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I was curious what others thought of Jim Collin's "Hedgehog Concept". This concept is usually viewed as a Venn diagram showing the overlap between 3 circles titled:
"What are you deeply passionate about?"
"What can you be the best in the world at?"
"What drives your economic engine?"
The point being (if I understand it correctly), you should pursue business opportunities that you care about, you can be the best at, and can make you money.
My personal feelings are:
The Hedgehog Concept might help to greatly reduce the number of business ideas that you can then apply the TMF 's CENTS to.
When I first heard about this concept, I thought it was just the "follow your passion and the money will follow" mantra, but after further reflection I think the "economic engine" implies you've validated there actually is a market. Maybe the "economic engine" could imply all of CENTS, in an optimal case.
The definition of "be the best" could probably be redefined as "having a USP", or perhaps as defined in the "Toilet Paper Entrepreneur" as being the best at either cost, quality, or convenience.
When I apply these filters:
What areas am I passionate enough about to spend all my free time working on?
In which of those could I create a product/service that was "the best"?
And of those which abide by CENTS?
I arrive at a shockingly few, but very manageable, number of prospects.
"What are you deeply passionate about?"
"What can you be the best in the world at?"
"What drives your economic engine?"
The point being (if I understand it correctly), you should pursue business opportunities that you care about, you can be the best at, and can make you money.
My personal feelings are:
The Hedgehog Concept might help to greatly reduce the number of business ideas that you can then apply the TMF 's CENTS to.
When I first heard about this concept, I thought it was just the "follow your passion and the money will follow" mantra, but after further reflection I think the "economic engine" implies you've validated there actually is a market. Maybe the "economic engine" could imply all of CENTS, in an optimal case.
The definition of "be the best" could probably be redefined as "having a USP", or perhaps as defined in the "Toilet Paper Entrepreneur" as being the best at either cost, quality, or convenience.
When I apply these filters:
What areas am I passionate enough about to spend all my free time working on?
In which of those could I create a product/service that was "the best"?
And of those which abide by CENTS?
I arrive at a shockingly few, but very manageable, number of prospects.
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