In the last month, I’ve had the chance to meet THREE intelligent entrepreneurs. I’ve met more, three had awesome ideas and I think they have what it takes. But they all miss something that I’ve learned is an important catalyst to their potential success.
I call it the ‘Save As…’ approach to business development.
I guess I could pontificate (only big word I know) about how I’ve come to this conclusion; I’ll just share two.
(1) I’ve wasted money prior to this discovery, it would have been better just to burn it to save on the heating bill. (2) I had a multi-win serial entrepreneur tell me ‘build value’ not a company. (thanks Josh)
When you begin to build something in the digital space, think about why you are building it, for who and this helps define the what. If you don’t already know to solve problems, not build solutions, I would suggest getting some matches and lowering your heating bill.
Let’s say you are all jacked up on caffeine, high from the entrepreneur disease and you want to GET GOING. This is where you need to stop..just for a little bit.
Try and answer the questions again; but in REVERSE…WHAT are you building, for WHOM and WHY. Think BIG…who else, what else?
So you are building a website that helps people rent their RV’s to other people, and you have the URL reserved: http://privatemotorhomerental.com/
This is where you need to STOP….your business model is NOT connecting people who have RV’s with people who want to rent RV’s. Your business model IS connecting the DEMAND with the SUPPLY at a price point.
What about the people who have ATVs…what about Lawn Mowers, Chain Saws, Mountain Bikes…etc.
I think AirBNB missed a big opportunity to Save As….
You might be thinking, whoa now…..what about lean startup, what about focus, what about niche audience proof of concept. All that is true.
Here’s the point
In the SAME amount of time it takes to develop a solution for one problem, you can develop the SAME thing for hundreds of problems….dare say thousands of problems?
Come on..please read that again. Stop and think about building value, not a company.
I need to go start a fire.