What You Really Need Is A Market, Not An Idea - article by Paul Finn

[DeletedUser13]

What You Really Need Is A Market, Not An Idea | Paul Finn

Great article, targeted at tech / software business, but can be applied to any industry. Here's some highlights:

[...]


I call this train of thought "Idea Roulette". The wheel of ideas in your head spins and spin and spins. There's excitement in the air as people cheer, cocktails splash out of glasses and someone drops their phone out of pure excitement. The yelling intensifies as the wheel winds down to its next choice. "This is it! This will be the one!" you insist. After all, after a few misses you deserve a big paycheck. And this spin "just felt right".


Much like regular ol' roulette, in the back of your head you it's a gamble and you never feel 100% confident that you know what you're doing. You spin the wheel even though you know very few will find success...most everyone walks away disappointed and with less money and energy than when they started. But it's exciting! It's enticing! Even a little bit comforting. And you have to spin the wheel to win, right?


[...]


Here's the key step to take before you assemble the blueprints for a profitable business. You need to select the audience that you'll want to build a product for. And there's good reason for this: not only will the idea come together after research, you'll know that the next time you build something, it will actually provide value. No more gambling here!


Markets and industries are like people: finicky, very different, sometimes difficult and the attractive ones get the most attention, warranted or not. People operate and navigate life based on their personal values and what their goals are. Similarly, markets and industries have values: things that they want/need/desire to be successful and turn larger and larger profits. If you know what a niche market values, you'll know what you can build to provide more value and how valuable it is. Remember - the more valuable the product or service is to the market, the higher the price tag and more revenue for you.


[...]


Stop thinking ideas and start thinking about your target market. Study the audience and discover what they value. Once you do, you'll be able to build a business that you know will provide value. This is how you make sure you build something people want. Spinning the Idea Roulette wheel isn't how you win in this game. Building something valuable that speaks directly to 500,000 potential customers? That's a much better recipe for success.


[...]

 

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[Hairy Maclary]

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[DeletedUser13]

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[Hairy Maclary]

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Vjeplt
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[Toao]

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