I have failed at so many business ideas.
Some of those failures were minor, but others were major disasters (I’ll tell you the story of a $30,000+ loss some other time).
After every single failure, I learned a new lesson.
And after a few of those lessons, I started to see some patterns.
I’ve also read so many books and articles about entrepreneurship and why certain business ideas become multi-million dollar success stories, while others just flop.
What I found out is that there is a common thread that separates the good ideas from the bad ones.
If you’re starting out with a new product or service, then there is really only one thing that matters about your business idea (and it’s not rocket science)
I’ll get to that in a second, but first, let’s talk about what doesn’t matter.
What Doesn’t Matter About Your Business Idea (and Why)
- It doesn’t matter if your idea has a patent (if the idea is bad, no one cares, if it’s good, it’s going to get copied anyway)
- It doesn’t matter if your idea is funded by Venture Capitalists (9 out of 10 VC-funded ideas fail)
- It doesn’t matter if your idea is the first of its kind in the market (that could be a bad thing)
- It doesn’t matter if your idea has a lot of competition in the market (that’s sometimes a good thing)
- It doesn’t matter if you have the right network of connections (“It’s who you know” is overrated)
- It doesn’t matter if your idea gets a lot of media attention (that doesn’t last long)
- It doesn’t matter if your friends and family think your idea is phenomenal (they lie to make you feel good)
So What Does Matter?
Here’s the only thing that matters:
If you really focus on your customer, then everything else will figure itself out.
End of story.
Whether you’re an author, a consultant, a product developer, or a blogger, ask yourself this one simple question: Do my customers really want this?
If your answer is a 100% yes, and you figure out a way to apply the 15-word get rich rule of giving your customers more in use value than what they give you in cash value, then you’re good to go.
17 Seconds from “Gladiator” that Makes This Stick
For some weird reason, I always remember a scene from the movie “Gladiator” that keeps me focused on the customer. In the scene, Maximus (played by Russell Crowe) is the enslaved gladiator, and Proximo (played by Oliver Reed) gives him a crucial lesson about how to win his freedom before his big fight.
Watch the 17-second scene by clicking play below
“I wasn’t the best because I killed quickly. I was the best because the crowd loved me. Win the crowd, and you’ll win your freedom”
The crowd is your customer.
Win the customer, and you’ll win your freedom