Everybody has ideas but not everybody can execute their idea & create a successful business out of it.
We see proof of this every day in our work – somebody with a great product or idea for a service but no clue who’s going to buy it, how many of these people are out there and whether the product or service already exists and if it does, where & how much it sells for.
CB insights , a leading venture capitalist database business, conducted a post mortem of over 100 failed start-ups in the US and the findings were very interesting. The number one reason these businesses had failed was because there simply wasn’t a market need for their product or service. This was by far the biggest reason.
How could so many of them have failed for this reason?
Simple really – most entrepreneurs are too busy trying to do everything within the business when they are in start-up mode that they simply forget to think about or choose to ignore the basics like does somebody need this product, are there others out there like this, how is this going to be different, better, more efficient etc and importantly will people pay for this?
The Tyndall Institute here in Cork hosted their ‘Technology Days’ some months back and a leading medical device business in the US said the two most important questions to ask yourself when launching a new product are: a) Who’s waiting for this? And b) Who’s going to pay for it?
We couldn’t agree more. You absolutely need to know whether your business idea has legs and how big those legs are. Let us help you with that…