Are ideas worthless today or is the right idea worth a billion dollars? 🤔
“Ideas are a dime a dozen” is a common quote floating around for the last two decades. Will Johnson even named his book this way back in 2014.
🤷♀️ Tons of great ideas exist, but without effective execution, they don’t mean a thing.
Also, flying cars are a great idea in theory… But good luck making this possible anytime soon.
There are also BAD ideas that seem GREAT and manage to raise capital and then collapse in 2-3 years, wasting millions of dollars on looking for product-market fit. 📉
Sometimes, great ideas have already been implemented (you just haven’t found them yet as they haven’t become household brand names yet.
And there’s a separate segment of GOOD ideas that could become GREAT in a less competitive market, but need the right amount of due diligence and polishing to identify the actual pain points, gauge their relevance (and cost), figure out how to deliver them (medium), compare with what’s available so far (competitive landscape), and fine tune an MVP that starts scaling fast. 🌎
This is possible through extensive market research relying on primary and secondary data, covering both qualitative and quantitative metrics, and touching on brand, customer needs, competitors, and product definition.
🧑🏫 A month of discovery can save you 3 years and millions in building the wrong business.
I’m covering market research, niche definitions, ICPs in my book, “MBA Disrupted”, now available on Amazon. Link in the comments. 📚
