Courtesy of my role as the Product Development Lead for a technology firm, I sleep and wake up with ideas 💡 .
My ideas, ideas from within the team, ideas from individuals who want to build products, just name it.
With all these ideas, You know what I have found out?…
9 out of 10 people think their idea is a VERY GOOD idea. Everyone seems to think their idea is what the market has been waiting for all the while.
Well, by now I bet You know that a GOOD IDEA is an idea that has a Customer that is willing and able to pay..Period! 😆
If You like provide something like Uber that takes people straight to their mansions in Heaven, if there is nobody WILLING and ABLE to pay for it, it is not as good as You think. 🙄
As a matter of fact, Customers dont give a fuck (this was necessary to pass the message across :-P) about your idea.
Whether your idea is good, bad or ugly, it is not my business as a potential Customer. All I know is I have a problem, can You solve it YES OR NO?
IF You can solve my problem AND I can afford it, THEN lets do business ELSE Please use the exits… 👿
Now that we know ideas are not that good like that until proven worthy by the market, how then can we probe our ideas to see if they are worthy of our time and money?
Well I have some insights and that is the main purpose of this post.
So I started taking yet another Entrepreneurship course from Wharton School of Business this week and they shared a very important process for proving if your idea is worthy.. Let me share it with You.
It is a 3 step process;
- Is there a REAL IMPORTANT NEED for your idea?
- Does your idea provide a SOLUTION for this important need?
- Is your potential Customer WILLING TO PAY FOR THE SOLUTION?
From my POV, I believe if You can answer these 3 questions affirmatively and positively then maybe what You have in your hands is a market worthy idea anyways BUT until You do, your GOOD IDEA is not REALLY THAT GOOD FAM!
Sorry to burst your bubble sha… I am just trying to prevent yet another “startup shutdown” ni ….I hate it when Techpoint reports yet another startup whose engine stopped starting
We go dey alright lass lass fam!
This Benz, we must buy it LEGITIMATELY with PROCEEDS from the Businesses we build!
Yours in this hustle,
I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.