This is a simple adage that could end up saving you from failure.
It’s always an exciting moment when you come up with an amazing new product idea. But before you rush out and attempt to bring this idea to market, ask yourself one question… “Is this an area that I have a significant understanding of the industry?”
There are some pitfalls to the entrepreneurial process that can break a business if not carefully considered - the biggest of which is whether or not this product or business idea falls into the what you know or what you are passionate about.
WHY DOES THIS MATTER?
Some of the most successful inventions have come from people who have worked within that specific industry. Look at Bill Gates, who made a fortune from the creation of a product that was an evolution of his experience with programming. If it’s what you know, and what you’re passionate about then you will likely make a great product.
BUT WHY?
It wasn’t that Bill Gates had a random eureka moment, but rather that he personally experienced the pain points of software development that inspired him to create a solution. If you are attempting to create a product or service outside of your area of expertise, you need to make sure you have a clear understanding of what you are getting into.
In business, what you don’t know can have devastating effects on the outcome of your business.
WORKING WITHIN YOUR AREA OF EXPERTISE IS HELPFUL BECAUSE YOU HAVE SPECIFIC KNOWLEDGE ABOUT THE…
Competing products
Customer segments
Pain points
Existing business models
Pitfalls in a specific industry
As you can see, this list of insider information gives you a clear advantage when creating your business… So do yourself a favor, and focus on what you know and love. You’ll thank me later!