We are surrounded by so-called entrepreneur, who claim to have the right idea, that will completely change the market.
Normally when we start a discussion it proceedes like the following:
Question: so what are you doing?
Answer: I have founded a start-up. I am working on a project that will make me billionair
Question: what is it about?
Answer: I can’t tell you now. It’s not that I don’t trust you, but I need to be cautious…
If you had such a dialogue I hope you were the one aking question. In case you were not, please tell me (in private) so that I will delete you from my friend list.
Please don’t sneere. A dialague like the one before states that your interlocutor doesn’t have a clear idea of what he is doing, to who should focus his attention nor why someone could be interested in his proposal. What he has is just a “feeling” that, in case he reaches business angel, will be rejected in less than two minutes.
The product you are offering is something you should know perfectly. And you are supposed to be such an expert that you spotted one (or more) aspect other missed.
But what is the recipe for a successful product?
Let’s define the product benefit!
The first thing to ask is: who is gonna benefit from my product? which problem solves?
It may sound silly while it is not. The tendency is to have few entrepreneurs who have an idea and several “smart guys” who try to clone it, adding features etc to make it look better. In a nutshell the initial idea is pumped with steroids and thrown into the market from 10 competitors after its first launch (the average is normally 8 months).
What makes the product useful is it’s capacity to solve a problem user have (or doesn’t know to have until you make him notice it). It makes life easier, and sneaks into the daily routine becoming essential.
To be useful a product has to be perceived as it. At the beginning cars wher seen as a fancy for rich people, who wanted to use something different from a coach. The same is for your product! It is not necessary it is perfect, as long as it solves a problem.
Who should consider it useful?
First of all it’s you! Start asking: what could I do to make my life easier? If you think of all you have around and you will determine something that needs to be enhanced
Once you spot a possible issue you could search for an existing solution. The fact you do not know it doesn’t mean someone else did not worked it out yet.
It is obvious that something which is a problem for you only doesn’t have a market, so you should find something valuable for other people too. Doesn’t matter if it is about work, personal or fun.. as long as it faces a public.
Is that clear? Well! In the next articles we will see how to proceed once we spot our killer product.