical engineer with business experience

Last updated on May 31st, 2017

If you are talking about business ideas then it all boils down to profitability and personal motives. You don't start a business to have fun or save the world but to earn a nice living. If you achieve the aforementioned in the process, then even better but this is rarely the case (e.g. going green may be good for earth but what good will it do if your competitors push you out of business through lower pricing?)


If you have many ideas you should try to estimate (using real data) which one will offer the most financial benefit to you while allowing you to enjoy life (work eventually becomes routine if your business becomes successful). Keep in mind that your State, tax agency (IRS) and bank all want the same thing from you eventually: to be profitable.


Don't fall into the modern trap of innovation! You innovate only if it is necessary to do so. It is like fighting; you do it if you have to but you try to avoid it as much as possible. It is better to just differentiate.


Also try to find a business owner locally that founded his business from scratch and ask him what drove him to implement his idea. You will receive a more accurate answer that won't include all these trendy notions about business that you will see online.

Theodore Caravellas

June 1st, 2017

It's a bit like romance: you will know it's the right idea when you have it. You will fall in love with it and pursue it with passion.

Passion will help you overcome many obstacles.

Of course, as in romance, you might be mistaken but you will surely enjoy the journey.


Theodore


ps: Get out of the building, BMC, real data and other techniques mentioned before are of course required in the process.

Krishna Adithya Venkatesh Tech savvy and wannabe entrepreneur.Workig on multiple projects which are potential products.

June 2nd, 2017

A idea is born only when you have a problem . If you think a problem needs solving and if you have a solution start researching on it and you will have to make sure that you can sell it . Get inspired from other companies and projects try to innovate on top of It.

But never pass an idea.

Albert Ei Co-founder, Regional Vice President for Academics, Enactus National Finalist, Vincentian Missionary

June 1st, 2017

That's easy. If you sleep at night thinking about this idea. And wake up in the morning still thinking about this idea. Then by all means, just go ahead and do it. It must be something that resonates with who you are. Oh and if you need inspiring words to do it, DON'T do it. You only have so much time to spare, make sure to invest it in something that you love.

Nnorom Goodluck Kelechi

June 2nd, 2017

Ideas rule the world. most especially when these ideas are capable of proffering solutions to life challenges.

Paul Keck Build a lean app for your winning startup - @getboundless. We also invest - @slptoolkit @partsdetect

June 1st, 2017

Here’s the sure-fire test to determine if an idea is worth pursuing.

I get a lot of people asking if I think their app idea is a good one. Although I always have an opinion, in most cases my opinion doesn’t matter. Startups should have a very specific target customer, and odds are that I’m not it yet. Even if I am a target customer, I may not be an early adopter, or I might be that cranky old guy who doesn’t want to change my behavior for something new. In any case, my opinion might not be a very good indicator of idea quality. However, I do have a “good idea” litmus test that I use in these cases to remove my bias.


Here it is…

Good ideas are worthpursuing

First off, it’s important to mention that a good idea, as I’m defining it, means that the idea is worth pursuing. This test does not necessarily indicate that the product will make a bunch of money, or that everyone will want to use it. And trust me, many ideas are not even worth time pursuing.

Lean App Development

This test, and everything else I advocate, involves using Lean methods to validate assumptions. Lean App Development is by far the best way to develop an app when you’ve got an evolutionary idea. Lean methods don’t work very well for revolutionary ideas, though (that’s a different answer). So this litmus test works well for evolutionary ideas bound for Lean App Development.


OK, here it is for real…

#1 — Industry Experience

For an app idea to be a good one, the founder must have industry experience or at least domain expertise. That means the founder should have worked in an industry long enough to understand the problems faced by other people who work in the same industry. Alternatively, they need domain expertise. So a founder may not need to work in the sports / fitness industry to build an app for runners, but at the very least they need to be an avid runner and know other runners.

#2 — Access To Target Customers

When a founder has industry experience which shows them a problem, it naturally follows that they have access to other people which experience the problem. This is not always the case, though. A founder may be a scientist with all kinds of knowledge about current drugs on the market, but has no access to the people who use those drugs (if that happens to be their target market).


If These Don’t Apply To YourIdea

If you don’t have one or both of these things, you’ll have a tough time getting the validation ball rolling. But what if your idea doesn’t really need industry/domain expertise or specific target customers? For example, the next great social app will be used by everyone and have no particular constraining industry. That’s a great example of an idea that is not worth pursuing… unless of course you’re just looking for a hobby with no plans to create a real business.

Have fun and { create : awesome }


Got Questions? Ask BOUNDLESS

Joe Albano, PhD Using the business of entrepreneurialism to turn ideas into products and products into sustainable businesses.

May 31st, 2017

Entrepreneurialism is a process designed to evaluate ideas to turn the sustainable ones into businesses and reject the unsustainable ones before too much time, money, and effort is expended.


The journey from idea to product to business is often best navigated with structures like the Business Model Canvas (BMC). The BMC gives structure to the process of forming hypothesis, testing them in the marketplace, and making appropriate adjustments.

roberto dimayuga Marketing and Business Coach and Digital Marketing Certified.

June 1st, 2017

The unique selling proposition is important to attract customers who are willing to pay more for the "perfect fit" or the cutting edge solution. The higher the "fit" the higher price you can command. You don't want buyers who ask for discounts. There are products like jeans that do not have any functional differentiation but priced so much higher. This is where branding becomes important. If your product is B2B your differentiator should be able to translate into savings, ROI, etc. ROBERTO DIMAYUGA

Audrey Zack Marketing Manager @MobiCommerce, a Top mCommerce App Development Company

June 6th, 2017

Necessity is the mother of invention. The same way, we can correlate it with the problem. Every problem has its solution. I agree with @Mohib that you’ve to meet the like-minded people and discuss the difficulties and find the solution.


In other words, I’d like to say that you have to have market research to execute your idea into the reality. Find what will work and what not.