How Serial Entrepreneurs Know Their Idea Is A Good One
We’ve interviewed a group of 16 of the world’s best serial entrepreneurs (see www.TheSerialEntrepreneurs.co and this Medium article) and learned how they get to their business idea. But what happens after that?… The question that we’re diving into in this article is ‘How do serial entrepreneurs know their idea is a good one?’
Is there a way you could find this out? We asked the serial entrepreneurs that we work with — and learned that each of our entrepreneurs has a way of applying filters to narrow them down to one business idea.
In very basic terms, successful entrepreneurs go from the ‘ideation zone’, where they come up with ideas, to then deciding which idea to work on, before focusing single-mindedly on this idea in order to make it work. In the ensuing process they turn off a mental switch to stop being distracted by any continuation of the creative phase; at least until they’ve quickly proven whether the market really wants what they’re trying to build.
Personal and Business Filter
There are two main elements to the filters serial entrepreneurs use: the ‘personal filter’ and the ‘business filter’.
The personal filter answers the questions:
- Am I passionate enough about this?
- Am I (or my initial team) the best people to do this? Do we possess the necessary deep domain knowledge and/or skills for this?
- Am I prepared for it failing, and happy with the risk / reward balance?
The business filter answers the questions:
- Is there initial evidence that the market wants this, and that it’s a clear opportunity?
- Is the timing right? Is now the best time?
- Is it a growing sector; is there a trend here?
- Is this going to be feasible to build? (cash required, time to create etc.)
How to get started?
You can get started by answering the following questions for yourself:
- Remember the area that you’re passionate about. What are some of the challenges people face in this area?
- How can you create an oasis of time and space to consciously explore things for yourself? What can you do to set this up?
- Think of an idea that you have for a venture and write it down below. Take this idea through the filters (mentioned above).
Want more?
Enjoyed this article and want to learn more about how serial entrepreneurs create their business? Check out our FREE eBook.
FREE eBook “How to Make The Leap and Build Your First Startup”
Download the FREE eBook “How to Make The Leap and Build Your First Startup” at www.TheSerialEntrepreneurs.co
