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This is a fundamental question about entrepreneurship, business and applied technology. As an engineer, entrepreneur and investor, I will give you my best answ
by jschveibinz 2y ago
This is a fundamental question about entrepreneurship, business and applied technology. As an engineer, entrepreneur and investor, I will give you my best answer and perhaps others will join in. I only mean this in the most constructive way:
1. Entrepreneurs take risks, and look for inspiration in fields they know well. They look for opportunities to solve high-value problems in ways that others may be missing.
2. Software and/or applied technology is maybe 10-20% of the ultimate business opportunity. The rest of the business model has to do with the money required, the team, the market, the strategy, and the operational implementation.
3. Problems may be hidden or obvious. Solutions may be hard, or easy. There may be competition already doing similar things. But you can still do something unique, differentiating and valuable. What are others missing?
4. The best way to solve problems is iteratively: make a prototype, show it and talk to people, then fix what is wrong or broken. Repeat.
The accessibility and speed of developing a rapid software prototype can make it seem like the development of a business around that prototype should be just as quick and easy. But it's not quick and easy. Success is a result of tenacity.
Go back, look at your best idea, think about how it can be better than what's out there, tune it up, then start getting feedback. Good luck!
- PaulHoule 2y agoI was told by a VC that he was worried more about a product that didn't have competition. If there is competition in your space it proves there is a market.