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Would you pursue an idea even if you don't think it's that great?

Discussion in 'General Entrepreneur Discussion' started by Fab89, Jan 13, 2018.

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  1. Fab89
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    Fab89 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I have an idea that does have value and I think it could make things easier for people.

    I'm not sure if people and other companies would like to use it as it could be awkward in other ways. There is also a lot of competition in that area of business but I'm offering a slight change that might appeal to some.

    Would you pursue an idea if you are not that sure about it? I'm thinking it will probably fail but I feel like I'm just being idle and should start working towards something right now and putting in all I got.
     
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  2. PureA
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    PureA Winners never quit Speedway Pass

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    If you are actually interested in starting the business I would look to validate as quickly as possible with a MVP and if the market snaps your hand off - build. If not, learn why they didn't and onto the next!
     
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  3. Fab89
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    Fab89 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Cheers. Are most successful entrepreneurs constantly making MVPs until they find something that works?
     
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  4. Beatingtheodds
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    Beatingtheodds Contributor

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    Id say with ideas you never truly know if someone would “use it” or “like it” until it’s in the market place. Until then it’s just a guess/hypothesis.

    With regard to your competition point, most companies have some form of competition , whether direct (Apple vs Samsung) or indirect (TV vs Attending concert) you just need to provide value and execute better than they can.

    What I found is once you pursue an idea , you’ll start getting other ideas that may seem like they have higher probability of success therefore is it really wasted time or effort if you discover a better idea ?

    Final point, you’ll always be unsure. Accept it and try to move forward. I’m uncertain about the politics of my country but I can’t just stop and wait for a saviour.

    Test test test.

    Keep at it dude!


    Sent from my iPhone using Tapatalk
     
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  5. Xeon
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    Xeon My Lane Is Fastlane. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Is there a way to make the idea/product less awkward? Would it be possible to manufacture it and modify it?
    How about your competitors? Do their product also have that awkward factor? If yes, maybe you can one-up them!

    There's a thread on the Insiders section by this legendary guy IceCreamKid, where he kept repeating that "once you get to your first 100K, you'll realize that ideas don't matter at all". Something along those lines. :)

    Also, I remember reading this somewhere from the forum (not sure who suggested it but he's a genius!), whereby you can setup a landing page, put an image / 3D render of your product with description etc, and an order form (after user clicks the Buy Now button).

    Then, when the user clicks the Buy Now button, he gets directed to a "Product is Sold Out" page whereby the customer will then get a coupon when the product is back in stock etc, and the customer can also sign up for the newsletter so you can collect that as well, and email them when the product is ready.

    This way, you don't need to get anything made (zero inventory) and you can test the response, and you use FB ads to drive traffic to that landing page.
     
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  6. MR curious
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    MR curious New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    it is by tim ferris in 4hr wrk week (micro testing product)
     
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  7. PureA
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    PureA Winners never quit Speedway Pass

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    Well.

    There is a fine line. Don't be launching pointless sh*t until 'one hits'. Paradoxically, this isn't far off what you should be doing. Don't fall in love with your idea, your product, your service. Fall in love with serving the market. Keep bringing the market cool new stuff, and soon enough they will really like something that you provide. Double down on your best response.

    Maybe this will help...

    As a businessman you take action on what you think is your best idea right now. (important point, whilst it's important to think big, don't be in the mind of "ahhh, well how am I going to get that to £XX,XXX,XXX per year? There is no point even starting." There is point, you just gotta trust in something, anything, that as you wander down the path you see more options open to you, but you gotta get going first.

    Think of yourself as AI.

    You are a heat seeking missile on course to business success.

    Each 'failure' is feedback and you course correct (You get a little wiser each time, you gain a little more market insight).

    And then after some time you will be proficient enough in the precursors to huge success.

    Execution + Experience + Creativity + Insight.

    The missile hits the bullseye...

    But you gotta get out there, in the real world, and train that missile, its the only way...

    Theorising business domination is incredibly seductive, don't fall victim to her, she's very convincing.
     
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  8. ironman150
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    ironman150 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    and because of a "lot of competition" you know the scope of the market. Because of your "slight change", that is the value you offer in this market....

    NOW GO FOR IT, or you will always wonder the horrible "if only I had"...
     

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