In this article you will know the 3 factors for an idea to be successful.
In order to create a venture that has the potential to scale to meet high demand, deliver significant value to the market, and be an attractive investment opportunity; Experienced entrepreneur and investor Marc Andreessen shares the 3 factors for an idea to succeed.
3 factors for an idea to be successful.
1. Have a great team.
Most seasoned investors will tell you that a huge factor in getting them to invest is having deep confidence that the team behind you will be able to drive execution, navigate inevitable challenges, and have faith that the business idea will dominate the future. market.
Also read: How to earn millions with a business idea that is not original.
Ideas are not that important. Execution is where the real value is found in the business world.
Are team members complementary? If you have sales skills to get a handful of customers, what do the other members do?
If your product or service is technological, you’ll need at least one member who is well-versed in web development, building apps, and creating the other components of your minimum viable product (MVP).
2. Have a great market opportunity.
If you want your idea to have investment, it is vital that you have a wide market with many clients.
From the investors’ perspective, they are looking years into the future; assessing whether they are likely to get a good return on the money they are investing.
Also read: 5 commandments that will determine the success of your business idea.
If there is not a healthy market of customers or companies that are willing to pay for your product or service, the chances of obtaining ROI will be reduced.
What size market are investors looking for? It completely depends on the type of business and the industry in which you operate; but make sure your customer base is very defined.
3. Having an incredibly useful product.
Is it realistic to say that your product or service has the potential to resonate with your industry? If not, it’s probably not a great candidate for investors.
However, there are businesses that do not require an investor. If you have debt capacity, it is better that you use it to invest in your dreams.
Also read: What should I do to find a good business idea and make it come true, according to Richard Branson.
If your product has the potential to bring about a technological or economic change to your potential customers; then you have something important on your hands.
In order to scale your startup and reach millions of customers, the product will have to be “10 times better, faster, or cheaper than it is now.”
Why? This is because most people are naturally resistant to change. There are changes in time, money, and mental effort involved in transitions.
In order to make a big change within an industry, your product or service must be so useful that most customers proactively make the switch because they consider it a superior solution.
Conclusion of the 3 factors for an idea to be successful.
Does your business idea or startup meet these 3 commandments? If not, it’s time to make a big change.
It is important that you focus on these 3 factors from now on, because only then will you optimize all your resources and have a better chance of being successful.
And remember, if you are really interested in creating your own business and want to find more information on this subject, buy our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
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