don't throw your "dumb" business idea away. it can bring you a fortune
TRANSCRIPT
slides designed by
by Panos Mourdoukoutas, Forbes.com contributor
It Can Bring You A Fortune.
Don't Throw Your "Dumb" Business Idea Away.
What do they have in common?
They all started with a "dumb" idea.
Every fortune begins with a business idea
that passes the market
testand turns into a product that
changes people’s lives
Business ideas come in 2 types 1. smart ideas 2. “dumb” ideas
where there seems to be a good chance for new products to pass the
market test.
smart ideasusually address conventional markets
where the prospects–potential
customers–are obvious
extremely difficult to beat the competition and are slow growing markets
trouble is that established markets are already crowded
with many participants
DUMb ideasserve non-conventional markets
where potential customers are less obvious
usually emerging markets, where there seems little chance for great products to pass the market test.
isn’t difficult to beat the competition and
are fast growing markets
emerging markets aren’t yet crowded
with many participants
Helping people turn their homes into bed and breakfast sounds like a dumb idea. To venture capitalists who walked away from it, that is. But venture capitalists are just a few wealthy individuals who do
not need the incremental income generated by room rentals. There are non-wealthy individuals who are in need of such income.
That’s how a dumb idea turned into a 20 billion business venture.
Having everyday people turn their cars into taxicabs and themselves into taxi drivers sounds like a dumb idea. Again, to individuals who do not need the incremental income and do not have time to pursue it. But there are others who need such income, and have the time to pursue this venture.
That’s how a dumb idea turned into a Uber’s phenomenal success.
The bottom line: “Dumb” ideas can bring a fortune,
provided that they are executed right.
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Check Panos Mourdoukoutas’ full article at Forbes.com http://www.forbes.com/sites/panosmourdoukoutas/2016/01/16/dont-throw-your-dumb-business-idea-away-it-can-bring-you-a-
fortune/#1c972ee418c17981378718c1
The author is a Forbes contributor. The opinions expressed are those of the writer.
slides designed by
by Panos Mourdoukoutas, Forbes.com contributor
It Can Bring You A Fortune.
Don't Throw Your "Dumb" Business Idea Away.