The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Failures in judging the NEED?

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
A detailed account of a Fastlane process...

Ludachris

Contributor
Read Fastlane!
Speedway Pass
Mar 17, 2017
59
85
46
Norcal
I'm working on a project and am starting to wonder, as I always do, if I'm identifying the NEED (relative value) correctly. It made me wonder what stories some of you might have where you thought you found a NEED and realized after a lot of hard work that you misjudged it and nobody really wanted what you created.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

PureA

Winners never quit
Speedway Pass
Dec 24, 2013
639
2,085
27
Bali
Speak to people, verify the pain point with your target demo. Get pre-orders if possible (offer an incentive for doing so).

You are never going to know 100%. You just have to collect the data you can, and and when you are 65%+ sure (adjust for your risk tolerance) pull the trigger.

p.s. Be careful about your buddies telling you it's great and that they would definitely buy, and then when it's crunch time they don't wanna hand over the moolah.
 

OlivierMo

Bronze Contributor
Speedway Pass
Feb 12, 2018
123
221
Idaho
Speak to people, verify the pain point with your target demo. Get pre-orders if possible (offer an incentive for doing so).

You are never going to know 100%. You just have to collect the data you can, and and when you are 65%+ sure (adjust for your risk tolerance) pull the trigger.

p.s. Be careful about your buddies telling you it's great and that they would definitely buy, and then when it's crunch time they don't wanna hand over the moolah.

I agree on that one. I worked on a site/app people used but their psychological makeup was to get stuff for free and so when we put the paying wall, nobody bought.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top