There are no original ideas anymore, just recycled ones.
But when a potential business venture strikes you, how do you decide whether to pursue it or not?
Imagine on one side of a spectrum lies your idea(s) and on the other side is making money. In order to bridge the gap you need distribution or a system to connect the two.
A business without profit is just a hobby.
Speaking from experience as great as your idea may sound unless there is demand for it, you shouldn’t waste your time or money.
Distribution essentially means marketing. How will customers find you? When they do find you why should they purchase your service/product? Does your value proposition scream urgency?
System means a selling process. We are so enamored with sales we forget it’s a series of steps for a transaction to be made. How easy is it for customers to buy from you? Is the process user-friendly? If they have questions or concerns how do they reach you and do you ease their skepticism?
For me there are rarely a shortage of ideas, but one thing I wished I learned sooner in my career is the power of partners/teammates. As intriguing as it sounds to be in charge and call all the shots it comes with blind spots and skill gaps.
Think of yourself as a company. When you decide to roll solo you are every department. When something can’t be completed it’s your fault. With partners you’re able to go back to being a specialist which everyone, entrepreneur or employee, excels at.
Investors value sales and marketing. You have to show them results and how you intend to uphold or surpass those standards.
Not all businesses benefit from outside investments, but the goal should be the same: sales and growth.
So it really comes back to that “middle phase.”
Clarify a sound distribution system and move forward. If you can’t stop until you can.