The Number One Mistake Newbie Entrepreneurs Make
If you are an online entrepreneur, chances are quite high that you are going to commit this mistake. You did not intend to commit it. You probably would want to avoid it but unfortunately, most of the time, if you are just wet between the ears and this is your first time putting up an online company, you probably are well on your way to committing this. What error am I talking about? This error can be summed up in the saying: build it and they will come.
How many times have you come across a fellow entrepreneur that is so convinced that his or her idea is going to change the world? Let me tell you. That person is actually a dime a dozen. For every person that you would find so pumped up and so excited about their idea that they think is so hot that it is the best thing since sliced bread, there are thousands of other entrepreneurs just like that.
There is no monopoly on excitement about a business idea. In fact, that’s a good sign. If you’re not excited about your business idea, then something is wrong. Either your heart is not in it or you don’t really see its potential. You’re just going through the motions and you’re hoping against hope that somehow someway, your idea is going to make money.
A little bit of passion goes a long way and passion is generally a good thing. However, this doesn’t take away from the fact that passion is just one part of the equation. While it is a very important and often crucial part of the puzzle, it doesn’t make up for the rest of the puzzle. Your idea, as awesome as it may be right now, must also be a great idea when it’s finally implemented.
I’m sorry to report that a lot of ideas out there are great while on paper. When people are talking about it, people can get really excited, people can see all sorts of possibilities, but once we get down to the nitty gritty of business reality, it seems that there’s a disconnect. It seems that once you start implementing the idea, there are certain things that you had hoped for that don’t materialize or don’t work as advertised.
Do you see the problem here? Do you see the disconnect? Do you see the bad fit? This is why the whole idea of build it and they will come is kryptonite to any online venture. Understand this. Be aware of how this works. If you get a clear understanding of this delusion, then you increase the likelihood that you will be prepared for it. You will catch yourself if you notice yourself falling on the slippery slopes of such an idea.
It’s one thing to get excited about your idea but you have to battle test it. You have to dip it into the acid test of market reality. The number one question that you have to ask yourself once you find yourself pumped up and hyped up regarding a hot new idea is: Is there an existing market for it? This is the key. If the market doesn’t exist and you have to make market for it, then you might want to think twice. You might want to think about how much it will cost. You might want to think as to whether people would actually see the value.
If you are going to be building something that does not have an existing demand, then you’re basically speculating. And speculation is really all about guessing. Your guess is just as good as everybody else’s. Do you see how this works? Don’t fall into this mistake. Battle test your plan. Tighten it to such an extent that you have squeezed out all speculation regarding potential market demand. Focus on actual living breathing market demand. If it doesn’t exist, then your idea is not worth it. Let it go, move on, get over it and find another idea.