[...] people don't buy what you do, they buy why you do it, and that the most successful people start with an inspired drive and then work outward to a particular function.
1. The severity of need addressed by your product or service.
2. The number of people who have that need.
ideal...
The best—and often the most successful—ideas service a huge need for a huge number of people. These are highly profitable as Internet treasures. They practically sell themselves—and grow customers organically. They're viral because everyone who encounters them tells everyone else about this great new thing that makes your life better. The cost to acquire users can often be very low.
risky...
The next-best sort of start-up ideas service a huge need for a smaller number of people. These types of ideas can be highly profitable as enterprise businesses. [...] "There's no software priced between $1,000 and $75,000. [...] The minute you charge more than $1,000, you need to get serious corporate sign-offs. You need a line item in their budget. You need purchasing managers and CEO approval and competitive bids and paperwork. [..] the cost of making one successful sale is going to average about $50,000. If you're sending salespeople out to customers and charging less than $75,000, you're losing money."
manageable...
The next-best ideas service a smaller need, but serve a huge number of people. These are profitable, and will likely throw off enough cash to be an awesome lifestyle business. Since they're less essential to customers, though, it can be tougher to make money running one.
not good...
The yet next-best ideas service a small need for a small number of people. Not to bear the bad news, but there just isn't enough firewood around to light this kind of blaze.
change your plan...
The worst ideas are the ones that don't solve a problem, or create more problems than they solve. People neither want it nor need it. Zero times zero equals zero. Many arrive on this path when they've focused too much on capabilities (i.e. "wouldn't it be cool if?") or what they want (i.e. to be rich, admired, successful), rather than what other people actually need or want. Change the problem you're solving. Address a different, bigger need that more people have.
So there you go - where does your idea fit?
In his State of the Union address tonight, President Obama laid out a blueprint for economic recovery, with numerous references to the technology sector. "An economy built to last is one where we encourage the talent and ingenuity of every person in this country," the President said, with Steve Jobs' wife (and Instagram's Mike Krieger) in attendance, That means women should earn equal pay for equal work. It means we should support everyone who’s willing to work; and every risk-taker and entrepreneur who aspires to become the next Steve Jobs."
Guillaume Decugis previous company, Musiwave, was sold for $120 million in 2006 and was the leading Mobile Music Service Provider in Europe. Musiwave is now a Microsoft company. Guillaume also launched Goojet, a mobile social media which topped 1m downloads in France at the end of 2010. Currently he is the CEO & Co-Founder of Scoop.it, the publishing-by-curation platform that makes it easy to create an online magazine on your favorite topic. Listen to his true tech hustler story now and learn вЂ...
My faves:
"Because if you're prepared and you know what it takes, it's not a risk. You just have to figure out how to get there. There is always a way to get there."
"Success is being able to wake up every day with a smile on my face, looking forward to the day. Which is exactly how I described it when I was broke, sleeping on the floor."
"All that matters in business is that you get it right once. Then everyone can tell you how lucky you are."
"It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures and neither should you. All you have to do is learn from them and those around you."
"I'm always afraid of failing. It's great motivation to work harder."
"Wherever I see people doing something the way it's always been done, the way it's 'supposed' to be done, following the same old trends, well, that's just a big red flag to me to go look somewhere else."
"What does it take to be a successful entrepreneur? It takes willingness to learn, to be able to focus, to absorb information, and to always realize that business is a 24/7 job where someone is always out there to kick your ass."
...When you've really got the entrepreneurial bug, the last thing you want to do is sit down and write a business plan. It's the equivalent of writing a book about playing the guitar before actually knowing how to play the guitar. You don't know what your new business is going to be like. And just like a guitar, a business will have to be
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