How To Tell If Your Business Idea Is Worth Your Time and Effort
We have all sat down with our friends one day for a drink at the coffee shop or bar and have brain stormed about what could be billion dollar ideas. Then you always have the one friend that says “No, this company already does that!” Just because someone says no does not mean your idea is worthless. You might have a new revolutionary concept for a market that already exists.
Don’t look at an industry to see what your competitors are doing. Look to see what they are not doing. Then find a way to then provide that exact thing in a perfected manner that cannot be rivaled.
Jordan Swerdloff, built an 8 figure wheel business in less than 3 years in a competitive space. He simply took a concept that existed, but was never perfected, and he catered a perfected product to a completely different clientele, making his concave wheel line a huge success and his company profits soar.
This is some great advice and has worked countless times. If you listen to the podcast StartUp you probably heard of a guy who wanted to look up a bible quote and so he downloaded countless apps. He realized all the apps were terrible so he hired an app developer in Eastern Europe to make a new bible app. Now his app generates over six figures a year. The idea is to find a market where all the products/services are terrible and then improve them.
Read about why DirectTV, Lamborghini, and Apple are successful.
About Shaun Archer Tatum Shaun works in corporate finance in New York City. He has done financial consulting for several start-ups and has worked at several Fortune 500 companies. He has contributed several finance/investing articles on Seeking Alpha which have been published on Yahoo! Finance.